Downtown Residential Projects

[eastsider]

With demand rising for downtown living, land prices are also rising causing developers to look at other areas surrounding the core for projects. Some towers are now in the planning stages for the south side of Town Lake sparking a debate about if/where the cut-off for high-rises should be.

City leaders generally support high-density development in downtown as a way to accommodate a growing population in areas that already have roads, utilities and police and fire protection.

But recent City Council actions indicate that city leaders are reluctant to approve high-rise projects outside of downtown, and not only because of neighborhood opposition.

"Why would you ever pay the land premiums downtown to build higher if you could go do it outside of downtown?" Council Member Brewster McCracken asked. "This could really damage downtown if we don't protect the core unique asset of downtown, which is the ability to build taller structures."

Conflicts are likely to grow as buyers, mostly young and childless, line up for these moderate- to high-priced projects near downtown and more developers try to cater to them.

At least 15 projects totaling more than 1,220 apartment and condo units have been proposed or are under construction south of Town Lake and west of Interstate 35, and 11 projects with 4,466 units are planned or under way on both sides of the lake east of Interstate 35.

Austin American-Statesman: Discord on the edge of downtown

Maps of the projects planned or under construction in the neighborhood surrounding downtown.

[eastsider]

There have been many changes over the last few months, so here is an updated list of highrise/midrise projects in downtown Austin.

- Under Construction -

_ __ ___ ____ _____ ______ _____ ____ ___ __ _

360

http://www.lifesurroundsyou.com/ {sodEmoji.{sodEmoji.|}} Thread

360 Nueces St.

44-stories {sodEmoji.{sodEmoji.|}} 580

[erdogs]

If you put all those projects together they would be an impressive downtown in of its self. Thanks for the updates.

[eastsider]

Article about the growing demand for downtown living and the retail shops that are following the new residents. The projects that have already started construction will allow the downtown population to double in just a few years from the current mark of ~5,300.

Development is seen in the number of cranes over the downtown skyline. About 3,800 units are under construction, which means about 5,000 more people.

News 8 Austin: Downtown still booming

[Goothrey]

Is there such a picture that shows what the Austin skyline would look like with all of these buildings built?

[dan326]

Here's a picture I found on another forum.

[Goothrey]

Thanks. Pretty interesting.

[eastsider]

CWS Partners have announced plans to develop three 18-story buildings at 222 and 300 East Riverside Drive. Two of the buildings would be condominiums containing 243 units each, while the other building would have 352 apartments.

The project is meeting heavy opposition as CWS wants a variance to build 80' from the south shore of Town Lake. A 150' setback is currently required under city rules. As a concession, CWS has offered to donate an acre of land that would help extend the hike and bike trail. Opponents say that the land is not developable and the donation would just help CWS avoid paying taxes on it.

Austin American-Statesman: East Riverside project would add apartments, condos, extend hike and bike trail

[eastsider]

Great article in this months McGraw-Hill Construction Magazine about the high-rise boom in downtown Austin. There are 18 projects planned that would bring 21 new towers. In all, these projects add up to at least $1.5 billion worth of new development and would add approx. 3,000 residential units and 2,000 hotel rooms.

Barnstone pointed to the example of Vancouver (where he also has a residence) - a city with almost the same population as Austin, which is nearly 1.5 million including the entire metro area. He said that Vancouver has added 150 towers and 15 million sq. ft. in its downtown over the last 10 years.

But while the outlook remains bullish, the current construction boom in downtown Austin faces possible impediments. Contractors have noted the increased competition for skilled labor across the state and in Austin in particular. Hanover Co. of Houston development partner Ed Hamilton cited a current national shortage of available tower cranes. And a national economic downturn could also affect construction progress in downtown Austin, although most observers believe the city's growth would remain largely unaffected.

[eastsider]

With the new boom of residential projects planned or under construction downtown, finding affordable housing is becoming more rare. The rising land prices and construction costs are the reason given by developers for this, but some Austin leaders fear that downtown will become a neighborhood exclusively for the rich. The average price for a condo in downtown is now $512,000.

