Downtown Austin Blog

downtown Austin's real estate and neighborhood blog

I-35 Makeover Project Approved & Funded

| |

cross section of I35 showing soon-to-be-installed lighting

Downtown Austin’s stretch of I-35 will receive some much needed improvements, confirming our report from September of last year.  Short of burying or capping I-35, these improvements are the best we can hope for.  A grant from Keep Austin Beautiful (KAB) will contribute $250,000 towards the landscaping.  City Council set aside $1.5MM in form of non-tax supported certificates of obligation (bonds, I guess?).  Revenues from the parking underneath the freeway (which will be completely redesigned) will also fund the project.

The project is expected to start in June and take approximately seven months.

[flickr-gallery tag_mode=”all” mode=”photoset” photoset=”72157623834202535″]

Below is a photo of Eastside Drive East Avenue, the boulevard predecessor of I35.

East Avenue before I-35

Shoal Creek Walk Office Tower Rezoning Approved By Council

| |

Council has voted to approve the zoning change request by Schlosser Development, according to a report by InFactDaily, for the proposed Shoal Creek Walk office, residential, retail tower.  Though not out of the fire yet as this was only a first reading and council member Laura Morrison dissenting (shocker!), it’s a good indicator that Schlosser will receive the requested zoning change from downtown mixed use (DMU) to downtown mixed use central urban development (DMU-CURE), a change that is necessary to increase the height limit from 120 feet to 350 feet. Much of the property is encumbered by a Capitol View Corridor.

Schlosser has been making the rounds, and building stakeholder support for this project, for a couple of months. The new development would replace the surface level parking lot just east of Whole Foods. What’s interesting about this zoning review case is that Schlosser is not requesting more density, as measured by FAR (floor to area ratio); rather, they are seeking more height in part of the building, to compensate for the CVC restricted height in another part of the building.

Taking the wind out of the politcal sails of anti-growthers, Schlosser offered up an affordable housing proposal. This is interesting because they are not seeking more density, and therefor have zero obligation to subsidize affordable housing, or pay a fee-in-lieu of affordable housing.

Another office tower was recently announced, next to Gables Park Plaza, not far from Schlosser’s site.

[flickr-gallery tag_mode=”all” mode=”photoset” photoset=”72157623942576972″]

DAB FEATURED LISTING: [for lease] 2bd corner suite at Milago

| |

For Lease Milago #623, 2bd/2ba

“Located in the burgeoning downtown Austin Rainey Street district!   Imagine the hike and bike trail and Lady Bird Lake as your backyard.  Your new home has corner unit privacy, AMAZING LAKE AND CITY VIEWS, and verdant tree tops.  Washer/dryer/fridge included.  Two reserved parking spots. 24 hr concierge, rooftop pool, club room.  Milago has some of the best building amenities around.  Furnishings negotiable.”

Map of 54 Rainey Street [“Milago”] #623
MLS flyer
[flickr-gallery tag_mode=”all” mode=”photoset” photoset=”72157623814640207″]

Downtown Austin Open Houses

| |


This weekend’s downtown Austin open house listings for Sunday, April 25th

  1. 360 Nueces St, 360 condos #1311 2bd/2ba $429,900 1-3pm [Urbanspace]
  2. 603 Davis St, The Shore condos #1409 2bd/2ba $425,000 11-2pm [Platinum]
  3. 54 Rainey St, Milago condos #709 2bd/2ba $324,900 2-5pm [Keller Williams]

When you’re done with the open houses, you can enjoy an afternoon on Lady Bird Lake by renting a canoe or kayak from at the Texas Rowing Center. Or, dine al fresco at Annie’s Cafe on Congress Ave for breakfast, lunch, or dinner.  Make sure to download my 2010 First Quarter – downtown Austin real estate report (registered members only) and discuss with a Realtor who lives and works in downtown Austin.

-Jude

DAB STATS – Downtown Apartment Occupancy

| |

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