AUSTIN | Projects & Construction II

[AustinGuy]

Originally Posted by Kevinb

I went by Amli II today and the rents are a bit higher than Amli I, and they are 40% pre-leased

Once Monarch opens their leasing office, I'd like to take the tour of AMLI 2 and Monarch. One concern for potential 360 landlords is that the AMLI 2 inventory and Monarch inventory will be hitting the market prior to 360 closing.

So many expensive rental units on the market at once could soak up the available demand. Should be interesting.

Personally, if all was equal, I'd choose to rent at 360 over AMLI 2 since it would be nicer living in a condo than an apartment building, so 360 should get at least some price advantage in that department.

[ATXboom]

http://austin.bizjournals.com/austin/stories/2008/01/07/story8.html?b=1199682000^1571016

When residents begin moving into the 430 units at 360 Condominiums in the late spring, work will already be under way on Andrews Urban and Novare's second project on Block 51 fronting West Sixth Street. That as yet unnamed tower will bring 433 condos and retail. Later in 2008 dirt will turn for Twelve Domain, the partnership's first endeavor outside downtown at North Austin's mixed-use Domain development. Finally, construction is slated to start in 2009 on downtown's Block 52 where the central post office now stands. That project will yield a hotel, condos, retail and possibly office space in a roughly 550-foot tower.

[zx14]

These people who purchase these condos have more money thanthey know what to do with. They must have been financialy responsable to have this much anyway. But is a condo in a highrise in volitile Austin really a good investment? If the economy crashes in ten years who knows 360 could become a high rise project tower. And those who try to sell will be ruined. If i ever get rich I will buy a nice house with a yard in Great Hills. But I am not and Austin has become so expensive to live so my 40k a year serves me well here in lexington but in Austin it got me nothing but a lowsy apt.

[hookem]

Well, 360 had a pretty good price point, still does really, I think most people that buy there will be fine. I'd guess many people were buying as a second home, with the idea of renting it for awhile but hanging on to it to live in later on (perhaps when kids are gone, downtown is a little more developed, etc.) In that scenario, losing a bit of money on the rent each month was OK. I was seriously considering a unit there, but the prices shot up so quickly when they first started doing appointments. The one I was looking at was $50K more than the initial estimated price...

So, while a $190K new 1/1 in Austin's tallest building was a no-brainer, when it jumped to $250K I hesitated, and missed out. Still, I think people that got in will do fine. It's the buildings with $500K+ 1/1s that are going to get people in trouble. I don't think the customers will be existing Austinites, who know they can get a close-in house in some of the best neighborhoods for the mid $500s. It's going to have to be new, wealthy people relocating and drawn to downtown as the premium neighborhood in Austin.

[WestAustinite]

...it will also be very interesting when these condo owners finally realize that they are paying anywhere from $340-$620 in monthly condo fees for a meager 1000 Square feet....on top of taxes and mortgage....

[ATXboom]

Dear Downtown Austin Plan Interested Persons:



Thank you for your interest in the Downtown Austin Plan. I want apologize (to most of you) for the late notice of this upcoming event. It turns out that there was a “coding error” in the database of Downtown Austin Plan “interested persons.” For the last few months, when I thought I was sending e-mails to all of you (including a notice of this upcoming meeting), I was sending e-mails only to a fraction of you. We discovered this only late yesterday.



I am writing today to invite you to the Town Hall meeting that will take place this Saturday, January 12th, at the Austin Convention Center (Ballroom A). Sign-in will begin at 8:30 a.m., and we will get underway promptly at 9:00 with a summary of the Phase One draft report. Then, there will be breakout sessions on particular topics, and we aim to wrap up about 12:30 p.m.



We are nearing the completion of the Downtown Plan’s Phase One, which is meant to identify opportunities and challenges facing Downtown and set the priorities for Phase Two, where the actual plan and implementation steps will be developed in detail. At the meeting, ROMA Design Group and HR&A Advisors will present their initial findings and preliminary strategies for creating a more livable, diverse, and sustainable Downtown. These include, among other ideas, how to reshape Downtown into unique districts, how to achieve affordable housing, and how to move forward with comprehensive transportation planning.



As you may know, there is some on-street parking in the area of the Convention Center, and there are two Convention Center parking garages, as shown on the map that you can access at: http://www.austinconventioncenter.com/Maps/ACC_Parking.pdf.



Thank you for your continued interest in the Downtown Austin Plan, and we look forward to seeing you Saturday.



Jim Robertson, Architect

Manager - Urban Design Division

Neighborhood Planning and Zoning Department

City of Austin

505 Barton Springs Road

Austin, Texas 78704

T: 512.974.3564

F: 512.974.6525

[email protected]

www.cityofaustin.org

[Kevinb]

Originally Posted by WestAustinite

...it will also be very interesting when these condo owners finally realize that they are paying anywhere from $340-$620 in monthly condo fees for a meager 1000 Square feet....on top of taxes and mortgage....

I'll be going from a single family house built in the 70's in NW Austin. My utilities alone will be lower by $300/month. Insurance is a little lower too.

[AustinGuy]

Originally Posted by Kevinb

I'll be going from a single family house built in the 70's in NW Austin. My utilities alone will be lower by $300/month. Insurance is a little lower too.

Plus, you'll save money and/or time on yardwork and gas for your car.

[Kevinb]

[MichaelB]

Originally Posted by WestAustinite

...it will also be very interesting when these condo owners finally realize that they are paying anywhere from $340-$620 in monthly condo fees for a meager 1000 Square feet....on top of taxes and mortgage....

