Downtown Austin Blog

downtown Austin's real estate and neighborhood blog

Hard Hat Tour Photos of Seven Apartments (née 7 Rio), Scheduled To Open This Winter

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Admittedly, I was one of the disappointed spectators when the original concept, proposed as “7Rio”, was reduced to 23 stories.

Still, for the past 18 months, or so, many of us have been eagerly watching the construction site at the corner of 7th @ Rio Grande.  Earlier this year I speculated that Seven could even “go condo,” but it appears that multi-family development continues to have legs.

Now that downtown Austin’s Seven Apartments is approaching completion, and will be delivering residences this winter, we were invited to take a hard-hat tour of the tower.  This would be a great opportunity to get some insight into a new community that’s about to open in our neighborhood.  I could also start to compare how Seven will compete with existing downtown Austin apartments for rent.

I love taking hard-hat tours.  There’s no better opportunity to see the guts of a building.  For me, riding up the bone-jarring ear-splitting construction elevator adds to the excitement.  Peeking through the elevator’s diamond perforated sheet metal, accepting your fate as it creeps higher, you get a unique sense for how each additional floor impacts your perspective of what’s around you.

Here’s what we know about Seven:
Average Residence Size = 924 sf
Average Price per SqFt = $3.05 per month
Number of floors = 23
Number of residences = 220 (172 1bds, 48 2bds)

Seven-Apartments-Austin-Rio-Grande-7rio- - 12

More pictures from the tour after the jump!

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Seaholm Condos Move From Reservations To Contracts

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According to a press release sent to Downtown Austin Blog, 80% of the reservations for the under-construction Seaholm condos have become full contracts.

Last October nearly all 280 residences at the Seaholm condos were snapped up in a matter of days of the project being announced.  The resulting frenzy of buyers trying to reserve units became a bit of a cluster, leaving subsequent people interested with the singular option of joining a wait list.  Now, I expect, many of those existing Seaholm “wait-listers” will very happily absorb the remaining 20% (56 units) prior to the building’s opening next year.

Seaholm was the first downtown Austin condo project announced post-recession.

When announced last year there were precisely zero competing high-rise condo proposals, no remaining inventory from the last building cycle, nor were there many downtown resales to whet buyers’ appetites.  Combined with below market rate pricing [relative to the newer downtown towers], the swell of interest in Seaholm was not at all surprising.  Seaholm’s rapid absorption reflects superb timing.

Trader Joe’s, the national grocery chain anchoring the development, should be open by the time the residences begin to receive their certificates of occupancy next year.  We’re stoked to see that the Seaholm “district” will be immediately active with retail and residents upon the building’s opening.  The entire development will be a solid addition to the increasingly pedestrian fabric of downtown Austin.

Interestingly, Seaholm could be getting a neighboring tower within a couple of years, too. Earlier this month Constructive Ventures announced a revitalized proposal for a 50+ story tower caddy-corner to Seaholm.

-Jude

Renderings courtesy of STG Design
Seaholm condos – Northwest elevation.  Renderings courtesy of STG Design

 

 

 

50+ Story Downtown Austin Tower Envisioned By Constructive Ventures

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[UPDATE 12/17: this project has been confirmed through multiple sources and will be marketed at “The Independent“]

The Statesman is reporting some exciting news for the Austin Energy Control Center site.

Back in 2010, Constructive Ventures entered into a “Master Development Agreement” with the City of Austin for an agreed upon “transfer price” of $14,500,000.  Now that the economy is starting to show signs of strength, the developers think the next couple of years could be the right moment to deliver a 50+ story condo and office tower.

Constructive Ventures has a strong track record of development in Austin, including: Spring Condos, Barton Place, Pedernales Lofts, and Este.

The 1.7 acre site is located immediately north of the Seaholm condos, which is under construction, and west of 360 condos.  The site is one of the last missing pieces for developing the southwest district of downtown Austin.

While still a vision, if built, this would be an impressive addition to the downtown Austin skyline.  More important is this development would further improve the street-level experience for pedestrians.

Summary of what we know:

– 400 residences (condos for sale)
– 50+ stories
– 120,000 square feet of office space
– 15,000 square feet of retail and restaurants

The design has shifted from a two-tower plan to a single tower, and the architect of record is Brett Rhode, who also designed 7rio, Aspen Heights, and The Catherine (née Aquaterra).

Construction could begin as early as Q4 of 2015. Expect capital market conditions to dictate exactly when it could happen. Whenever it begins, expect 2.5 years to complete construction.

Just for fun, in the image you see above, we’ve overlaid a building massing onto the site in order to show [very crudely!] how a 50+ story tower fits into the skyline.  From the Statesman article, architect Brett Rhode said “the tower will be a mostly glass, with landscaped areas on different levels that will break down the scale of the building and enhance its visual appeal.”

-Jude

[gravityform id=”2″ name=”Reservation Inquiry”]

constructive-ventures-austin-energy

DANA to Host Transportation Forum Monday, July 28

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The Downtown Austin Neighborhood Association will be hosting a Transportation Forum THIS upcoming Monday, July 28, at Malverde – a lush, swanky private event space downtown located right above La Condesa.

The focus of the forum will be the proposed Urban Rail alignment from Project Connect, which DANA has publicly supported.  The current rail alignment would cut right through downtown through Trinity Street.  The current plan would also cause the less than 2-year old Waller Creek Boathouse (which is the location of one of my favorite little coffee shops, Alta’s) to be demolished to make way for the bridge over lady bird lake – which has caused a good amount of grumbling.

The program for the presentation will be as follows:

6:00pm – Doors Open
6:15-6:30pm – Presentation by Project Connect
6:30-6:35pm – Response
6:35-6:50pm – Presentation by AURA
6:50-6:55pm – Response
7:00-7:30pm – Q&A

So, as you can see, this will be more of a dialogue or debate rather than just a stiff ol’ presentation. AURA believes that the proposed urban rail route is actually worse than doing nothing.  I’m expecting things to get a little heated, for sure – which means this should be pretty darn interesting. Is it bad that I’m excited?

release-the-hounds
“Release the hounds!”

The event is free, but priority entry will be given to DANA Members, and RSVP is required.  Seating is limited.  Malverde will be offering 1/2 priced drinks and DANA is footing the bill for some light appetizers.

You can RSVP to the event directly from DAB:

Why It’s Bull****: The Waller Creek Tunnel Inlet Is Too Tall

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Had the weekend to catch up on some old news, and this issue of the Waller Creek Tunnel inlet being too tall smelled foolish from the first I heard about it.

Kudos to the Statesman’s Sarah Coppola for the revealing a potential $45mm fix to reduce the height of the Waller Creek Tunnel Inlet would be wasted money since the Texas State Library and Archives Commission is already blocking the view.

Say what?! That’s right. “Fixing” the inlet structure to be fully compliant with the CVC will not regain any view! An existing government building is blocking the view already.

The Waller Creek Tunnel Inlet is under construction in Waterloo Park. This is the business end of the tunnel construction which was on target for completion in mid-2015.

It was almost two years when the tunnel’s under ground dig was passing beneath the Sabine.

I remain optimistic that elected officials at the local and state level will apply reason, rather than force the taxpayers to pay to bring the inlet into CVC “compliance.”

source: Statesman.com