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Plans Evolve For Rainey Street’s Waller Center

Jude Galligan | September 16, 2013 |

Here are the latest revisions to the 3 acre Waller Center plan – an ambitious project that stretches along the east bank of Waller Creek, from E Cesar Chavez to Davis Street.

The updated renderings (below) give a more comprehensive vision for the massing of three distinct towers, and how they could be best be oriented.  According to the ABJ‘s interview with development firm, The Sutton Company, their target is to submit plans to the City of Austin for approval by late November

waller_center_austin_Rainey_site_sat

Here’s what we know about the goals of the project:

  • Tower A is a 21 story office building
  • Tower B is a 46 story residential tower
  • Tower C is a 38 story mixed use Tower
  • Target FAR is 10:1
  • 26,000 ft retail (possibly grocery store)

Checkout the images below.

[Read more…] about Plans Evolve For Rainey Street’s Waller Center

Filed Under: development, downtown austin, Rainey Street District, waller creek Tagged With: sutton, waller center

Bill Spelman

Jude Galligan | February 28, 2009 |

[youtube=http://www.youtube.com/watch?v=4waRVxV_Flk]

The light is shining bright on Downtown Austin, at least as much as city council place 5 is concerned.  Bill Spelman is running, unopposed, for Austin city council place 5.  Spelman, professor at the LBJ School of Public Affairs, is also the chair of the Waller Creek Citizens Advisory Committee and an advocate for the Waller Creek Tunnel Project.

Perhaps even more relevant to Downtown Austin’s interests is Spelman’s curriculum vitae includes research in criminal justice, police operations, prison policy, and urban economic development.

Go Bill!

Filed Under: city council, downtown austin

Windfall – Villas on Town Lake is being sold

Jude Galligan | June 22, 2016 |

Downtown Austin’s Villas on Town Lake condos home owners’ association (HOA) will agree to sell the entire property – comprised of 57 individually owned condos – to The Sutton Company, who beat out a handful of bidders.  More than one source close to the deal has rumored the amount of the offers [plural] were in the ballpark of $50,000,000.

This is exceptionally interesting because we normally expect to see development activity on surface parking lots, or on an assemblage of adjacent parcels.  The Villas is a fully occupied condominium!  This means there are multiple owners, strong personalities, and diverse motivations.  Corralling everyone into agreement is a herculean task.

What’s so special about the Villas?

Villas on Town Lake
Villas on Town Lake

Situated along Waller Creek, the Villas on Town Lake condominium is one of downtown Austin’s older mid-rise residential buildings.  Villas is a modest, courtyard-style, community, built long before the Rainey Street neighborhood became a “district.”

Most importantly, Villas On Town Lake is coveted for its location.

The site is one of downtown Austin’s most desirable.  With only city-owned park land between it and Lady Bird Lake, if Villas were to be razed and rebuilt as a tower, it would deliver views of the lake and hill country, with adjacent access to Waller Creek, Lady Bird Lake, and the hike & bike trail.  The site is not encumbered by Capitol View Corridors and has CBD zoning.

Villas vitals:

  • Located at 80 Red River Street, Austin, TX 78701
  • Built in 1982
  • Number of units = 57
  • Total Square Feet (private, conditioned) = 65,791
  • Total Square Feet (including Common) = 99,770
  • Average unit size = 1,154 ft
  • 80% of air-conditioned area = 52,631.2 ft (appox: 46 units)
  • 80% of Total Area = 79,816 ft

How does this happen?

Property rights in Texas are such that a condominium association can dissolve itself.  When this happens ownership reverts to a single parcel with tenancy in common, and proceeds from a hypothetical sale are distributed based on percentage of ownership.  The HOA can sign deeds of units that have not volunteered to sell.

(I welcome comments from real estate attorneys who can shed light on the mechanics of this.)

Years ago the Villas HOA had the foresight to realize the market would eventually grow to a point where the modest condo community was no longer the best use of the land.  In 2006, the Villas HOA revised their bylaws to allow 80 percent of the Villas ownership could vote to dissolve the entire HOA.  This change paved the way for a deep pocketed buyer to buy the whole shebang with only 80% of the owners needing to agree.

In September of last year, the Villas HOA issued a Request for Proposals from development groups.  Groups like World Class Capital are rumored to have been among the bidders.  The winning bidder, The Sutton Company, is one of Austin’s most prolific developers, responsible for several downtown Austin condo projects, including: Plaza Lofts, Avenue Lofts, Brazos Lofts, and the 5 Fifty Five.  They also assembled the land for the Millennium Rainey, and are developing the land adjacent to the Villas as Waller Park Place.

Is it a good deal?  

Yes, it is, for both buyer and seller.

