Aspen Heights Announces 22-Story Apartment Highrise in Downtown Austin

Aspen Heights Announces 22-Story Apartment Highrise in Downtown Austin

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Back in December, Austin Towers broke the news of a proposed apartment tower at 8th and Nueces Streets, to be called Aspen Heights.

This week the Austin Business Journal confirmed that the project is expected to break ground this summer.  Here’s what we know…

Project name = Aspen Heights
Number of stories = 22
Number of apartment = 196
Height = 200 feet (tiered from 60′ to 120′ to 200′)
Building Type = Apartments for rent
Location = 8th Street @ Nueces Street
Architect = Rhode Partners
Developer = Aspen Heights
Project Start Date = Summer 2014
Project Completion = 2015

The 22-story project is the company’s first foray into conventional multifamily housing, though CEO and Founder Greg Henry has a history of working on various real estate developments dating back to his career in Arkansas. [Source: ABJ]

8thandNueces

The Fairmont Austin: Fall 2017

The Fairmont Austin: Fall 2017

austin-fairmont-hotel-rendering

New signage was installed today at Red River and Cesar Chavez for the Fairmont Austin.

This is the proof-of-life many of us have been waiting for after delayed commencement of construction, which had been announced over a year ago.

fairmont-austin-hotel

New Office Space Coming To 916 Congress Avenue

New Office Space Coming To 916 Congress Avenue

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A site plan application has been filed for 916 Congress Ave. The CBD site used to house popular cafe Little City Coffee before it was sold to the Texas Public Policy Foundation.

Back in July, Sixthriver Architects presented a new design to the City of Austin Historic Landmark Commission.

The HLC has issued their stamp of approval, so this is likely to be approved by council.

Drawing by Sixthriver Architects presented to Historic Landmark Commission

Drawing by Sixthriver Architects presented to Historic Landmark Commission

The proposed design calls for an additional three stories of office space set back from the historic Congress Ave facade.

It won’t be a large building, parking will be off-site, and the total size of the proposed design is 15,966ft. It looks like it would be attractive upgrade to the block, while delivering 2074ft of retail space at the street level.

The west side of the 900 block has evolved nicely in recent years; conversely, the east side of the 900 block has struggled with three buildings remaining vacant and boarded up.

photo of 916 Congress Ave with addition shown in background, drawing by Sixthriver Architects

photo of 916 Congress Ave with addition shown in background, drawing by Sixthriver Architects

Another Downtown Hotel Project Announced In Rainey District

Another Downtown Hotel Project Announced In Rainey District

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An application to build a hotel at 78 and 80 East Avenue (the “Brinks” site) has been filed with the City.

The site, just east of Rainey Street, consist of four parcels, with a footprint of about .52 acres. The plans call for 14 stories including first floor lobby and two above ground parking decks.  The sites are zoned CBD, so it’s unlikely any variances will be needed.

The project is named Homewood Suites at East Avenue. A Google search for “Homewood Suites” doesn’t reveal anything inspired, so our expectations are set accordingly.

We asked for renderings but none were available to be released. Above we’ve mocked up a [very] crude massing of how a 14 story building could fit onto the site.

78 and 80 East Ave

78 and 80 East Ave

Proposed at 8th & Nueces: Aspen Heights Apartments

Proposed at 8th & Nueces: Aspen Heights Apartments

Drawings by Rhode Partners, as submitted to Design Commission

Late last month, developers submitted a site plan approval application with the City for a high-rise at 8th & Nueces.  According to backup materials submitted to the Design Commission, this is what we know:

Project name = Aspen Heights
Number of stories = 22
Height = 200 feet (tiered from 60′ to 120′ to 200′)
Architect = Rhode Partners
Project Start Date = Spring 2014
Project Completion = 2015

Drawings by Rhode Partners, as submitted to Design Commission

Drawings by Rhode Partners, as submitted to Design Commission

Stair-stepping from 60′ to 120′ to 200′, the setbacks are designed to minimize building height adjacent to the low-rise residential character to the west.

No restaurant or retail is indicated, but they do contemplate placing live/work units along Nueces and San Antonio Streets to create variety and activity at the street level.

This location should inject some much needed residential density north of 6th Street and east of Shoal Creek.  The documents submitted to the Design Commission indicate this will be apartments, but the site plan application indicates this will be a condo.  Conflicting info there, so we’ll see how it shakes out.

Drawings by Rhode Partners, as submitted to Design Commission

Drawings by Rhode Partners, as submitted to Design Commission

Drawings by Rhode Partners, as submitted to Design Commission

Drawings by Rhode Partners, as submitted to Design Commission

Signals That Trinity Tower Could Deliver As Condo

Signals That Trinity Tower Could Deliver As Condo

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There’s new activity on the site is located across from the Austin Convention Center at Trinity & Cesar Chavez – being called Trinity Tower.

In the current cycle of downtown Austin real estate development, having seen several for-rent towers delivered to the market, it seems like more of the same would be pushing the limits of what the market could bear without depressing rents.  The other option for a residential tower is to sell the units as a condominium.  Coming off of Seaholm being 100% reserved in 2-3 days, it’s not surprising that after years of being ignored, developers are starting to revisit condos as a viable option.

So, it’s notable that in the public filing by engineering firm Doucet & Associates that “sales office” is expressly referred to.

Application says Floor 9 will be used as a sales office

Application says Floor 9 will be used as a sales office

Maybe there’s nothing to read into and this language is unintentional – a simplification for the purposes of the application.  But, why not “marketing office” or “rental office”?  If it were to be condo, even at 39 stories, the Lakeside apartments (southerly adjacent) inevitable redevelopment into something taller could be a question mark for buyers.  The ideal situation would be to master plan the two sites.

Seaholm to go condo

Seaholm to go condo

seaholm condos

The under construction Seaholm development on Cesar Chavez will switch from apartment to condo, making Seaholm the first Downtown Austin condo high-rise announced in years, reports the ABJ.

The official name is to be announced soon, along with floor plans. Reservation process is expected to begin mid-October.  The residential component of Seaholm will likely deliver in 18-24 months.

The only high-rise with available inventory of new homes is the Austonian.  As inventories have reduced, resale pricing of downtown condos has surged over the past year.

protected views at Seaholm

Protected views at Seaholm, image from Downtown Austin Blog

 

New Renderings For Waller Center

New Renderings For Waller Center

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The Downtown Austin Blog has posted the latest renderings of the planned Waller Center development in the Rainey Street District.

waller_center_austin_Rainey_site waller_center_austin_Rainey_perspective

Based on information from the Austin Board of REALTORS ® (alternatively, from ACTRIS) for the period through 4/16/14 5:27 AM PDT. Neither the Board nor ACTRIS guarantees or is in any way responsible for its accuracy. All data is provided “AS IS” and with all faults. Data maintained by the Board or ACTRIS may not reflect all real estate activity in the market.

Information being provided is for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

This IDX solution is (c) Diverse Solutions 2014.