Do you really think someone would buy a condo and not figure in the condo fees? That would seem to be quite irresponsible on the part of the buyer/seller/bank/etc. I don;t think that is reality of folks who would be looking to buy in the highrise/and/or/condo market. I would have to put that in the realm of "common knowledge"..... perhaps not to someone who has never considered living in a condo.... but it would be a quick reality to anyone who has.

[ATXboom]

Wednesday, January 9, 2008 - 2:45 PM CST
Downtown plan being unveiled todayAustin Business Journal


Phase One of the Downtown Austin Plan, commissioned by the city of Austin for long-range, comprehensive planning of the city's urban core, will be released at 5 p.m. on Jan. 9 on the city's Web site. The release is in advance of a town hall meeting about the plan on Saturday, Jan. 12.

ROMA Design Group and HR&A Advisors will present the plan, which comprises initial findings and preliminary strategies for creating a more livable, diverse and sustainable downtown. Strategies include reshaping the downtown area into unique districts, creating affordable housing through density bonuses and other means, and comprehensive transportation planning.

An initial hour-long slide presentation will be followed by more detailed sessions on transportation, affordable housing, districts and other topics.

This input will lead to recommendations for Phase Two of the Downtown Plan, which will begin this spring and focus on implementation strategies for the priorities identified during the Phase One process.

The town hall meeting will take place at the Austin Convention Center, Ballroom A, from 9 a.m. to 12:30 p.m. Sign-in starts at 8:30 a.m. The Downtown Plan can be found at www.ci.austin.tx.us.

[MichaelB]

crane at 21rio being raised hight today! This is really changing the dynamic of the skyline in west campus!

[brianpm14]

Austonian - Last drilling rig moved out of the pit today, workers installing formwork for walls around pit, pedestrian walkway being erected on Congress. Brought in a mobile crane yesterday, surprised the tower crane is not up.

2nd Street District - Another business closed, Octane, that makes 4 that have closed in the last few months. Heard they are filming a commercial at Royal Blue Grocery tomorrow.

Was wondering how the folks in the west facing offices of 100 Congress are feeling as their view disappears from the building going up next door. Guess it should not be a surprise.

[MichaelB]

A few photos of west campus and a few bonuses!

big pic of west campus! 5 cranes (far left to right)


close up... Note rio crance lifting the next section up:


UT conference center:


Lavista on Lavaca crane:


New years eve view of Lavista crane and Capitol.


Work inside Austin Music Hall Last week of Nov. .... realize Duran Duran was on Dec 11th? I believe. It;s Almost done now.


More music Hall:



Long as I'm doing this... have to throw on one my fav views of the Capitol:

[DTAustin]

Originally Posted by brianpm14

Austonian - Last drilling rig moved out of the pit today, workers installing formwork for walls around pit, pedestrian walkway being erected on Congress. Brought in a mobile crane yesterday, surprised the tower crane is not up.

2nd Street District - Another business closed, Octane, that makes 4 that have closed in the last few months. Heard they are filming a commercial at Royal Blue Grocery tomorrow.

Was wondering how the folks in the west facing offices of 100 Congress are feeling as their view disappears from the building going up next door. Guess it should not be a surprise.

The city really forgot about parking when the 2nd street district was planned. In fact, they seem to forget about parking with most of the projects in the downtown area. Every time a new building is built, the street parking in front of it is removed, and many times the building's parking space is not open to the public even for a price. The location and access has to be convenient for retail to thrive. I'm sure a lot of people find it very difficult to get to the 2nd street district. I drove by there on the Friday after Thanksgiving, and it was dead! The busiest retail day of the year, and no one was shopping there.

[MichaelB]

Originally Posted by brianpm14

Was wondering how the folks in the west facing offices of 100 Congress are feeling as their view disappears from the building going up next door. Guess it should not be a surprise.

The building to the west is being built by the folks that own 100 congress. If you look at the footprint, it was designed to obstruct the least amount of views form 1oo congress as possible. The tower is only on the north end of the location.

[priller]

Really nice views you have from Cambridge, MichaelB! West Campus is really going through big changes. We tend to forget about that area since it's not quite downtown, but there's a lot going on right now.

[priller]

So why did they pour a new sidewalk and starting erecting another pedestrian tunnel at the Austonian? Surely they're not going to expand the hole. Are those parking spots gone for good (a la One American Center) or is this just temporary. Texboy?

[DTAustin]

Originally Posted by MichaelB

Do you really think someone would buy a condo and not figure in the condo fees? That would seem to be quite irresponsible on the part of the buyer/seller/bank/etc. I don;t think that is reality of folks who would be looking to buy in the highrise/and/or/condo market. I would have to put that in the realm of "common knowledge"..... perhaps not to someone who has never considered living in a condo.... but it would be a quick reality to anyone who has.

In my condo experience, I've found that the condo fees save me money because of the services included in the fees. For example, 360 fees include high speed internet service, cable TV, and building insurance, which reduces your condo insurance costs to almost nothing.

Regardless, the HOA fees are not something that is hidden prior to moving in. You know about them before buying. One thing that does often happen with new buildings is that the builder's estimated HOA budget is lower than reality, and the HOA fees end up increasing after the first year of operation. I think this will happen at 360. 360's budget is missing a lot of small items that add up quickly, such as window washing.

[KevinFromTexas]

Nice pictures Kevin and Michael. Thanks. I love that view Michael.

Originally Posted by brianpm14

Austonian - Last drilling rig moved out of the pit today, workers installing formwork for walls around pit, pedestrian walkway being erected on Congress. Brought in a mobile crane yesterday, surprised the tower crane is not up.

I noticed the crane was up this afternoon. I saw it from I-35.