As the old adage goes, the three rules of real estate are location, location, location. And for this reason, Austin Towers has licensed the best mapping technology that we could find to make it easy for readers to find and navigate projects by location.

While a sample map is shown below, the top-of-the-line fancy interactive map can be found on the new Austin Towers map page located here. In addition to showing all new and completed projects with images and their own color-coded pins, the full map includes a comprehensive project table that lists all current projects with their key statistics.



The full map can be found here!

Tags: new projects

As other rental projects reduce rents to lure downtown residents, Gables Residential has announced plans to build a new 20-story apartment tower at the edge of the warehouse district. The site, on the corner at Fourth and Guadalupe, is the current location of the Gingerman pub and the former location of teh Fox and Hound Smokehouse & Tavern. The project would be adjacent to Republic Square Park and down the block from the Plaza Lofts.

The project is expected to contain 220 units and 15,000 square feet of retail on the 1/2 acre site. The project is scheduled to begin construction next year and to open to residents in late 2010 or early 2011.

Gables, a large national apartment developer with 63 communities and more than 50,000 units under management, is also working on a new 168 unit project on 5th street near Mopac which will rent for $1,300 to $1,800 per month. Gables also developed the Gables West Avenue Apartments, their first downtown project, at 3rd & West Avenue near Whole Foods.

Gables West Avenue Apartments at 3rd & West


Here is a summary from the Austin Business Journal:

A high-rise apartment tower is being planned for downtown's Warehouse District in an area teeming with new residential activity.Gables Residential plans to build a roughly 200-foot tower with about 220 units and 15,000 square feet of retail and commercial space at Fourth and Guadalupe streets. Gables bought the nearly half-acre site of former Fox & Hound Smokehouse and Tavern, east of Republic Square Park, from a group of local investors last year. The 15-year-old Gingerman Pub, also on the site, will move, general manager Kristin Jacobson says.The pub's original facade will be preserved as a historical feature of the new building, says Jennifer Wiebrand, spokeswoman for Gables Residential. The project will be able to support up to 70,000 square feet of parking.Construction is expected to begin in late 2009 and be completed in 18 to 24 months.

Tags: new projects, rental

Today, the City of Austin offically selected Trammell Crow, Constructive Ventures, and USAA toredevelop the six acre Green Water Treatment Plant site into a dense multi-use extention of downtown. As part of the deal, the development team will pay the city $57.9 million for the right to develeop the prime site.

With the developerselected -- Trammell Crow proposed the most dense and ambitious plan for the site -- downtown Austin is now set for it’s most radical transformation in decades. With the redevelopment of the Green Site, as many as five high-rise buildings - some as tall as 40-stories -- will be added to the Austin skyline. In addition, a new retail district will connect the 2nd street district to the Seaholm development, creating a vibrant new downtown region which will draw many more residents, workers, and visitor downtown for shopping, dining, and entertainment.



As previously reported, the Trammell Crow proposal includes the following components:

- A 350,000-square-foot hotel and a 250-unit senior assisted living facility in addition to condos, apartments, offices and retail space.

- Five public squares could accommodate as many as 2,700 people.

- 5,200 new parking spaces

- The proposal includes an Austin Car Share program, bicycle bays, and electric refueling stations

- Restoration of the downtown street grid which will ease congestion and streamlie the flow of traffic into downtown

- The proposal offers to make 25 percent of its rental units affordable--defined at 80 percent of the city's median family income--and offered to make a donation to the city's affordable housing fund for every condo it sells, estimating that total donations could reach $2.5 million.

Here is a summary from the Statesman:

The Austin City Council on Wednesday unanimously chose Trammell Crow and its partners Constructive Ventures and USAA for the single biggest development project ever to take place downtown.The group beat four other development teams to win the right to negotiate with the city to buy and transform five isolated blocks of city-owned land bounded loosely by the Seaholm Power Plant and San Antonio, Fourth and Cesar Chavez streets into a residential, commercial and cultural hub.But a city official familiar with the proposals said the Trammell Crow team offered to pay $57.9 million for the six acres appraised at $55.5 million. The official requested anonymity because the official is not authorized to speak about the unsigned deal.Of the five teams, Trammell Crow proposed the biggest and tallest buildings, the most uses and the most parking for the current sites of the Green Water Treatment Plant and Austin Energy Control Center.Two weeks ago, members of the city staff announced that they had determined that the Trammell Crow plan was the best deal for the city.Their decision was based largely on financial information the city has refused to release, including: the proposed sales price for the land, sales and property tax projections, the financial backing of the developers, and the amount of public money needed to achieve the developers' plans. City officials say the information won't be released until the city has signed a deal with the selected developer, a process that could take more than a year.

Tags: new projects, news

Star Riverside, a four building condo complex on Riverside Drive just east of I-35, has officially commenced construction on the first 2 buildings. In this first phase, two 6-story lake front buildings will contain 64 large mostly 3/3 units ranging from 1,500 to more than 2,500 square feet with prices starting at $600k. The first two buildings are expected to be completed by Summer, 2009. A second phase will add 9 and 12-story towers with units as small as 600SF and starting around $350K.



Star Riversideis being developed by Constellation Property Group on the 4 acre former site of the Wellesley Inn & Suites just East of I-35. Constellation, an Australian firm which has developed some very cool modern projects (examples), has targeted a small number of cities in the U.S. for new projects. Austin is one of their targets, and Star Riverside is the first new project to break ground.

The first phase of the project features a relatively small number (64) of large units (1,500 - 2,500) in two buildings that sit as close as the rules allow to the lake. With prices starting at $600K, or about $400 / SF, the projects are mid-priced for downtown condo units. While the architecture is interesting and the projects looks to be modern, tasteful, and well-conceived, it remain to be seen whether this price point will succeed East of I-35 and South of the lake. Pluses include direct access to the hike and bike trails, a private dock (non-motorized water craft only on Lady Bird lake) and a planned swimming pool for residents.

