Downtown Austin Blog

downtown Austin's real estate and neighborhood blog

Shoal Creek Walk Office Tower Rezoning Approved By Council

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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.

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

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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
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Downtown Austin Open Houses

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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

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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

Austin Cancer Survivors Plaza: A PPP For Butler Park

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I received a note from Daniel Woodroffe yesterday informing me about a proposed public private partnership (PPP) to bring further improvements to Butler Park.  As someone that enjoys Butler Park, I’m very excited about this project and hope you will share your support for it.

The Bloch Plaza Steering Committee, working with Austin Parks Foundation and the Prostate Cancer Resource Center are working with the R.A. Bloch Cancer Foundation and the City of Austin Parks and Recreation Department to design, build and maintain the proposed R.A. Bloch Cancer Survivors Plaza, proposed for the fountain area located north of the Palmer Events Center in Butler Park.

The plaza will be built around an existing one-acre site that features a landscaped pool and existing trees and native plantings. The plan proposes to add additional water elements, native plants and trees, and a series of tips on maintaining a positive mental attitude and the road to recovery in fighting cancer and other life threatening diseases. A separately funded and designed artwork will be selected by the RA Bloch Cancer Foundation and the City Arts Commission and installed in a portion of the plaza to be determined at a later date. This artwork will replace the original proposed sculptures of a family that appear in other Bloch Plazas in cities throughout North America.

The R.A. Bloch Cancer Foundation will fund $1M of the cost of the design and construction, with advocates raising funds under the umbrella of the Austin Parks Foundation.

The Austin Parks Foundation will be responsible for the design and construction of the plaza and will perform the working following the established city standards. While the Plaza is and will remain the property of the City of Austin, the Foundation – through the Stakeholder Steering Committee, will be responsible for the heavy maintenance of the completed plaza and is raising additional funds mentioned above for that express purpose.