Austonian - 55 Floor Downtown Condo

[badexcuse]

22 stories taller than the Frost Building and 11 taller than the condos going up at Third and Nueces. Prices starting at $500,000.

Austonian

 

[Mr.Wizard]

Just what we need downtown.

More and more needed.

 

[hornian]

Hint, it's the tall one.

So are they just going to tear down the children's museum?

 

[unpaintedhuffhines]

that looks awesome

Children's Museum has planned to move from that location for a while now. Near city hall.The Link

 

[Ramathorn]

 

[wild_turkey]

When is it supposed to be complete?

 

[atxbaby]

The skyline of downtown Austin is going to be virtually unrecognizable in the next few years.

I wish there was some ordinance limiting the height of all these new condo developments.

 

[DRAG69]

The Children's Museum is further West on 2nd Street.
The site where the Austonian is going is a parking lot now.

 

[LagoHorn]

Who is going to live in these new condos? Where are they going to work? /boggle

 

[Mike_Tyson]

Don't people want yards and neighbors any more? Who doesn't enjoy telling the people down the street to stop setting off firecrackers?

 

[Hayden_Horn]

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[Mesohorny]

it's an understatement to say that Austin's skyline will be unrecognizable in a few years:


Altavida condos (37 stories) will be SW of the Austonian (101 Colorado):

WAustin Hotel and condos (35 stories) will be 3 blks west (it will house the Children's Museum as well as Aus City Limits theater:

360 (44 stories) condos at W. 3rd and Nueces:

the new Four Seasons Residences (38 stories):

Fifth and Congress (1 million sq ft, retail, offices, condos) 47 stories:

The Shore (22 stories condos in the Waterfront Dist):

Hotel Van Zandt (29 stories) Waterfront Dist:

The Monarch (29 stories) condos, 800 W. 5th:

others:
Legacy on Town Lake ("in Austin's emerging Waterfront District") 31 stories apts., northside of Town Lake, west of 35)

also the hotel going in where Las Manitas is/was; isn't it a highrise?


The Link

 

[orangebones]

at least it's going on one of those stupid parking lots and not tearing down a landmark. to those of you hoping to live downtown someday...just wait a while. those prices are going to drop like crazy when a big % of those units don't sell.

i agree with mike re: no yards. it's like all the new construction in austin is aimed at making sure no one has a yard anymore. from condos, to tarrytown mcmansions, to hyde park/oakmont bungalows with frankenstein additions, to those crappy *** crackerbox tract homes squeezed onto cornfields...none have yards worth playing in, if they have them at all. it sucks.

 

[Stringer Bell]

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[drycreek]

I don't understand the animosity towards urban living. You want a yard, great, there's millions to choose from. Some people actually don't want a yard. They would rather play in a public park like Town Lake. So they go down an elevator and walk two blocks to the best "yard" in Austin. It's their perogative. Yours is to have a house with a yard. Different strokes for different folks. As long as these developers respect Austin's history and unique cultural institutions I'm fine with it but I don't want them tearing down The Tavern to build another condo that's for sure. The Las Manitas deal could be resolved with simply building around the existing structures. That's a huge lot that could have a 700 plus foot tower on it but still have the old store fronts down low. I don't understand how having both would be a bad thing.

 

[EDGAAA]

is the condo market really that good?

 

[Luke Duke]

That's weird seeing that picture. I used to valet park at Sullivans and we would park in the lot directly to the west of that building. Then when that was built up, we parked in that lot. Now I'm curious where they will park. That job used to be awesome, now it probably sucks *** since you have to run halfway across downtown to find a lot to use.

 

[shotgun427]

Well said, I agree 100%.

 

[SuperHero]

Damn, I left Austin b/c there weren't enough high rise condo projects going on (I'm in the industry), and NOW they start. Guess I'll be moving back soon...

 

[Mesohorny]

I think it'd be great if you work downtown / UT-area (or are retired) to live there, but are there that many jobs in the downtown area to support all of this development?

Lots of state jobs, but the regular staff & clerical-type that so many of them are can't pay for $500k+ & 1200 sq ft condos.

Would a yup lawyer want to live downtown, or get his place in Westlake, etc?

Most techies I know work north, west, or southwest of downtown; don't know any who'd drive against the flow to go to the office.

The developers say they are selling, but for how much longer with the large number being built?

Also, I know it would be hard for a developer to get all property owners in a block to sell, but I imagine that the owners of prop in the 6th St / Warehouse Dist are having wet dreams at the prospect of selling Shakespeare's or Fado's for a shitload of $. A lease vs millions. Have enough of that happen, then whatthefuk do you do once you've gone downtown?

 

[jt09]

Luke - they contract w/ parking garages. The one across from Kenichi on 5th is used by a valet company.

 

[VoodooChi|d]

Yards are wastes of space... that's what parks are for...

I like all this downtown development...

 

[unpaintedhuffhines]

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[ScoPro]

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[Ramathorn]

There aren't any yards in Manhattan either. You want yards? Live in Hyde Park.

Downtowns are supposed to have high rises. I don't see what the harm is.

 

[OrangeBlooded]

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[orangebones]

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[unpaintedhuffhines]

from the Austin Business Journal:

The Austin economic research firm forecasts strong economic growth for the metro area, with Austin employment expanding by 24,400 jobs in 2007 and 26,100 jobs in 2008. Last year, 22,400 new jobs were added to the Austin economy.

Job growth is expected to accelerate in retail, hospitality, professional services and information sectors. However, the wholesale trade and manufacturing space will remain slow.

Professional services is expected to add the most jobs in 2007 and 2008, continuing the growth in high-wage industries, while extended expansion of the information and financial sectors will take Austin's average wage to a new high.

Keep in mind that the projects that have already begun will break ground only after the majority of the units are purchased.

There certainly is some truth that there may end up being too much inventory. However, the projects currently under way and many of the projects in the planning stages appear to be on target.

 

[ScoPro]

The link I posted on the similar thread in Quacks:
The Link

Massive condo investment busts are going on as we speak in Vegas & Miami, two of the fastest growing cities in the country.

 

[unpaintedhuffhines]

and as I mentioned, there may very well end up being too much inventory, however the frenzied condo expansion in Vegas and Miami are much different than what is going on in Austin.

Keep in mind that Vegas and Miami are destination cities. A significant percentage of condos purchased there are from out of towners for second or vacation homes. These people are the first to pull out of a market.

The condo constructin of Austin is primarily for those who live here (or will live here). The market for these people does not fluctuate the way destination markets do.

What that article does do is serve as a warning of what could happen if these developers are not careful. But keep in mind that these markets are very different than Austin. Dallas and Houston would be a better comparison (but obviously not a perfect comparison). How are the condo markets doing there?