In addition, Star Riverside is one of the first projects to transform the shores of Riverside drive on the south side of Ladybird lake. Constellation, and four other developers, are planning to build more than 2,000 luxury condo and apartment units near the shores of Ladybird lake. With close access to downtown, the South Congress entertainment district, the lake, and the hike and bike trails, the location is highly desirable yet less expensive (theoretically) than the city core. As part of thee projects, the Hike and Bike trail is likely to be expanded to fill long missing gaps between Congress Avenue and I-35 and with Star Riverside, the trail will be extended East of I-35.

Star Riverside was scaled back from 364 units to 201 units after the City planning commission denied the developers request for an impervious cover variance. Constellation had attempted to get a variance by building green roofs that were fully landscaped. The planning commission, however, has been very strict when it comes to variances for new buildings on the shores of Lady Bird lake.

The full and updated Star Riverside Profile can be found here. And below, here are additional images and renderings of the Star Riverside project:

Tags: new projects, news

This week the city staff recommended Trammell Crow's proposal for redevelopment of the Green Water Treatment plant tract in downtown Austin. Trammell Crow and it's partner Constructive Ventures, which has been involved in the development of Spring and BartonPlace, proposed the most ambitious plan for the site with the tallest buildings, the most parking, and the biggest diversity of uses.

While the staff’s recommendation is not biding, it is a strong endorsement for the project and makes Trammwll Crow the clear front runner for this important project. Here are some details of their proposal:

- The Trammell Crow proposal calls for a 350,000-square-foot hotel and a 250-unit senior assisted living facility in addition to condos, apartments, offices and retail space.

- Five public squares could accommodate as many as 2,700 people.

- The proposal includes 5,200 parking spaces

- The proposal includes an Austin Car Share program, bicycle bays, and electric refueling stations

- The proposal offers to make 25 percent of its rental units affordable--defined at 80 percent of the city's median family income--and offered to make a donation to the city's affordable housing fund for every condo it sells, estimating that total donations could reach $2.5 million.

Here are renderings from the Trammell Crow Proposal:









Nestled between Whole Foods, Ladybird Lake, Seaholm, Austin Music Hall, and the 2nd Street District is the City's oldest sewage treatment plant - the Thomas C. Green Water Treatment Plant - which began purifying water from Ladybird lake in 1925. The plant covers 6 acres across 4 city blocks. In addition to using a key tract of land to process water using 1920's technology, the plant also serves to disrupt the natural grid of the city -- it stops second street at its west end and blocks Nueces and Rio Grande from reaching Cesar Chavez.

The Green site offers an incredible development opportunity. With four downtown blocks, it is a huge chunk of land. The location is perfect -- it is on the lake and adjacent to both the hot second street district and the future Seaholm multi-use development. The site is free of Capital View Corridor restrictions, although portions of the site close to the lake are limited to 45 feet in height.

Here is a summary from the Statesman:

After sorting through five partnerships' proposals for developing the Green Water Treatment Plant site, city staff members on Thursday recommended Austin go with Trammell Crow, which proposed the biggest and tallest buildings with the most uses.Staff members ranked Stratus Properties second, followed by Forest City, Catellus and Simmons Vedder.The site is five city-owned blocks roughly bounded by the Seaholm Power Plant and San Antonio, Fourth and Cesar Chavez streets.The recommendation is based largely on financial information the city has declined to release. The information won't be released until the city has signed a deal with the selected developer, a process that could take more than a year after the City Council makes a choice June 18.The staff recommendation is not binding."We now have a couple weeks as a council to continue to get a bit of public feedback while, more importantly, drilling down through the staff analysis, asking questions of staff and ultimately coming up with our decision in two weeks," Mayor Will Wynn said.

Tags: new projects, zoning

This week, five proposals were released for the redevelopment of the sweeping Green Water Treatment Plant site between Seaholm and the Second Street District.

Nestled between Whole Foods, Ladybird Lake, Seaholm, Austin Music Hall, and the 2nd Street District is the City's oldest sewage treatment plant - the Thomas C. Green Water Treatment Plant - which began purifying water from Ladybird lake in 1925. The plant covers 6 acres across 4 city blocks. In addition to using a key tract of land to process water using 1920's technology, the plant also serves to disrupt the natural grid of the city -- it stops second street at its west end and blocks Nueces and Rio Grande from reaching Cesar Chavez.

The Green site offers an incredible development opportunity. With four downtown blocks, it is a huge chunk of land. The location is perfect -- it is on the lake and adjacent to both the hot second street district and the future Seaholm multi-use development. The site is free of Capital View Corridor restrictions, although portions of the site close to the lake are limited to 45 feet in height.

The plant, which is located between Cesar Chavez and Third streets between Seaholm and San Antonio is about to be decommissioned to make way for a new development. This week, the city released basic details on five proposals for redevelopment of the site. Once complete, the new development will likely add retail, housing, and office space while filling in the missing streets on the city grid.

Here are sample renderings from each of the proposals. It's an amazing set, they provide a vision of an important new urban district near the center of downtown Austin:


Larry Speck/PIRATE DESIGN


MITHUN


CATELLUS DEVELOPMENT GRO


BOSSE AND TURNER ARCHITECTS


COTERA AND REED ARCHITECTS

No matter who wins, here are some of the changes that are likely in store for the site when construction begins in 2010 or 2011:

- About 1,000 new apartments and condominiums including many affordably-priced units. While there are many condo and apartment projects currently under construction - and a few that have been cancelled -- demand remains very strong for central, affordable units. All proposals would include more than 100 units priced to be affordable for a family earning approximately $57,000.

