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CBD + OMV = Doh!

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CBD zoning was required to create the giant residential tax base we now have in downtown Austin.  CBD zoning also enables bars to easily obtain OMV permits.  These are good examples of the power of CBD zoning. However, there is a legacy problem surfacing in CBD zoned non-entertainment districts of downtown Austin: compatibility.

The surge in new OMV permits issued outside of the established entertainment districts in downtown Austin has generated a response from the Downtown Austin Neighborhood Association.  DANA has issued a position letter (pdf) that suggests procedural, enforcement, and compatibility improvements to be applied outside of E. 6th Street and the Warehouse District.

BTW, the local news media is going to generate plenty of hyperbole and “show down” sensationalism.  I choose to ignore it.  The solution to compatibility problems boils down to common sense and compromise. [Read more…] about CBD + OMV = Doh!

Spotted: New Bar Coming to Rainey Street Neighborhood

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No, not that one.  Or that one.  Not these, either.  Another one…

East Avenue Lounge, located along frontage road at 90 N IH-35 (aka East Ave), has posted their TABC application notice.  This is an interesting property.  It faces I-35. It has an upper and lower porch. In fact, it’s the only legacy two story structure in the area – a defining characteristic that hopefully will be embraced with creative uses and design. The proprietors will likely benefit from lots of “on the way home” traffic.  While inside the boundaries of downtown Austin’s Rainey Street neighborhood, this structure is located outside of the Rainey Street Historic District.



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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

Town Market: A New Bodega On Rainey Street

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Town Market has opened below the Legacy apartments on Rainey Street.   It’s a unique space.  Leasing a live/work unit on the ground floor of this downtown Austin apartment tower, Town Market is a two story affair with wine, coffee, sandwiches on the ground floor and dry goods on the second floor.  The Town Market concept comes from the same people who brought you Cissi’s on South Congress.

The store is 50 paces from the Hike and Bike trail, so I expect they will do well during breakfast and the early evening hours.  The Rainey Street District has one of the highest residential concentrations in Austin, and Town Market is a welcome addition to the downtown Austin neighborhood.

Hours: Monday – Saturday 8am-8pm, Sunday 8am-6pm
Google Map: 43 Rainey Street, Austin, TX 78701

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Downtown Austin LEED Buildings

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[youtube=http://www.youtube.com/watch?v=59tABEZTazo]

Established by the U.S. Green Building Council and verified by the Green Building Certification Institute, LEED is the nation’s preeminent program for the design, construction and operation of high performance green buildings.  LEED is shorthand for Leadership in Energy and Environmental Design.

Legacy On The Lake is a downtown Austin apartment building designed by EDI Architecture that has been awarded LEED® Certification.  They are the first residential multi-family building to do so.

How did they do it?  30% reduction of water use, 10% recycled material use, 43% of building materials sourced locally, 77% of construction waste recycled, use of low VOC interior finish materials, and 90% of interior spaces having access to daylight and views.

Several other items contributed to their LEED rating including:  electric vehicle charging stations, bicycle storage and changing rooms, and water efficient landscaping.  According to EDI, “Legacy on the Lake achieved LEED Certification despite having a tight construction budget.  Total upcharge to achieve certification was about 1 percent of the total construction hard costs.”

The LEED 2009 rating system is based on 100 possible base points plus an additional 6 points for Innovation in Design and 4 points for Regional Priority. There are four categories of rating:

* Certified – 40-49 points
* Silver – 50-59 points
* Gold – 60-79 points
* Platinum – 80 points and above

Other downtown buildings that have achieved a LEED rating:
1) Whole Foods (LEED Certified)
2) Austin City Hall (LEED Gold)

Of note, Gables Park Plaza is a candidate for LEED certification, the Austin W Hotel and Residences (aka. Block 21 Residences) is expected to be LEED Silver Austin’s first LEED Platinum building.  Also, the under-construction Federal Courthouse is being built to achieve a LEED Silver rating.

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