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RSS FeedAre we gearing up for the Downtown Austin condo boom 2.0 version?
Recently we’ve written about the high-profile project in the planning and approval stages at the historic Seaholm Site, as well as the recent new project announcement from Novare Group (developers of the 360) of the Ovation condos that are set to be built just a few blocks away in Downtown Austin, TX. Then the Aquaterra project even came back from the grave with rumors that it’s going to be rebooted as a rental-only project. Well now there’s been yet another major announcement for a new, ambitious residential project in the 78701 – this time by Constructive Ventures, the developers of the Spring Condos – and it raises the question: are we gearing up for the Downtown Austin condo boom 2.0 version?
Artist's Rendering of the Forthcoming Towers - Name Not Yet Announced
Two New Point Towers Coming to Downtown Austin 78701
The new projects consists of two 400-500 foot point towers (similar to the Spring Condos) on the site just West of the 360 that’s currently owned by Austin Energy (map below).
The towers are set to consist of about 425 condo units and about 15,000 square feet of retail space. It’s adjacent to the 360 condos as well as a decommissioned City of Austin water treatment facility on a 1.7 acre site. The total cost of the project is expected to be about $220 million and construction should begin in 2013 provided that financing goes through. This project brings the total to 4 MAJOR projects discussed just in the last week, and it seems as if 2012-2014 will be another huge boom for Downtown Austin, with more projects being proposed all the time (not all of which will get through the approval and financing stages, of course) and lots of downtown real estate still un(der)-utilized. Stay tuned for more news as it breaks on new developments in the Downtown Austin condo market in the 78701.
From the Austin American Statesman:
The community benefits from the project would include contributions for public art and $2.7 million for the city’s affordable housing fund, the largest proposed payment from a developer for a project to date, said Rodney Gonzales, deputy director of the city’s Economic Growth and Redevelopment Services Office.
“This is a really good chance for the city to convert an underutilized piece of downtown property into one that generates property and sales taxes for the city and brings forth a substantial contribution for the affordable housing trust fund,” Gonzales said.
Those projects are part of the city’s grand plan to transform downtown’s southwestern edge, including the former Seaholm Power Plant, into a lively, densely developed district. A new central library is also planned along Cesar Chavez.
Larry Warshaw, a principal with Constructive Ventures, said the condominium buildings would be so-called point towers — slender buildings on a wider base like the Spring condominium high-rise, of which he was a co-developer — and would soar between 400 and 500 feet.
“Financing will be the most likely factor dictating a start date,” he said
Future Site of the Constructive Ventures Project (marked by the red circle)
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Tags: 78701, Downtown Austin Condos, Downtown Condo Projects
Posted In Austin Condos, Blog, Living in Austin
This entry was posted on Thursday, May 20th, 2010 at 3:39 pm and is filed under Austin Condos, Blog, Living in Austin. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.