- Multiple high-rise towers with downtown retail and restaurant space which will expand the thriving 2nd Street District.

- Lots of office space -- an important part of the downtown mix that has been largely ignored by the current building boom.

- The various proposals include many interesting elements such as a large downtown H-E-B., a movie theater, a major bookstore, a senior assisted-living center, a waterfront park, large hotels


Here is a summary of the individual proposals from the Statesman:

The proposals made by Catellus Development, Forest City, Simmons Vedder Partners, Stratus Properties, Trammell Crow and their respective partners have some things in common. But each also has elements unique to its plan. "Each one of the five has something that is different from the others, that's distinct to that proposal," Council Member Brewster McCracken said. "It's really amazing."

Trammell Crow and partners Constructive Ventures and USAA Real Estate Co. propose the biggest and tallest buildings with the most parking. Their plan also includes the most diverse uses, with space for a 350,000-square-foot hotel and a 250-unit senior assisted living facility in addition to condos, apartments, offices and retail businesses. Five public gathering spaces could accommodate as many as 2,700 people.

Stratus Properties' proposal includes a two-story H-E-B grocery store, with H.E. Butt Grocery Co. serving as a limited partner in the project.

"We think H-E-B being a full-service grocery store is something everybody can afford, it helps every one of those retailers in the area and it makes residential more viable," said the team's attorney, Steve Drenner.

A movie theater and bookstore would also help drive more traffic to the Second Street retail district.

Stratus and partner AMLI Residential are proposing the largest number of rental units, which they say would let them offer housing in a greater range of prices, and they plan to offer medical office space not found downtown. Canyon-Johnson Urban Fund, a partnership of Canyon Capital Realty Advisors and Magic Johnson Enterprises, is also a part of this team.

Simmons Vedder proposes a waterfront art park and four bridges over Shoal Creek, including two for pedestrians only.

This team, which includes Cotera + Reed Architects and Bury + Partners Engineering Solutions, also proposes to essentially turn the buildings into power plants by installing solar panels in the skins of its towers. It plans to use water collected from the condensation of air conditioners to flush the toilets.

Catellus Development has proposed a primarily residential project with 500,000 square feet of office space and nearly 200,000 square feet of retail. But the company is also offering to collaborate with city leaders and the community to develop a final master plan for the property that could differ significantly from its initial proposal.

"We're going to present something we think is really neat, dynamic, progressive and all of that, but with that said, if we are selected we're going to say, 'Let's go out and spend time and hear from the city what they really want and hear from stakeholders what they really want,' " Catellus President Greg Weaver said.

Forest City, which is partnering with Novare Group and Andrews Urban, emphasizes public spaces with a grand plaza at Second and Nueces streets complete with a fountain and transplanted moon tower. A grand staircase inspired by the Spanish Steps in Rome would connect the plaza to the trail along Shoal Creek, which would run from the Austin Energy site north of Third Street to Lady Bird Lake.

Tags: new projects, news, Downtown Life

Stratus Properties announced that it closed financing for the massive $295 million Block 21 hotel-retail-condo project behind City Hall on Friday. Not wasting anytime, they plan to begin construction on the 36-story project on Monday.

No project has been subject to more speculation than the W Hotel & Residences. Over the last few months, rumors have swarmed that the project might not materialize. Despite strong pre-sales, it seemed that the large project might not be able to raise the financing required to break ground.

However, the developers have pulled it off. With groundbreaking in site, the Block 21 project will likely become the heart of downtown. Located on 2nd street directly behind City Hall, Block 21 fills an important street-front retail gap between the two AMLI projects. As Seaholm and the redeveloped Green Water Plant grow to become a vibrant corridor between Congress and Lamar just North of Ladybird Lake, the 2nd street district and Block 21 will be in the center of the action.



Once the W Hotel is completed in 2010 and the Condos completed in 2011, the project will also contain the 2,480-capacity venue for "Austin City Limits" as well as other restaurants, bars, and retail.

Owners of W Austin Residences will have full use of all the hotel's facilities as well as access to 24-hour room service, daily housekeeping service and concierge services, and a spa in the building. Whatever, Whenever service provides the closets thing to a personal butler: call them to shop for groceries, take a dog for a walk, fix a flat tire, of pick-up take out on your behalf.

With today's announcement, additional project details were revealed:

- The project will include 165 units, down from the originally planned 196 units. The change is reported to be the result of the combination of some units into larger condos.

- Just more than half, 85 of the 165 units, are under contract with nonrefundable 10% deposits.

- The average price of sold units is an amazingly high $1.1 million with prices ranging from the high $400,000s to more than $3 million.

- The project will have a significant economic impact, creating more than 1,000 jobs during construction and hundreds of new jobs when the project opens. The project is expected to provide the City with approximately $35 million in incremental taxes once it opens.

- It will take 30 months to build the hotel, for an expected fall 2010 completion, and 36 months for the last condominium to be finished, by about May 2011.

Here is a summary from the Statesman:

With financing in place, construction is finally ready to begin Monday on a high-profile downtown development with a 36-story W hotel, condominiums and a new "Austin City Limits" venue.Joint-venture partner Stratus Properties Inc. closed Friday on financing for its Block 21 project, which will cost $295 million, up from an earlier estimate of $260 million.The higher costs are related to 70,000 square feet being added to the original project and a "modest increase" in building costs, Stratus chairman and CEO Beau Armstrong said.The financing paves the way for crews to arrive Monday to start excavation work for three levels of underground parking, Armstrong said. The entire project is expected to be completed in three years. . .But Armstrong said the "sheer magnitude of the project" and a highly challenging lending market altered the timetable. The city had the right to repurchase the property if Stratus didn't start construction by April 15 but gave Stratus an extension, he said."It's a tough time to borrow money now, no matter who you are," Armstrong said. And though, typically, construction loans aren't the hardest part of a deal to land, "because of the turmoil in the credit markets, it became a more difficult proposition," he said.Armstrong said that it also took time to get the necessary building and other permits from the city but that those are now in hand.

