Downtown Austin Blog

downtown Austin's real estate and neighborhood blog

Statesman Blotter Headlines

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David Cross robbed your bank
Did David Cross just rob your bank?

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!!!!!!

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[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?

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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

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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.

Ashton Austin - Cesar Chavez @ Colorado
Ashton Austin - Cesar Chavez @ Colorado

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?

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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.