Downtown Austin Blog

downtown Austin's real estate and neighborhood blog

Forbidden Fruit Says Farewell To E. 6th Street District

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Kinky sigh.

A familiar icon of Austin small business, a lone downtown Austin retailer amidst a sea of E 6th Street bars, is shutting its downtown doors on August 28th.  The ABJ reports that Forbidden Fruit is redirecting its efforts on a better performing store.  From the article, owner Lynn Rairden says:

“We have seen a dramatic shift in customer base away from this location, with more of our patrons shopping at the store at 108 E. North Loop”

So, is North Loop just kinkier than downtown? I doubt that, but Forbidden Fruit is crowd sourcing their next location.

I will be sad to see it go.  I stepped into the store a couple of times in college, and since then I just enjoyed knowing it was there.  Forbidden Fruit’s downtown store was a beacon of hope for Austin small businesses anticipating that 6th Street can rebalance its mix of commercial use to include more retail.

EXCLUSIVE: Client relations firm announces $2M expansion, downtown Austin HQ

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3Seventy, a company that provides cloud-based, mobile client relations software, is moving into downtown Austin.  The company, formerly called “TXT4CRM” until it changed its name last year, said it plans to hire 30 to 40 people over the next 12 months in downtown and an office in Lithuania.

While it might seem old hat to a lot of Austinites, it’s worth reminding that downtown communities across country roll out a red carpet for any business that invests in downtown and 3Seventy’s downtown Austin investment is something to be celebrated, not be taken for granted.

[Read more…] about EXCLUSIVE: Client relations firm announces $2M expansion, downtown Austin HQ

The Monarch Apartments Sold To Windsor

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Amid a few weeks of rumors and hearsay, Downtown Austin Blog has confirmed that Windsor Communities has closed on their purchase of The Monarch apartment building from ZOM/ZRS.  Back in 2007 ZOM was planning a 29 floor, 300+ unit building as a condominium along Shoal Creek (801 W 5th Street).

During construction, the national economy tanked.   To the chagrin of several purchasers whose contracts would have to be cancelled, the Florida based developer astutely reset and decided operate the building as an apartment building.  That has turned out to be a fortuitous decision.

It would have been difficult to predict how successful downtown Austin would be in weathering the recession.  As it turns out, downtown Austin apartment rents have strengthened – a result of diminishing inventories and [relatively] tight lending standards still affecting the for-sale market.

The buyer, Windsor Communities, is on a roll.  They also acquired the Legacy On The Lake back in April, which is recently operating at ~96% occupancy.

Thanks to Kenny Chan for the heads up!

 

Delayed Rainey Street Hotel Plans Finalized

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Hotel Van Zandt, proposed initially in parallel to The Shore Condos in Downtown Austin’s Rainey Street District in 2008, is still kicking.

Downtown Austin Blog reported in March that plans had been filed for the hotel, though it was unclear what scope the project had taken on. Today I confirmed the project will be 16 stories, about 180 feet, and about 320 units, plus 10,000 square feet of meeting space and a 5,000-square-feet of resturant office.

There will be about 159 [Read more…] about Delayed Rainey Street Hotel Plans Finalized

Another Boutique Hotel Planned For Congress Ave?

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It appears developers are pursuing a boutique hotel at the 800 block of Congress Avenue, in addition to one planned at the 400 block. We thought that once before, but this time different people are involved and it looks more certain.

The hotel, planned in the Bosche-Hogg Building — a historic building at Congress Avenue and Eighth Street plagued by low occupancy and bought out of Chapter 11 bankruptcy — will have 210 rooms and 120,000 square feet of office space, according to my intel. [Read more…] about Another Boutique Hotel Planned For Congress Ave?