Other cities struggling to add affordable housing, such as Boston and Boulder, Colo., have adopted inclusionary zoning that requires developers to include a minimum of 10 percent of units at affordable prices or contribute to an affordable housing fund. "The fact is, if these are desirable markets to develop housing, they continue to be desirable markets whether you add an inclusion requirement or not," said Doug Porter of the Maryland-based, nonprofit Growth Management Institute.

Although it is illegal in Texas for cities to require developers to build or fund affordable housing based on the location of the project, Austin could do so for projects receiving a "bonus" from the city, such as extra height or density, which many downtown developers seek.

[erdogs]

I plan on buying a condo downtownin about 3 years, this would certainly help. Right now I live in the Hill Country, but would like to be in the middle of all the action. I'm looking for something in the $300,000 range.

[sunshine]

Is the condo selling?

Any cancelled projects?

[eastsider]

---------------------------------------------------------------

- Under Construction -

---------------------------------------------------------------

360

http://www.lifesurroundsyou.com/ {sodEmoji.{sodEmoji.|}} Thread {sodEmoji.{sodEmoji.|}} Webcam

360 Nueces St.

44-stories {sodEmoji.{sodEmoji.|}} 580 ft.

433 condos

Retail Space: 13,500 sf

Developer: Novare Group/Andrews Urban

Architect: The Preston Partnership

Status: Under construction

Timeframe: complete late 2007

_ __ ___ ____ _____ ______ _____ ____ ___ __ _

Altavida

http://www.altavidaaustin.com/ {sodEmoji.{sodEmoji.|}} Thread

101 Colorado St.

36-stories

258 apartments

Retail Space: 6,000 sf

Developer: MetLife / The Hanover Company

Architect: HKS Associates

Status: Under construction

[ChiefJoJo]

Wow! I'm amazed at the sheer size and number of downtown developments in Austin! My dad is from Forth Worth, but I've never been to Austin. Looks like there are/will be plenty of choices in urban living.

[erdogs]

I moved here in July and was pleasantly surprised to say the least. Austin is a great city and will soon have a downtown to match.

[eastsider]

Nice article from the NY Times about the construction boom happening in Austin.

[url=http://www.nytimes.com/2007/02/14/realestate/commercial/14austin.html?ref=business]It

[eastsider]

Another article about the condo boom in downtown Austin. There are 22 projects planned with 4,088 units which will triple the current amount in three years. When the current round of building is dane, the downtown population is expected to top 11,000.

[erdogs]

Another good article on the 2007 real estate forecast.

http://austinhomeblog.com/2007/01/27/2007-...in-real-estate/

[mopacs]

Aquaterra's website now includes a flash slide presentation of their exterior design. The design of the lower half (parking garage) is a bit disappointing, and has very few design elements consistent at all with the residential tower above. One neat and distinct feature is a cantilevered pool deck... Here are some screen caps I grabbed from http://www.liveaquaterra.com/slideshow/slideshow.asp

[dgreco]

looks nice, do they have a rendering of it toi see how it fits in the location?

[eastsider]

Wow, the base of the building is pretty brutal. I remeber reading that there is aleast one other building already existing at that site, do you know if that will be torn down or if it will remain with Aquaterra going up behind it?

[mopacs]

looks nice, do they have a rendering of it toi see how it fits in the location?

[mopacs]

Wow, the base of the building is pretty brutal. I remeber reading that there is aleast one other building already existing at that site, do you know if that will be torn down or if it will remain with Aquaterra going up behind it?

[dgreco]

it looks like a parkingh garage, and for a garage it isn't that bad. I think the fornt is nice with the water near the stairs... But the back like mopacs said is gross, hopefully the back is hidden by trees or something.

[mopacs]

Hey Guys...

The 360 Condos have now reached its 16th floor, as of yesterday, which is the location of the first setback. From this point forward, the broad-side of the tower will be nearly half its current width (starting slightly to the right of the core, in the following picture).

Here's the webcam capture as of this morning.... some work has already begun on the 17th floor:

http://novare.oxblue.com/austin360/index.html