downtown Austin's real estate and neighborhood blog
You’ve heard of Lil’ Wayne? How about Lil’ Leffy? On April 21st, the Austin Chronicle is sponsoring “The Hustle For Mayor” candidate forum at Mohawk in downtown Austin. Will we get to witness Lee ‘lil leffy’ Leffingwell and Brewster ‘Micky Crack’ McCracken grab the mic and spit the illest, most hunker-downest, sustainabilitized, verbal gymnastics ever heard in a mayoral election?
DJ Mel will be breakin’ necks from the tables.
This is happening.
Today a California based development group will finalize negotiations with state officials to convert [up to] 90,000/ft of the Texas State Capitol into luxury condominiums. Introduced early in the legislative session, the bill permitting the residential use didn’t take long to pass through the house and senate floors.
“We’re only here for six months every two years… this is an opportunity to generate revenue for the State” says a Texas State Senator who asked to remain unnamed.
Three design proposals, which had been on display inside the Capitol building since February, were reviewed by a Senate subcommittee. California based Kelso & Novak, the development group with the winning submission, gave priority to size and ensuring there was sufficient parking for future buyers.
According to John Kelso, principal and spokesperson for K&N “the design was driven by feedback from the legislators.” “We had the opportunity to do something different in downtown Austin, and we want to recreate the sense of horizontal space found throughout Texas suburbs,” Kelso continued.
Final designs and construction documents are to be delivered to the subcommittee within 90 days of contract, at which point the designs will be available for public scrutiny. “A pool would be nice” said Rick Reeves who was visiting the Capitol from Oklahoma.
The condos are scheduled to be complete in time for the next legislative session and it’s expected that the first buyers will be the legislators themselves. What remains to be seen is how much the capital markets will be a factor. Stimulus money will be available for buyers that do not qualify or do not have income.
–Lobby
–Kitchen
–Poolside lounge
Kelso & Novak website
This is everywhere today, so I won’t rehash the details, but according to KXAN, $116MM of stimulus funds are going to build what we’ve been hoping would just go away – the Federal Courthouse. Eek! The design of the proposed federal courthouse is postmodern brutalism. Previous discussion over at Austin Contrarian.
-Jude
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.
Two weeks ago I shared some interesting facts about the Ashton – the downtown Austin apartment building which has kept a very tight lip on when it will be delivered. Yesterday, I received an update along with some swank model photos! According to the developer of the downtown Austin Ashton, the move-in target is now June 1st. The model units should be ready by May 1st.
The market’s expectations are high. I’m told the photos should be very true to the actual finishes and fixtures used. Interestingly, several of the people who’ve contacted me about the Ashton currently live at the AMLI on 2nd. This makes sense. Many of my clients leasing in downtown Austin have been longing for a more traditional finish without sacrificing quality.
BONUS:
For Downtown Austin Blog readers who are preparing to lease at the Ashton, email me your name, phone, address, and I will send you an exclusive draft copy of the floor plans!
-Jude
judegalligan [@] gmail.com
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More pics after the jump below!
We love numbers here at DAB, and AustinTowers.net takes a look at average sale prices (per foot) for each building in Downtown Austin over the past 14 months. You’ll find each building ranked by price/foot in descending order. 5 Fifty Five takes the top spot at $473/ft. You might be surprised to see the Westgate show up at $325/ft. Greenwood Towers sets the floor at $197/ft.
The most interesting result might be Plaza Lofts coming in at an average of $291/ft. Plaza Lofts is the most centrally located of all downtown Austin condos. These numbers have a back story, which is what I assist my clients with. Over the past 14 months, the Plaza Lofts has been subjected to construction expectations. Gables Republic Park was scheduled to begin construction next door to the South. Andrews Urban/Novare were expected to push their Ovation project where the post office is located. This would have killed many people’s views of the hill country. It doesn’t appear that either of these projects will be complete within the next five years, if not longer.
Another key point to remember about Greenwood Towers, the least expensive Downtown Austin condo, its intrinsic value is significantly linked to the fact that the building sits on a land lease which expires sometime near 2050.
Complete AustinTowers.net Analysis (link)
Ranked in descending order:
5 Fifty Five, $473/ft
Nokonah, $442/ft
Brazos Place, $370/ft
…
Villas on Town Lake, $241/ft
Towers of Town Lake, $228/ft
Greenwood Towers, $197/ft