Tags: w hotel & residences, new projects

Amid continuing market uncertainty, BartonPlace today announced that they have officially broken ground. With more than $45 million in earnest money on non-refundable contracts, BartonPlace is the latest project to confirm the strong market for well-conceived and affordable downtown housing.

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."

Tags: new projects, barton springs, news

While the city continues to approve many variances to large downtown projects, there has remained one downtown Austin zoning request request that seems truly sacred: building in the protected zone around Lady Bird Lake. While long-standing rules prohibit construction within 200 feet of the former Town Lake, a new project may soon be built 50 feet closer to the lake than current rules allow.



In a new compromise with community groups, CWS Partners intends to build a scaled-down 8-story project 150 feet from the lake instead of the three 17-story apartment and condo towers with more than 800 units that had previously been proposed. With the support of community groups and a commitment to extend the popular hike and bike trails through the site, the new proposal should fare well as it works it's way through the standard zoning approval process. This is a productive compromise for both sides and a positive sign for the condo market. With the national housing market in such a weakened state, it is a strong endorsement of the market to see developers work so hard to bring a new project to market.

The proposed CWS project is to built on land currently occupied by long-standing apartments built much closer to the lake. Prior to the release of the current rules in the 1980s (they were revised in 1999), buildings could legally be built much much closer to the shore (as close as 25 feet). CWS prior position was that without their requested variance, they would build two 17-story towers within the legal setbacks and simply remodeling the existing apartments into town homes -- a legitimate exception to the setback requirements.

Here is a summary from the Statesman:

In a precedent-setting compromise, developers have agreed to reduce the size of a controversial high-rise residential project on the south shore of Lady Bird Lake and donate land to extend the hike-and-bike trail across the site.In exchange, neighborhood and community groups that had mobilized against the project have made concessions that will allow the project to go forward.The deal reached this week ends a nearly two-year standoff between CWS Capital Partners LLC and the South River City Citizens and Save Town Lake, which had fought to block the project on East Riverside Drive, saying it would violate limits on waterfront development.Austin-based CWS had proposed to build three towers up to 200 feet high and to build within 80 feet of the lake.Under the compromise, the buildings will be no more than 96 feet high, and the project would be set back a minimum of 150 feet from the lakeshore. . . CWS will bring the revised project back before city officials for approvals. With the new agreement, the company will donate 1.5 acres for parkland and extend the hike-and-bike trail, which now stops at the western edge of the site.Miller said it will take four to six months to work through the city approval process and that construction could begin in 2009.

Tags: zoning, new projects

Last week, the city approved a master plan for the redevelopment of the Seaholm Power Plant site on Cesar Chavez near Lamar. The $117.2 million project, a partnership between the city and Southwest Strategies, will result in a 22-story hotel, 60 condo units, and 180,000 square feet of retail and commercial space. Between the initial proposal and final draft, the condo portion of the project was reduced from 80 units to 60 units.

,

The 150,000-square-foot decommissioned power plant will be the centerpiece of the 7.8-acre property across Cesar Chavez Street from Lady Bird Lake. With offices, extensive retail, and more than 3 acres of open space, Seaholm will further shift the heart of downtown to the west. While downtown life used to center around 6th street between Congress and red river, the warehouse district, 2nd street district, and Whole Foods have shifted the balance. With Seaholm, the downtown action will increasingly be centered between Congress, Lamar, 5th, and Town Lake.

The most exciting part of the project is the redevelopment of the Seaholm facility itself. When complete, the art deco structure will include nearly 100,000 square feet of retail and restaurants. Construction will 2009, with the final project completed in 2011.





Here is a summary from the Statesman:

The Austin City Council approved the master development agreement for the $117.2 million Seaholm mixed-use redevelopment project today.The agreement says the development group Seaholm Power LLP, led by Southwest Strategies Inc., will pay $98.6 million or 84 percent of the cost of the project, while the city will pay $18.6 million. The redevelopment plan calls for a 22-story hotel, 60 condo units, 130,000 square feet of office space and 50,000 square feet of retail and commercial space. The 150,000-square-foot decommissioned power plant will be the centerpiece of the 7.8-acre property across Cesar Chavez Street from Lady Bird Lake.The city's contribution to the project, which will be raised through property and sales tax revenues, would pay for street and utility improvements, public parks and a parking garage. The city will continue to own the renovated Seaholm Power Plant.

Tags: new projects, news, seaholm

In a highly unusual move, developers of the 44-story 21c hotel and condo development have abandoned the planned third and Brazos project in favor of a new multi-building complex to be located a few blocks East on Waller Creek. The new project, also to be named 21c, will first include a 16-story hotel with 243 rooms which will be followed by a 49-story condo tower. The hotel will break ground in 2009 and the condo tower is expected to break ground by 2010. The hotel will also double as a contemporary art museum.

The original 21c project was late to the game, announced just 2 months before the summer meltdown of U.S. credit markets. Although 21c had been actively marketing condo units through a sales office on 6th and Congress, the developers will essentially start from scratch with their condo marketing efforts for the newly planned 295 unit condo tower. At this point, prices have not even been announced.

While the Austin hotel market remains strong, 21c's unlucky timing likely made condo marketing difficult. With the new plans, the developers separate the hotel, residential, and a newly announced commercial tower into three separate projects. This allows them to begin quickly with the economically viable and modestly-scaled hotel project while testing the waters on the other two fronts. When (and if) sales and leasing goals have been met, 21c will be able to embark on the other two towers. One clear sign of the developers preference for hotel rooms over condo and commercial projects is the simultaneous announcement that the existing 21c site on Third and Brazos will also be developed into a new hotel. If all projects are completed on the new site, the project will cost $350 million, a significant jump from the originally planned $200 million hotel-condo tower.



