AUSTIN | Wyndham Austin (Rise on 8th) | 235 FEET | 22 FLOORS | Complete

[jordanatx]

Long time lurker here. Made an account to comment on this project...

FWIW, I have a friend who was about to sign a lease at Rise, and then they came back told him they had sold the property to a time-share/vacation company. He was pissed to say the least; he really liked the complex.

[The ATX]

Originally Posted by jordanatx

Long time lurker here. Made an account to comment on this project...

FWIW, I have a friend who was about to sign a lease at Rise, and then they came back told him they had sold the property to a time-share/vacation company. He was pissed to say the least; he really liked the complex.

Thanks for the update, and welcome to the forum.

[ivanwolf]

I wondered about this, I walked by where the leasing office would be and though it odd it was closed during a work day with almost nothing inside. This explains a lot. Wonder if they have to get a change of use from COA since it was apartments before and now Condo/Time Share?

[jordanatx]

Originally Posted by ivanwolf

I wondered about this, I walked by where the leasing office would be and though it odd it was closed during a work day with almost nothing inside. This explains a lot. Wonder if they have to get a change of use from COA since it was apartments before and now Condo/Time Share?

I would guess not since it is likely zoned CBD.

[The ATX]

I saw the permit for this last week, but I didn't post it because I didn't find it too interesting at the time. But Austin Towers has a blog post about it, and it now seems somewhat interesting. Anyway, this project is going to be a Wyndham Resorts/vacation rental property. Units will be available for time share purchases and as rental units. Here's Austin Towers' post:

http://austin.towers.net/

[austlar1]

I don't think the city would have given the green light to a hotel construction project at this location without considerable controversy, so this is kind of an end run around that process.

[Geckos_Rule]

Well this will be interesting I think. I wonder if Austin really has the demand for a time-share property downtown, save for weeks like ACL or SXSW. I suppose time will tell.

This is still a pretty cool building though. I've always liked how it looks completely different from the north side than it does from the south.

[We vs us]

Originally Posted by Geckos_Rule

Well this will be interesting I think. I wonder if Austin really has the demand for a time-share property downtown, save for weeks like ACL or SXSW. I suppose time will tell.

Yes, HUGE demand, actually.

I've been trying to find a link to back this up, but one of our local AHLA (Austin Hotel and Lodging Assoc) reps dropped some wild facts at a recent luncheon -- Austin is home to fully half of all Texas STR rentals, and last year clocked more than 250,000 stays. It's also the third largest STR market in the nation, if you can believe that.

Whether Rise will functionally operate as an according-to-code STR is kind of moot, IMO -- Austin has a massive market for alternative lodging, and this fits that mold perfectly . . . especially in a part of town that lacks regular hotel rooms.

If I can dig that factoid up, I'll post it. It was really eye opening.

SLIGHT EDIT: I re-read the coverage from Austin Towers and it looks like RISE isn't entering into a pure STR rental situation. More like a time share setup. I don't necessarily think that undercuts my larger point, though . . . that demand for alternative lodging is still high, and even more, as the Towers blog post says:

"Let’s review here: 54 Madison wants Austin as the fourth entry in its Wyndham portfolio, placing our city alongside resorts in Las Vegas, Midtown Manhattan, and the slopes of one of Colorado’s most celebrated skiing destinations. I know we’re witnessing a hotel boom and frequently being called the best place to live in America, but it’s still kind of jarring to see Austin become such a global city in the eyes of developers."

[The ATX]

The Wyndham Austin timeshare had their grand opening this week.

https://www.prnewswire.com/news-rele...300601223.html

[Sigaven]

The resort design was inspired by the city's popular theme of 'Keep Austin Weird.'

*eyeroll*