If the rumored $50,000,000 is close to the purchase price, then the average price per foot of “saleable” space is $759/ft!!  Based on the average unit size, were someone to try and accumulate control of 46 units – the number I estimate required to gain 80% control of the Villas – would take approximately 14 years to do based on historic sales velocity.

Accelerating 14 years of effort requires offering a premium to market right now; however, the winning bidder also owns the adjacent property and can reasonably expect to recoup that premium.

Villas on Town Lake - History of Sales
Villas on Town Lake – History of Sales

Per the MLS, 63 units have sold at the Villas since the summer of 1997.  In 1997, market price for a typical condo at Villas on Town Lake was ~$100 per foot.  Now, imagine for a minute that you’re an owner at Villas back in 1997 and a someone approached you saying, “I will pay you double the market rate, $200 per foot!”  Most reasonable people would agree to less than double the market rate from an unsolicited offer.  If anyone wants to pay me twice market value for my place… I’m ready to talk!

The most recent sales record we have for a one bedroom at Villas was from March 2015, when a 675 sf condo sold for $279,000.  So, if the rumored amount of the winning bid – $50,000,000 – is close to accurate and proceeds are distributed by square foot, then that same built-in-1982 Villas one-bedroom may be closing for $512,325.  That’s a windfall.

Kudos to the Villas for getting it.

~ Jude

Filed Under: development, Downtown Austin Districts, Downtown Austin lofts, condos, apartments, Rainey Street District, Real Estate, waller creek

Downtown Thriving as a Live-Work-Play Community

Fred Schmidt | May 30, 2016 |

greenofficebuilding2
Artist’s rendering of the office tower now going up at the site of the former Thomas C. Green Water Treatment Plant in downtown Austin where Google will take more than 200,000-sf. CREDIT: Gensler Austin

Nice story in The Statesman about the vibrant community that continues to grow downtown – not just in terms of nightlife, but also new economy jobs and associated residents:  Austin’s Tech Scene Heats Up Downtown.

It’s worth pointing out however that all this has not “just happened” by itself.

It has been 15+ years in the making with great purpose by the likes of the Downtown Austin Alliance (DAA), the Downtown Austin Neighborhood Association (DANA), Mayors Kirk Watson, Will Wynn, Lee Leffingwell and their City Councils, the Downtown Austin Plan, and many more driving forces.

Except for weekday lunchtime and weekend nights on East 6th, it was a veritable ghost town when my team first opened an expanded Wild About Music down here in 1995, then started living here in 1999.

There’s still a ton of work to be done around issues of homelessness and vagrancy (two different matters), affordability (having only $50/ft rents and million dollar condos is not sustainable), traffic (a car-free zone?), and that IH-35 east-west barrier.

Dave Sullivan, longtime Austin civic leader during this big growth period, also just told me: “When I joined the City Planning Commission in 1994, software development was a prohibited use Downtown. I remember voting to change that in the late 90s. Seems incredible.”

Incredible indeed, Dave.


And a worthy update:  After this story published I received a note from a longtime steward of Downtown Austin’s evolution, Michael Knox, of the City’s Economic Development Department.  He filled in another 10 years of preparation that went into the creation of today’s Downtown before my timeline even picks up.  Mike says:

“I started working on downtown in 1988, when it was part of AustinPlan’s Sector 1.  Of course AustinPlan, the comprehensive plan update to replace Austin Tomorrow, was never adopted.

“In 1989 we (Jose Martinez and I) started working with the Downtown Commission, actively promoting a thing called R/UDAT.  The 1990 R/UDAT application we co-wrote was accepted, and in 1991 we got the R/UDAT team visit and report, followed in 1992 by “A Call to Action: R/UDAT Implementation” that, in 1993 gave birth to the Downtown Austin Alliance and the Austin Downton PID.  These efforts involved hundreds of dedicated Austinites.

“Downtown initiatives were kicked up a notch in 1997 when Kirk Watson became Mayor, and Assistant City Manager Jim Smith (now Aviation Director) and I put together Kirk’s first six downtown initiatives, including the Waller Creek tunnel, Downtown Design Guidelines and the Poleyard and AMLI developments.”

So there you go…another of Downtown Austin’s many unsung heroes.  We thank you, Michael Knox.

~Fred

Filed Under: austin lifestyle, austin news, downtown austin Tagged With: Atlassian, BigCommerce, business, downtown austin, Google, office, residential, tech, Under Armour

Austin City Council: What Were They Thinking… in 1916

Caleb Pritchard | January 7, 2016 |

At the beginning of 2016, the Golden Age of Downtown Austin augurs nary a hint of dinting nor dulling. From North Lamar to Interstate 35, constructions crane swoop across the landscape. On the streets, workers, residents, and visitors walk, bike, and drive to jobs, homes, shops, restaurants, and parks. The total energy of one of the most prosperous regions in the country is, by the laws of gravitational economics, concentrated right here in this urban core and, man, there’s a wild bustle to it all.