With the move, the new 21c buildings will anchor a high-potential development district on the East end of downtown just north of Lady Bird Lake. The project will be located on a large 3.5 acre site surrounded by park and close to the much-loved downtown hike and bike trails. In the new location, the project will anchor a potential Austin "riverwalk" along Waller creek. 21c is the first major project to take advantage of a city-sponsored $125 million tunnel designed to remove the creek from the floodplain.

Here are some additional details on the new project:

-The new site will be home to the project’s 243-room hotel, 295 residential units, retail, spa, pools, museum, restaurants and other amenities.

- The project, including an underground parking garage, currently totals over 1 million square feet. The development team plans to develop another 425,000 square feet on the site as either a future office/retail or residential/retail tower. The entire project represents a $350 million investment.

- The new location allows the project to be enhanced with park space, a sculpture garden, signature spa, retail, indoor/outdoor meeting space and additional parking.

- The project will include an innovative and accessible restaurant that will emphasize local and sustainable agriculture and feature contemporary American cuisine. Michael Bonadies, CEO of ACE, was previously a founding partner of the New York-based Myriad Restaurant Group, which owns and operates such well-known restaurants as Tribeca Grill, Nobu and Rubicon.

- According to the developers, some of 21c’s most innovative aspects will be its artist lofts and new contemporary art museum, open free to the public 365 days per year. Twelve artist lofts will be made available at favorable rental rates for living and studio space. The museum will provide a new venue for contemporary visual and performing arts.

- The team of architects for the project includes Deborah Berke & Partners, a well-respected New York firm, Goody Clancy Architecture of Boston, and Susman Tisdale Gayle, and Austin firm that is often selected to participate in major downtown projects.

We'll update the 21c profile as soon as full details become available.

Tags: new projects

Last year, 824 Austin apartments were converted to condos. This year, that number is expected to grow to 1,167. As downtown condo prices have skyrocketed to $400 / SF or more (sometimes much more), a wave of Central Austin rental properties are being converted into more-affordable central condo buildings.

Many of these new projects offer upscale central living for much less than the price of the major high-rise projects. As downtown condo prices have rapidly increased while rents have grown at a slower pace, downtown condo conversion provide a quick return for developers. While the price is lower -- often $200 - $250 / SF -- the product is also very different. Unlike the new glass, concrete, and steel downtown towers with panoramic views and high-quality build-outs, most of the current crop of conversions are low-rise renovations of older wood-framed buildings without views and with limited amenities. The main attraction is the price of entry, with units starting under $100K -- they are the most reasonable yet chic living options within miles of downtown.

Representative projects are being completed in Clarksville, East Austin, and South Austin.

Here is a summary from the Statesman:

Ryan Robinson, demographer for the City of Austin, said that with demand for downtown area housing skyrocketing, "market pressure pushes prices up, and property owners can realize a larger margin from selling units as condos."Most of the converted units have emerged from apartments built in the 1960s and 1970s in "prime locations" in Central and Southeast Austin that command higher-than-average prices, Davis said.Often they appeal to buyers because they offer "upscale living in a mixed-use development" with boutique-style retail, restaurants, coffee bars and the like, "all in one new urbanism-type community in the heart of the city," Davis said.Barbara Ditlow, a real estate agent with Capital City Sotheby's International Realty, knows of four condo conversions in South Austin, all with updated wiring, plumbing and walkways, plus granite counters, stainless steel appliances and wood floors. . . But Ditlow said buyers need to do their homework before purchasing converted condos."Some (developers) buy these apartments at high price points and have to skimp on the finish-out to meet the bottom line," she said, adding that it's important to research the developers and their track records. "Don't get stuck with sow's ear when you thought you were buying a silk purse."

The $13.5M 2020 Congress Project in South Austin includes units priced from $97K for 425SF to $200K for 943 SF


The 30-unit 41 Waller conversion project in East Austin has units starting at $215K for a 936SF 2-bedroom condo

Tags: new projects

BartonPlace, a planned 270-unit condo project behind Austin Java on Barton Springs Road, received final city council approval yesterday.

According to the developers, the project has taken deposits on approximately 80 of their units with a combined value of $40 million. With decent pre-sales, the project has been able to secure financing for the project from IBC Bank in Austin -- clearing the biggest hurdle to a new project and setting them up to begin construction in the next 30 days. The project is being developed behind Austin Java on Barton Springs road.



The project 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.

The following story from the Austin Business Journal includes additional details:

Construction should begin within 30 days on BartonPlace, which has already generated $40 million in presales.The development team has signed a private agreement with the Zilker Neighborhood Association limiting the development of the portion of the property that fronts Barton Springs Road in order to preserve the local businesses that make up Austin's "Restaurant Row." The developers are also pledging a $500,000 cash contribution for a local nonprofit to provide affordable housing in the area, and will be aim to meet a 3-star green building standard.

Tags: new projects

T. Stacy & Associates, the developer of the bold 501 Congress multi-use project, announced a even bigger plan for the prime 5th and Congress site and a new lot that he now controls on Brazos and 5th.

The new project -- which will cover 1.5 prime downtown blocks - will include an 800 foot hotel and condo tower that will likely be 70 stories tall. By far the tallest building in Austin, the building would rise more than 120 feet taller than the 56-story Austonian, currently the tallest planned downtown building. As part of the project, a smaller office building will be built at 501 Congress. The proposed office tower would likely rise 30-stories above Congress avenue.

We'll publish renderings and additional details as they become available.

