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La Vista on Lavaca picks up new investors

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La Vista on Levaca - back on track
La Vista on Lavaca - back on track (?)

For a few months La Vista was turning dirt, blocking streets, and looked like a real development. Then…nothing.  Radio silence.  In early 2008 rumors began to trickle through the real estate community that prices for these condos would average $500psf.  Some would consider that hubristic price for a location that has been overlooked for years.  Located at 18th & Lavaca, this project sits between three major economic zones – Downtown Austin, the Capitol, and UT.  This location, historically underutilized, could be the perfect fit for lawyers, lobbyists, and [tenured] professors.

I imagine the terms on this deal are pretty favorable for the new investors.  This is great news for Downtown and UT.   If, in fact, La Vista on Lavaca reaches completion, it has the opportunity to revitalize the area surrounding it.  Fingers crossed.

more about this story can be found at the Austin Business Journal

Proposition 2 Fails

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KAW in oval Plus.ai

From the City of Austin web site:

Voters did not pass Proposition 2, which would have prohibited the City from entering into future agreements to provide financial incentives in connection with the development or redevelopment of property that includes one or more retail uses, and to stop the City from providing financial incentives under certain existing agreements in connection with the development or redevelopment of property that includes one or more retail uses. The unofficial vote tally on this proposition was 126,064 “for” and 136,609 “against.”

UT's Brackenridge tract – are big changes coming?

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The University of Texas is sitting on the most desirable parcel of land in Austin, known as the Brackenridge tract. 345 acres that includes miles of lake frontage and a golf course. For years this land has been home to affordable housing for UT graduate students. If they are talking about doing anything, then they are talking about redevelopment. UT Regents have already made it clear that any redevelopment must be profitable. This rules out a big, central park style, green space and presumes a mixed use development. [more]

$500M investment may yield two new downtown towers

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Stacy’s company, T. Stacy & Associates Inc., and Walton Street Capital now plan a 500,000-square-foot office and retail tower at 501 Congress that would be slightly taller than the 26-story Bank of America Center building the partnership owns at 515 Congress next door. The group is also plotting a hotel and condo tower at the corner of Brazos and Fifth streets that would rise more than 800 feet, making it by far the tallest building in Austin and the sixth-tallest in Texas.

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