SXSW is over and the cityscape is improved with this new wheatpaste. Shepard “Obey” Fairey and his team on Thursday.
See more at Flickr
Home
Downtown Austin Apartments: 404 Rio Grande
[youtube = http://www.youtube.com/watch?v=keuJmAFHb0o]
Continuing this week’s theme of apartment reviews…
404 Rio Grande is the oft neglected apartment complex in the core of downtown Austin. (Gmap) It doesn’t evoke the same reaction as the Monarch or AMLI on 2nd. Still, 404 Rio Grande, at the corner of West 5th and Rio Grande, has one of the best locations in downtown Austin. The rents are cheaper, too. Unlike the new high rises parking is included for you and your guests.
Don’t expect the finishes to be similar to Monarch, its next door neighbor. It would be easy to frown upon 404 Rio Grande’s faux-hardwood-laminate flooring and white appliances while paying a substantial rent. Washer and dryer are not included. Still, the loft style design of AMLI is not preferred by everyone, and 404 Rio Grande’s units are cozy – ultimately you are paying for location.
So, if your budget or desires don’t call for a 24-hour concierge or loft-like design, you might consider 404 Rio Grande. After incentives, which constantly change at every building, one-bedrooms begin around $1300 and two-bedrooms around $1900. The biggest challenge for a renter interested in 404 Rio Grande is availability. 404 Rio Grande has been fully occupied for a couple of years so, unlike the new high rises, availability depends on someone moving out.
If you are considering a move downtown, feel free to give me a call!
Jude Galligan, Downtown Austin Realtor
judegalligan [@] gmail.com
(512) 226-3414
5th Street Commons
[youtube=http://www.youtube.com/watch?v=0_gzpDn7SqU]
This morning the I visited the folks at 5th Street Commons. They kindly invited me for a tour of their new digs, and to discuss the incentives currently available to renters. Located on the outskirts of downtown Austin, the 150 apartments at the 5th Street Commons are sufficiently close enough to downtown to be included here.
What I like:
1) Ground floor retail and street side parking. Once fully occupied with commercial tenants this should become another walkable district.
2) Smart floor plans. At only 759/ft, the A1 plan is incredibly spacious with enough room for a dining table, kitchen island, and laundry room – without feeling cramped.
3) It’s equidistant to Whole Foods as the Sabine, and closer than Legacy on the Lake, Milago, etc.
4) Standard size washer and dryer included in all units
With advertised incentives, the rents are roughly 10-20% less than AMLI on 2nd or Monarch. Accounting for two months of free rent on a 12 month lease, one bedrooms should begin around $1300 (studios even less), two-bedrooms around $1700.
-Jude
Dahmus Has Insight Into Noise Complaints
“OMG! All these people moving downtown are complaining about live music!” crap.
According to M1EK, “the people pushing for the extra restrictions on live music outdoors are NOT the people downtown.” Rather, it is the zealous Austin Neighborhood Council groupies. The problem is how this plays out in the media (Jeff Ward) as it is currently en vogue to scorn downtown Austin residents. They are exploiting a good media spin, and are using, as M1EK puts it, “downtown residents as cover – most people living downtown view music as an amenity, not a problem.”
My building is roughly 100ft from Sixth Street. Venue noise is not a problem. Now, if you can get the ambulances and fire trucks to go easy on the siren, that would be nice!
Statesman Blotter Headlines
Recently, the Statesman’s Blotter headlines have provided me with a few chuckles. I don’t intend to make light of the actual crimes – at all – just the headlines.
The above man, bearing a strong resemblance to David Cross (aka. Tobias Funke), apparently entered a bank and demanded money. The bank gave it to him. Is it really that simple? Then, there was the story of two men stealing socks and a chicken from Wal Mart in Cedar Park. Look at those ready-for-myspace mug shots! Next, was a story involving a carnival worker. Not a funny story.
Texaplex!!!!!!
[youtube=http://www.youtube.com/watch?v=FC16-4fh-Qc]
This Texas meme has been circling for a couple of days. Cool video discussing Texas’s economic engine – 75% of the state’s population exists in the triangle formed by San Antonio, Dallas, and Houston.
From the Texaplex website
“The global financial crisis is a vicious cycle. The more we hear and talk about it, the worse it gets. However, in spite of all the national bad news, Texas is prospering! Texas, and in particular the Texaplex, has some pretty impressive facts that most Texans weren’t even aware of. This video is part of the Texaplex project which has set out to change that.”
From the archive: What Does Downtown Austin Need?
Last month I wrote about six items downtown Austin could significantly benefit from. It’s a slow news morning, so I thought I would re-post the links together. Politicians love to talk, form task forces, and spend time doing everything except for making decisions as they are needed. So, this is an appeal to Downtown Austin stakeholders that know how to get things done: the residents, developers, retailers, and land owners.
This is what we need:
1) Super Target on Congress Ave. (link)
2) Hardware store on Congress Ave. (link)
3) More bodega grocers (link)
4) Move social services away from Sixth Street (link)
5) Improved landmark protection and design standards (link)
6) Urban Rail (link)
-Jude
Ashton Austin – Buzz
Pricing for the downtown Austin apartment building, the Ashton Austin, is available – Jude Galligan, 512-226-3414, judegalligan [@] gmail.com
Click here for complete Ashton Austin coverage.
People are wondering when the Ashton (formerly “Alta Vida”) will be ready for move in. Hanover’s 259 unit building has been an informational black hole. No pricing, no floor plans, no launch date. Nada. The lack of information keeps us intrigued!
I spoke with a contact at Hanover this morning and was able to dig up a few juicy facts.
1) There will be five penthouse units ranging from 2,527/ft – 3,218/ft
2) No three bedroom units (except for two of the five penthouses)
3) The largest suite is a 2/2.5 + study at 2,200/ft
4) At 880/ft, not including a balcony, the smallest one-bedroom is relatively large
5) Pricing has not been finalized but is expected to be at par with AMLI on 2nd
6) Level seven will feature an amenity deck (pool, fitness, lounge, etc)
7) There are three 1,550/ft live/work units (2bds/1.5ba) on the first floor featuring a garage and access from the ground level
Move in is planned for May 1st! So, we should see pricing and floor plans within 2-3 weeks. If you want to see what the finishes will resemble check out 7riverway.com
-Jude
Is Second Street a Success?
The ABJ poses the question. The real question is: why is retail turnover so high on Second Street?. The answer is quite simple and academic.
Income < Expenses
There you go. The worst economy in a century does not generate enough income for a boutique clothing or furniture store to thrive. Combine that with already expensive leases (in the ballpark of $32/ft NNN) and Second Street finds itself in a perfect storm for tenant default. Eventually, empty store fronts will have a snow ball effect on adjacent retailers. Landlords are loathe to lower their lease rates, but perception is often reality, and the perception of Second Street is “luxury” goods. Many marketers will tell you that “luxury” is no longer a good adjective to promote your wares.
Now, as I’ve written before, the tenant mix on Second Street, and in downtown Austin in general, is out of balance. The next wave of successful retail in Downtown Austin will be for stores offering goods and services that people can afford and need to purchase on a regular basis.
Address the tenant mix problem and Second Street will be an unquestionable success.
Bird's Barbershop opens just east of Downtown
This was completely off of my radar, and I’m not sure when it opened. I’m glad it did! More good news for East Sixth as Bird’s Barbershop has opened their third location. I’ve been to Bird’s on South Lamar a few times and it’s a damn fine place to get your hair shortened. Good people. Good vibe. Beer.
I’m partial to Goodlife Barbershop, but Bird’s is a welcome addition to East Sixth.