Here is the summary from the Austin Business Journal:

"More than three years after Austin developer Tom Stacy and a Chicago partner company purchased the building at 501 Congress Ave. and unveiled plans for a dramatic multiuse tower on the site, the deal has grown much larger, incorporating one-and-a-half city blocks, two soaring towers and an estimated $500 million investment.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.Stacy and Walton Street had initially proposed a 700-foot-tall tower at 501 Congress -- with a hotel, condos, office and other uses -- that would have been the tallest in Austin. But when the group finalized the purchase late last year of the Littlefield Garage just east of 501 Congress fronting Fifth Street, plans were reworked."

Tags: new projects

As we have reported, the Austin Museum of Art this week announced a new project which would combine an 40,000 square foot museum facility with an adjacent 425,000 feet of commercial office space in a new 465,000 square foot project on the AMOA-owned site

Today, AMOA unveiled a rendering and site plan of for their new multi-purpose development across from Republic Square Park. The rendering of the new tower and museum shows the project as envisioned by AMOA's world renown architecture firm, Pelli Clark Pelli:


SOUCE: AMOA

The museum also released the following site plan:


SOUCE: AMOA

The new museum and 30-story office tower will likely break ground in 2009 and open in 2011.

Tags: new projects

Reviving long dormant plans, a San Antonio firm now plans a 300-room Westin Hotel on the site of the former Bitter End Restaurant and a parking lot at West Third and Colorado Streets.

The 18-Story hotel will be designed by Lake|Flato Architects, one of Texas' most unique and prominent architectural firms and the winner of the American Institute of Architect's (AIA) prestigious National Firm Award in 2004. Lake|Flato is based in San Antonio and has completed many central Texas projects including the Hotel San Jose on South Congress Avenue. Apparently, Lake|Flato won a national competition to design the new "3rd & Colorado" hotel and has committed to create an original Austin-focused hotel project.

The hotel will include a ground-floor lobby and street-front restaurant. There will be a bar and pool on the 3rd floor overlooking Third Street and the warehouse district. The project will seek green-building certification.

While downtown condo development has slowed, the downtown building boom has not. This is the second major project to be announced in the last week. With the momentum of the emerging second street district, it is likely that additional projects will continue to be announced to take advantage of his strong emerging downtown district.

While hotels may not be of much use to Austinites who actually live here, they play an important role in the downtown economy. Conventions and tourism are important economic engines for the city, and the number of downtown hotel rooms continues to limit the size of conventions that can be held in the City. In addition, hotel's dramatically increase the round-the-clock downtown population, providing a strong economic base for restaurants, nightlife, and bars.

Unlike the Marriott, which does not even seem to be designed by an architect, this project seems to be making a real effort to create a building that will add to downtown Austin environment.

Here are additional details from the Statesman:

A 300-room Westin Hotel is planned for downtown Austin’s Warehouse District, as a San Antonio development firm goes ahead with long-delayed plans.The 18-story hotel will replace the former Bitter End Restaurant and parking lot at West Third and Colorado streets, said John Beauchamp, vice president of acquisitions and development for Hixon Properties of San Antonio.Hixon, which bought the land several years ago, is teaming up with Hines, a Houston-based developer, on the project. Hines also is the developer of another new downtown project, a 30-story office tower to be built at West Fourth and Guadalupe streets. That project will include the new home of the Austin Museum of Arts.

Tags: new projects

As predicted, the Austin Museum of Art today announced new plans for their prime downtown lot. With the official announcement, additional details of the project emerged:

- Rather than building a single tower with a ground-floor museum, the project will include a free-standing 40,000 square foot museum and a separate 425,000 square foot 30-story office tower on the current lot at West Fourth & Guadalupe. The 40,000 museum project is much smaller than a previously planned 140,000 square foot facility but will more than double the museums current downtown space.

- Both projects will be designed by world-renowned architecture firm Pelli Clarke Pelli. The firm, known for projects such as the Petronas Towers, was started by Cesar Pelli who also served as the Dean of the Yale School of Architecture. Pelli Clarke Pelli was also the architect of record for the now dormant 5th & Congress multi-use project.

- The museum building will cost $23 million

- 14 developers submitted proposals to partner with AMOA on development of the site

- Both buildings will break ground in 2009 for completion in 2011

- The project will likely further extend the bustling 2nd-street district by providing additional ground-floor retail and cultural facilities adjacent to AMLI and diagonally across the street from Block 21. The Museum will likely face Republic Park.

Here is a summary from the Statesman:

Museum officials said the design of their new building is in a preliminary stage. However, they say they hope to include 10,000 square feet of galleries, 2,900 square feet of education and activity rooms, outdoor space for public sculpture and a front entrance opening to Republic Square. The design would also incorporate a possible future expansion, chiefly adding more stories to what is likely to be a two- or three-story museum.Ground is expected to be broken in 2009 with completion of both buildings projected for 2011.At 40,000 square feet, the proposed new museum would more than double the museum's existing space at 823 Congress Ave., where it rents the first floor of an office building. The museum, which has a $4.3 million annual budget, also has the historical 12-acre Laguna Gloria site in West Austin, which includes a restored 1916 villa that hosts small exhibitions and studio buildings for the museum's art school. The museum has a small permanent collection but mostly features traveling exhibitions of modern and contemporary art and photography.

Tags: new projects

Between Republic Park on fourth street and the new AMLI tower on third street sits a run-down parking lot with a tumultuous history. For many years, the lot has been owned by the Austin Museum of Art (AMOA), a local art institution split between a storefront location on Congress Avenue and a mansion near 35th street and Mount Bonnell.

