BartonPlace, a 270 unit condo project on Barton Springs Road, includes one, two, and three bedroom units starting at $263,000 for 683 feet. With a prime location close to downtown and next to Barton Springs pool and park, the project will is in a great location and well priced. As we have seen with many of the downtown projects, the lower the price, the higher the demand. Projects like 360 with many units under $400K have sold very quickly. With construction underway, the project is expected to be ready for occupancy in late 2009.
Here is a summary from the Austin Business Journal:
A ceremonial groundbreaking was held today for the 270-unit BartonPlace condo project on Barton Springs Road.Constructive Ventures, the Austin-based group behind such developments as The Pedernales, 2124 and Saltillo Lofts, is developing BartonPlace in conjunction with local restaurateur Rick Engel. The project is going up near Engel's Austin Java restaurant on Barton Springs.Construction on the project designed by Dallas-based Boka Powell is expected to take 18 to 22 months.Perry Lorenz, one of the partners of Constructive Ventures, says the company has already collected $45 million in non-refundable earnest money contracts for units in the development."Our robust pre-construction sales show clearly that the condominium market in Austin remains very strong," says Lorenz. "The bottom line is that this is a great location in a solid market, and our team has the proven ability to deliver a unique, high-quality product here. BartonPlace will be a distinctively cool new Austin address."
Developers just announced plans to proceed with a 4-story, 27 unit development on Barton Springs just east of Lamar. The project is a very odd combination of location and pricing that suggests a lack of experience in residential development.
Here is the summary from the Statesman:
Now called 1155 Barton Springs, the project will consist of a four-story condominium building atop three levels of parking. The building will replace the long-vacant Treehouse restaurant and nightclub at Dawson and Barton Springs roads, which is next to a railroad track.Developers Elisabeth and Steffen Waltz and their partners plan to sell 27 condos for $1 million to $6 million each, well above the price range of the most expensive downtown-area condo projects announced to date.Skeptics may question the prices because of the location. But the developers say several factors set the project apart: It will have large units, from 1,600 square feet to more than 6,200 square feet. The grounds will be designed by the renowned landscape architectural firm Peter Walker & Partners of Berkeley, Calif.The building's concrete and sound-proofing insulation will minimize noise from the railroad.And its location near cultural and arts venues, including the future Long Center for the Performing Arts, is expected to appeal to arts patrons.
This project does not sound viable as planned. With prices starting at $625 / SF, it is 25% more expensive than the next highest price proposed project - the beautiful Pelli designed 5th & Congress project. And with a location on the south side of busy Barton Springs adjacent to the railroad, McDonalds, and Peter Pan mini golf, it's not a top location. And with units priced as high as $6 million, it's clear they have not done their research. There are almost no residential sales over the last five years of houses above $5 million -- that is a price point that just does not exist in Austin. Maybe, the Austonian can sell a crazy penthouse for $6 million - but it is not going to happen on the fourth floor of this project.