Search Results for: ashton

First Look: The Bowie Apartments in Downtown Austin

AG | October 29, 2014 |

The heavy lifting at The Bowie Apartments is nearing completion, and we were able to get a sneak peak tour to look at some of the units.

Previously named 3Eleven, a reference to the street address of 311 Bowie, The Bowie Apartments are attempting to raise the bar beyond the previous luxury apartment towers, The Ashton and The Whitley.

What we saw was an exceptional building, with pricing to match: studios starting at around $1550/mo, 1 Beds around $2k/mo. Two bedrooms begin around $3300, and large three bedrooms plans begin at [gulp] $9100 per month.

upgraded doors

keyless entry

wine racks standard

The Bowie offers 34 different floor plans. Whole Foods Corporate will have offices on their 8th and 9th floors (which, we are told will have a separate entrance).The Bowie’s interior features & amenities include:

Floor to ceiling windows,
hardwood floors
solar window shades
Gas Ranges (we don’t know of a downtown competing class apartment with this offering)
Full-size, front-load Washers and Dryers
2 outdoor common area decks (w/fire pits, grilling areas, etc)
Rooftop Pool
Catering Kitchen / Clubroom / Conference Room
Concierge Service
Bicycle Storage

The Bowie Apartments will have a heated swimming pool atop their 37th floor, boasting the “the highest pool in Texas!” We can’t confirm this, but it seems plausible.

What’s really going to set this apartment high-rise apart from others is its prime location: across the street from Whole Foods. At least until Seaholm is completed, to truly have walkable lifestyle in downtown, there will be a premium for close proximity to Whole Foods.

Competition-wise, The Bowie is likely to go head-to-head with the Ashton, Whitley, the neighboring Monarch, and individual for-lease units at the Spring Condos. Price wise The Bowie will also be competing with condos for rent at the Four Seasons and W Hotel.

The ground floor of the building will host a restaurant. We are told that there are several inquiries into the space, but no contracts have been signed to occupy the space.

Move ins begin December 15. If you’re looking to get some info on how The Bowie stacks up to other downtown rentals – just contact us and we can walk you through the details.

-A

Development Team Closes On Block 1

Jude Galligan | February 5, 2014 |

According to a City of Austin release, representatives with the City’s Economic Development and the project development team closed on the GWTP property (aka “Block 1) on January 31st. The development team is Trammell Crow, the Hanover Company, and Pacific Life Insurance.

Block 1 is a pivotal downtown waterfront development. It will improve connectivity with Second Street through to Nueces Street, the new Central Library, and the Seaholm District.

Summary of what we know about Block 1:

Located at Cesar Chavez and San Antonio Street.
Total project size is approximately 1.7 million square feet of mixed use development.
Block 1 totals 1.776 acres of land
38 floor three-tiered mixed-use tower
expect 440 apartments, including 50 affordable units
40,000 square feet of office and retail space.

The residential component is still being referred to as apartments for rent, and given Hanover’s participation we’ll take that at face value. (Hanover developed the Ashton). We should see site work commence in February with public streets and utility work, including the extension of Second Street.

Back in August we caught a glimpse of what Block 1 tower could look like. According to today’s release, the development team continues to signal it will be a 38 story building with a three-tier design, which is consistent with the rendering and elevations we’ve seen.

If you look at the downtown skyline from the south (78704), you’ll notice there’s a giant gap in the skyline between the AMLI on 2nd to the east and 360 Condos to the west. This project should fill that gap nicely.

More importantly, the walkable connectivity this project brings cannot be understated. It’s literally creating more “grid” and that’s perhaps the greatest upside this project can deliver to city-dwellers.

-Jude

South and East Elevation Drawings for Block 1 by Solomon Cordwell Buenz (SCB)

DAB STATS – Downtown Apartment Occupancy

Jude Galligan | April 23, 2010 |

Checkout the occupancy rates (as of Tuesday) for downtown Austin apartment buildings.

Monarch @ 94% or 287 out of 305 units
Legacy On The Lake @ 92% or 172 out of 187 units
Ashton Austin @ 87% leased, 83% occupied or 214 out of 258 units
Gables West @ 92% or 220 out of 239 units
Gables Park Plaza @ 38% out of 188 units

And, it’s a very safe bet that AMLI Downtown (220 units) and AMLI on 2nd (231 units) are hovering between 95-98% occupied.

Our empirical data suggests that lease rates at apartment buildings are hovering in the ball park of $1.75 per rentable foot, on average, net of incentives. MLS statistical reports for year-to-date downtown Austin condo leases corroborates this, reporting $1.88 per foot, on average, and ranging from $1.00-$2.40psf. In 2008, before many of our new apartment buildings were completes, lease rates were even higher. With no new projects on the horizon, and a strong demand for the urban life style, expect downtown lease rates to remain stable.

-Jude

Pros And Cons Of Living On The Top Floor

Jude Galligan | October 9, 2009 |

View from 360 condos penthouse. Photo by KevinB from SkyscraperPage. Click to view listing.

One of my favorite websites is Lifehacker.com. I was happy to find this article that highlights the potential downfalls of living on the top floor of a building. Though, depending on the desires of my clientele, quality of the building, and height of the building, I will advocate for the top floor. For instance, if they are sensitive to sound, I’ll point out that having nobody live above you means less risk of some girl in high heals, or a guy in boots with a penchant for pacing, to keep them up at all hours. On the other hand, the top floors will frequently cost more to cool. Especially if the attic space (if any) is poorly insulated.

Below is a quote from the story.

“Apartments are constructed at the cheapest costs possible and change hands often. I frequently pay more in utility bills than friends who have twice the space I do (and the temperature control doesn’t always guarantee comfort). Third floor units often offer vaulted ceilings, which are cool for aesthetic but bad for budgets.”

This statement is a generalization, but I’m comfortable agreeing with it when discussing older complexes and some new construction outside of downtown. High rise apartment buildings like the Monarch, Legacy, and Ashton, which are built from concrete and metal, are not immune to these issues, but they are much less prone to excessive noise and increased energy costs. In most downtown Austin buildings, energy costs are driven by which side of the building you face. If you face west, then you get the scorching hot evening sun. Interview residents in any building oriented north-south, on average those who live in units that face east will have lower energy bills than those living in units that face west.

Lifehacker: “Avoid The Top Floor To Save On Aparment Expenses

The Downtown Austin Blog studies Austin’s penthouse economics

-Jude