But, lo, this current period of dynamic fun n’ games was a long time in the making. And many of the same weirdo problems we face today have been bugaboos that generations of City Councils in their various forms have tried to take their respective whacks at. Now, thanks to the miracles of technology and open government (and the greater miracle that I can still afford an internet connection after the recent holidays), we can peer back in time at the political landscape of a century ago.

jan 13 1916
Austin City Council agenda item, Jan. 13, 1916

Behold above, a small sample of the Austin City Council agenda from Jan. 13, 1916. Long before the ongoing Waller Creek revitalization project, Mayor A.P. Wooldridge and his four white guy colleagues on the dais rassled with infrastructure issues on that flood-prone stream. The Council gave unanimous approval to designs for bridges to cross the stream from 1st Street (now Cesar Chavez Street) all the way up to 29th Street. Whether those bridges still exist or why existing bridges needed to be replaced to begin with are questions for another day. For the time being, one can only wonder why no one back then gave any thought to boring a colossal concrete flood-control tunnel 70 feet below the creek’s surface through which to channel tens of millions of gallons of water into the Colorado River, a friendly gesture that would’ve given the City a head start on that aforementioned revitalization project. Since this was pre-Capitol View Corridors, it would’ve saved us all a giant headache. Slackers.

feb 3 1916
Austin City Council agenda item, Feb. 3, 1916

As our current Council continues its graceless plod towards new regulations on transportation network companies such as Uber and Lyft, with the full backing of Big Taxi, it’s worth remembering that not too many people were in a hurry to get Big Taxi in the first place. One hundred years ago in February, Mayor Wooldridge n’ The Boys received a petition calling for an ordinance “for the purpose of properly regulating local street transportation of persons for hire by ‘Jitneys’, automobiles, busses (sic), and other motor vehicles.” The petitioners claimed to have the signatures of 1,239 qualified voters — not bad for a city of, at the time, roughly 35,000 souls. But there were a few problems. Turns out that upon further review, city officials determined many signatures weren’t valid. Meanwhile, perhaps because they were spooked by a heavy-handed propaganda campaign launched by private interests, several hundred authors of valid signatures wrote in to request their removal from the petition. I cannot tell you when Council finally adopted a regulatory framework for taxi services, but I would guess that when they did, many people who called for cabs that night are still waiting patiently for their rides to show up.

Austin City Council agenda item, Jan. 6, 1916
Austin City Council agenda item, Jan. 6, 1916

Hey, here’s an item that demonstrates one big difference between the Austin of 100 years ago and the Austin of today: Land prices. In 1916, the City purchased the lot on the southeast corner of Red River and E. 11th streets for a cool $250. Today, TCAD values that land at just over $4.5 million. Now, as a professional journalist, I leave the math-doings to better minds, but I’ll take a rough crack at this and declare that if the City were to finally decide to sell this land today, it would stand to make a seventwentyteen-jillion percent profit.

Now, let’s scoot ahead a few years in our travels through the archives to take a moment to remember that this town hasn’t always been a model target of good-hearted snark. Often, in fact, even to this day, lots of municipal behavior deserves some degree of hot-fire derision. Like this piece of crap from Oct. 5, 1933:

Austin City Council agenda item, Oct. 5, 1933
Austin City Council agenda item, Oct. 5, 1933

Here we find a petition, “signed by thirty-eight citizens and property owners in the vicinity of the 1700 block of East Avenue, protesting the erection of a Negro business establishment at this location.” Certainly, these kinds of shenanigans should be expected when perusing the political archives of a southern city during the age of Jim Crow. However, I offer a counterpoint: What a bunch of dicks. It’s impossible to tell whether the business in question was technically in Downtown since this was before East Avenue was converted from a tree-lined boulevard into the concrete death-wall of segregation made manifest known as I-35, but it hardly matters. It’s also impossible to know what became of the petition since many similar items in Council agenda items end in similar referrals to some city agency with the ambiguous tone that a professional snarkster is eager to believe is a passive-aggressive way of saying, “This is garbage and the paper it’s written on is hardly fit for my doodles of Herbert Hoover with devil horns.” At any rate, this mess is a powerful reminder of how bad things were, how much worse they got (with the construction of a literal barrier to integration), and how much better things could yet be with the proper amount of progressive leadership.

My dream is for one day to have my friends’ grandkids trawling through the viz-deck archives of tomorrow’s Holo-Council and finding the hilariously antiquated transcripts of today’s leaders arguing against plans like Reconnect Austin.

Downtown Austin’s best days are still ahead of us, gang.

Filed Under: downtown austin, history

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