Over the years, AMOA has worked hard to build a permanent home on the downtown lot that has become one of the most choice central Austin parcels. First, they proposed a free-standing museum which was scratched after the technology bust of the late 1990's scuttled a $65 million capital campaign. In a second iteration, the museum partnered with local developer Tom Stacy in 2006 to build a museum & condo tower on the lot. The building was proposed as a 30-story condo tower to be designed by world-renowned Pelli Clarke Pelli architects. Sometime last year, likely after the summer credit crunch, that deal fell apart.

Now, in a third and hopefully final project, rumors suggest that AMOA is close to announcing a new project which would combine an 40,000 square foot museum facility with an adjacent 425,000 feet of commercial office space in a new 465,000 square foot project on the AMOA-owned site. This would be the first new downtown office project since the 33-story 525,000 square foot Frost Bank Tower was completed in 2004.

As Austin's downtown core develops, the best scenario is a natural balance of retail, residential, commercial, cultural institutions and hotels. With the condo boom of the last two years, the quantity of residential and retail space downtown has grown substantially. While the addition of downtown commercial capacity takes a bold investor, new downtown office space is a good thing for the city. When Cousins Properties announced plans for the speculative development of the Frost Bank Tower at the height of the tech bust, everyone thought they were crazy. Just a few years later, the sale of the project set a new texas record.

The best news about the AMOA tower is that it will finally create a major downtown art museum. With the adjacent Ballet and the new Austin City Limits venue on Block 21, there is new hope that this corner of downtown will also become a new cultural center for the city.

Here is the summary from today's Austin Business Journal:

Sources say AMOA is close to inking a deal with Hines Interests LP of Houston to develop the downtown block south of Republic Square Park owned by the museum.The towering project would likely feature about 400,000 square feet of office space, with about 80,000 square feet of that set aside for the museum's new digs. It's unclear whether or not the project would include a residential component as a previous incarnation did. But, if realized, it would be the first new office property in downtown Austin in four years since the opening of the Frost Bank Tower.AMOA, which has a total of 35 employees, has been housed on the ground floor of 823 Congress since 1995.

Tags: new projects

After seven years of planning and multiple iterations, the Four Seasons Residences will break ground this week. As we have seen with many of the recent downtown Austin condo projects, they are not truly real until construction begins. Having reached that milestone, the 32-story Michael Graves-designed tower is now expected to open to residents in 2010.

With 166 condo units priced from $500 - $750 per square foot and monthly condo fees of $0.61 / square foot, the Four Seasons Residences represents an ambitious super-luxury project for Austin. It was not too long ago that the Four Hotel Seasons hotel itself was almost a strange site in such a down-to-earth town. But times have changes and demand is strong. The project reports that they have received 10% deposits for 40% of the planned units. Interestingly enough, half of the buyers so far hail from outside of Austin -- a new twist for the emerging local high-end condo market. However, with 60% of units to sell, much work still lies ahead.

When combined with the Austonian and W, the Four Seasons Residences represents an entirely new ultra-luxury urban high-rise experience that has never existed and that will not exist in Austin until the first of these projects hits the market.



Here is a summary from the Statesman:

The Four Seasons Residences, one of downtown Austin's highest profile luxury condominium towers, will break ground this week, seven years after initial plans were thwarted by the tech bust of 2001.The newly designed 32-story tower will rise in the parking lot next to the Four Seasons Hotel overlooking Lady Bird Lake. The building's 166 residences will be priced from $400,000 to $4 million, with units from 880 to 5,500 square feet. Four Seasons will manage the building, which is expected to open in the first quarter of 2010 and become a landmark on the evolving skyline.The $125 million project is a venture between local developers Ardent Residential and Atlanta-based Post Properties Inc, the financier. Michael Graves & Associates Inc. designed the tower, which will have a terra cotta-colored brick base that will blend with the hotel, developers say.The first major sign of construction will come later this week when crews begin demolishing the hotel's 123-space surface parking, which will be redirected to an underground garage. The new tower will include five levels of above-ground parking.The construction entrance and staging area will be on Trinity Street to minimize disruption for the hotel, said Art Carpenter, a principal with Ardent Residential.

Tags: new projects, news, four seasons

It's been a while since Austin Towers has had the privilege of announcing and profiling a new downtown Austin condo development. Today, we are pleased to announce that Quorum Lofts, a new capital-area loft conversion project, has been announced with a target completion date of late 2008 or early 2009.

The new project will convert a 1964 office complex on 13th & Guadalupe -- 2 blocks West of the Capital -- into a dramatic modern
26-unit condo project. With the Capital-area location, the project (and the name) are targeting legislators and other Capital district employees who might be the excited by the idea of walking just a few hundred feet to work. The project is aiming for a crazy fast development timeline with delivery before the end of 2008. Although the developers hope to beat the rush of projects arriving in 2009, the deadline will be hard to reach unless they receiving zoning approval and begin construction quickly.

Units in the Quorum Lofts will be big - ranging from 1,450 to 2,450 square feet with prices starting near $500,000. The project will include a rooftop infinity pool and lots of nice features such as high 10 foot ceilings, granite counter tops,and jetted soaking tubs. We have posted a full profile here.



Here is additional information from the Austin Business Journal:

Local developer John Graham knows there are plenty of condo projects on the horizon for downtown Austin.But with most of the next set of big towers not scheduled for delivery until 2009, Graham sees big potential in bringing a development to market quicker -- and in a location just steps away from the Capitol.Graham's company, AustinPartners.net, hopes to get approval on a building permit in the next month for redevelopment of the property at 1300 Guadalupe St. The $10 million Quorum project slated for completion late next year would turn a three-story office building constructed in 1964 into modern, loft-style condos.Work is set to begin in January on the project that will add a fourth floor to the building and create 26 condos ranging in size from 1,450 square feet to 2,450 square feet and priced from $350 a square foot to $450 a square foot.The fourth floor will feature a spa and negative-edge, or "infinity," pool overlooking the Capitol. A glass elevator fronting Guadalupe will feature views east toward the Capitol. A second phase that would add structured parking and more units is also being considered.

