Downtown Austin Blog

downtown Austin's real estate and neighborhood blog

W Hotel May Need More Cash

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Just found this article in the ABJ. Once $128MM in construction financing is spent, Stratus and Canyon-Johnson will need to find additional sources of capital. From a buyer’s perspective, I would want to see that financing in place before entering into a contract.

From StreetInsider.com

“The joint venture is aggressively pursuing other options for financing the future construction costs of the W Austin Hotel & Residences project after the required capital contributions are made. Such options may include additional equity contributions by Stratus and Canyon-Johnson, financing from other financial institutions, admitting new equity partners, or a combination of these alternatives. If the joint venture does not secure project financing from a third-party lender, or if Stratus or Canyon-Johnson is unable to make required additional future capital contributions to the joint venture, the joint venture may be required to delay further construction of the project until additional financing is available. “

-Jude

Public Hearing On Dillo Cancelation Today

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Capital Metro Main Administration Building
2910 East 5th St. [map]
12:00pm

“PUBLIC HEARING NOTICE
DATED: JULY 24, 2009
Capital Metro is proposing to eliminate the Downtown Dillo routes beginning October 5, 2009 (last day of service would be end of day Friday, October 2nd). Capital Metro Planning Staff will be available to speak directly with citizens regarding route or schedule issues. Citizens are encouraged to attend any of the following meetings or to contact Capital Metro Planning by e-mail or by calling 474-1200. The public may also call 385-0190 with comments. Persons with hearing impairments may call the TDD line at 385-5872. A sign language interpreter for persons with hearing impairments will be provided at the public hearing. ”

-Jude

Quick News – Free Bacardi – Birds Barbershop

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elle love bird's
elle loves birds

Okay, this is not technically downtown, but it’s close enough.  And I love a good deal…..

A little “Bird”ie just told me:

Birds was honored by Elle Magazine as one of the Top 100 Salons in the U.S.A. Birds is celebrating by taking half off all Ladybirds (normally $39, includes wash, cut & blowstyle) with the purchase of color (50+, appt. only). They’re also knocking 25% off all shampoo and conditioner products.

In addition, they’re throwing parties (FREE Bacardi) every Thursday of this month beginning tomorrow, August 6, from 5-8 p.m. at the SoCo shop (1902 S. Congress Avenue).

If you’re in need a haircut, consider the deal at Birds Barbershop.

East Austin Location:

1107 East 6th St.
Austin, TX 78702 (map)
Walk in or call ahead
512-457-0400
7 Days a Week

-AG

Gables Pressler

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[youtube = http://www.youtube.com/watch?v=KH4Xq1qtgeQ]

Yesterday, I headed over to the nearly completed Gables Pressler apartments on W 5th Street.  Located just a few blocks east of another new Gables development, 5th Street Commons, Pressler is being marketed as Gables most “green” project in Austin.

5th Street, west of Lamar, has evolved rapidly.  In less than a year we’ve seen the addition of dozens of new retail shops filled with local businesses along with hundreds of new residents and pedestrians improving what had been nothing more than a wide boulevard that connected Mopac to Lamar.

Ad for Presslers Garden, in the 1887 Austin City Directory
Ad for Pressler's Garden, in the 1887 Austin City Directory

Gables Pressler is named after Paul Pressler, proprietor of Pressler’s beer garden originally built where Gables stands today.  The chronicle has a great article on turn of the century beer gardens and goes on to say about Pressler:

“Pressler’s Beer Garden was located between the river and West Pecan Street (Sixth Street) in Old West Austin. Built around a steam brewery started by Paul Pressler in the early 1870s, it operated for more than 30 years before being swallowed by residential development. Situated on what was then the western fringe of the city, its idyllic rural location made it the perfect spot for relaxing under live oaks with a frothy mug of beer. It had a concert hall that regularly hosted touring German singing and theatrical acts. The grounds around the concert hall were landscaped with curving walks, ornamental shrubbery, arbors, and a fountain. The extended grounds also featured a boating ramp, a shooting club, and an alligator pond.“

The location is what sells this place – it’s equidistant to West Lynn @ 12th as it is to Whole Foods or the running trails.  There are 168 units made up of studios, 1bd, and 2bd units.  The finishes are nice.  There is an interior courtyard with a pool.  The leasing agent informed me that they are offering three months free on a twelve month lease for all leases which commence by August 31st.

Pricing as of August 4th, 2009 (pdf)

Gables Pressler
507 Pressler St
Austin, Tx 78703
(map)

-Jude

Michael Barnes and DAA Brainstorm E 6th Street

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Just found this column from Statesman’s Michael Barnes discussing what is [or isn’t] happening on E. 6th Street.  This is a topic that Downtown Austin Blog is very familiar with. [part 1, part 2, part 3]. One thing is certain: Sixth Street needs help. The historic landmarked buildings have been neglected to the point of ruin. The crowds are becoming more violent.  Drugs are available on nearly every corner and alley.  The music has left and gone to Red River.   There are millions in untapped tax revenues from a lack of services/goods for residents, visitors, and day time patrons in general.

-Jude