Tags: new projects, news

The Congress Avenue Marriott -- a 1,000 room hotel complex on 2nd and Congress avenue -- is the most controversial, and one of the least popular downtown projects. The project is best known for displacing Las Manitas and other local businesses. While the full details of the current plan are not known, the last two versions of the project were criticized for bland institutional architecture and a lack of ground-floor retail on a key block connecting the convention center area to the second street district.


The Congress Avenue Marriott, V. 1.0

The original plan for the project included 1,000 rooms across 3 separate Marriott-branded hotels in one convoluted multi-facted building. The second version of the project included two hotels in one building. Version 3.0, announced today, includes just one Marriott hotel with 1,000 rooms. With the changes and increases in downtown construction costs, the project budget has supposedly climbed from $185 million to more than $250 million.

The ironic thing is that the hotel is actually a good thing for Austin. A 1,000 room hotel will allow the city to book larger conferences and events -- bringing valuable tourism dollars and jobs to Austin. Their is a shortage of rooms downtown and a crazy large 1,000 room hotel can make a big difference. The problem is all in the developer's and Marriott's execution of the project: they seem to have no respect for downtown Austin and no interest in making it better place. If they hired an architect and surrounded the building with ground-floor retail, this would be a much more palatable.

Here is a summary from the Austin Business Journal:

Plans for a downtown hotel project at Second Street and Congress Avenue have changed yet again and will now feature a single, 1,000-room Marriott convention center hotel.White Lodging Services Corp. had originally planned to build three different hotels at the northeast corner of the intersection where Las Manitas café and other businesses currently stand. The proposed hotels included a 650-room Marriott convention center hotel, 200-room Renaissance Hotel and 150-room Springhill Suites hotel.Last summer the company switched course on the project saying it would build an 800-room convention center Marriott and 200-room upscale J.W. Marriott. The move was said to be due in part to greater demand for rooms dedicated to convention-goers and the growing market for upscale lodging downtown.This week White Lodging confirmed it will now build a single 1,000-room Marriott, but a spokesperson could not comment on why the group is altering course a third time. The most recent pricetag on the project puts the cost at about $250 million, though it's unclear if the new plan would alter that in any way.

We'll post new renderings as soon as they become available.

Tags: news, new projects

Over the next decade, the redevelopment of the Seaholm power plant and Green Sewage Treatment Plant will forever transform Austin's downtown. By reclaiming a dozen blocks in the core of downtown between Lamar and San Antonio, 1st and 3rd streets, these projects will provide a multi-use urban district that connects the second street district to Whole Foods.

With the development of retail, cultural institutions, office, hotels, and condo units, these developments are likely to shift the center of gravity for downtown Austin further to the West. In fact, the Seaholm development, with the redeveloped shell of the mammoth art deco power plant at its core, may become the new heart of downtown. The Second Street district, which now forms the Western edge of the downtown core, will be much more central once development reclaims the blocks to the West.



Here is a summary from the Statesman:

The city is taking the first steps toward redeveloping two of its high-profile downtown properties by rezoning them.The City Council will vote tonight on rezoning the Seaholm Power Plant site in preparation for a mixed-use project that will include 80 condos, a 160-room hotel, 100,000 square feet of office space and up to 60,000 square feet of retail.The city wants to rezone the property to allow building heights of up to 393 feet. The height is now capped at 120 feet.The City Council could also approve a resolution to begin the process of rezoning the site of the Green Water Treatment Plant.No plans for that site have been formed, but the city intends to release requests for proposals from developers early next year.

Tags: news, zoning, new projects

The shores of Riverside drive on the south side of Ladybird lake are about to undergo a dramatic transformation. Starting next year, four separate developers will begin construction on as many as 3,000 luxury condo and apartment units. With close access to downtown, the South Congress entertainment district, the lake, and the hike and bike trails, the location is highly desirable yet less expensive than the city core.

As we have reported, some of these projects have requested zoning variances to allow them to build closer to the lake than the 200 feet that the current rules allow. As a result of the zoning opposition, one developer has decided to redevelop the existing structures, some as close as 20-feet to the lake, as opposed to building new structures with a 150 foot set back. As part of the development, an extension of the hike and bike trails between Congress and I-35 and beyond is likely on the south shore of the lake.

The scope of the combined Riverside-area development is incredible: 3,000 units are now planned - more units than currently exist in all of downtown. While it will take many years for the projects to reach fruition, construction of the first projects will begin next spring.

Here is a summary from the Statesman:

The transformation of East Riverside Drive from a sprawling, well-worn, affordable enclave into a dense and upscale urban village will begin in earnest in the spring, when the first planned condo project is expected to break ground.Australian developer Constellation Property Group plans to begin work in March on its 225-unit project at the northeast corner of Interstate 35 and Riverside Drive. The Star Riverside condos, which will sell for between $400,000 and $1.2 million, will be broken into four buildings ranging from 60 to 110 feet high.The first owners are expected to move in in April 2009.Constellation faces competition from numerous condo projects planned in the vicinity.AMLI Residential hopes to break ground by the middle of next year on 375 luxury apartments on 11 acres at the northwest corner of East Riverside Drive and South Lakeshore Boulevard. In addition, Sutton Co. will build at least 45 condos. Construction could take up to two years.Cypress Real Estate Advisors also hopes to break ground next summer on a mixed-use development that will replace 800 aging apartments with as many as 2,500 apartments, condominiums and townhomes, as well as commercial, retail and live-work space on a 50-acre site on South Lakeshore Boulevard.

Tags: new projects, news