Two new residential high rises are on their way. ONe of them has increased in height to over 24 stories... this is on the far west end of downtown. Here's today's Austin American Statesman article:
http://www.statesman.com/business/content/business/stories/03/28downtown.html
Downtown apartments on track to ascend
Plans call for 24-story high-rise on W. Fifth St. and a 28-story tower on Colorado St.
By Shonda Novak
AMERICAN-STATESMAN STAFF
Tuesday, March 29, 2005
Two new luxury residential projects announced last year for downtown Austin are moving forward, including one that would become downtown's biggest residential complex.
Zom Development Inc. plans to break ground in September on a 24-story high-rise at 805 W. Fifth St., land currently occupied by Miguel's Imports.
The building will have 290 apartments aimed at affluent renters, although pricing details are not available. The project will include a four-story townhouse building above street-level retail shops.
New York-based MetLife Inc. filed plans last week with the city for a 28-story apartment tower at 101 Colorado St., now the site of a drive-in bank. The high-rise will have 196 apartments plus six townhouses facing Cesar Chavez Street.
That project originally was scheduled to break ground last year. City officials said today that the company has not given an updated timetable for when construction might begin and a company spokesman did not return phone calls.
A letter filed with the city says the project will have 23 levels of apartments and retail on the ground floor. It will be west of 100 Congress, an office building also owned by MetLife.
Both projects reflect the trend of higher density downtown.
AMLI Residential Property Trust, meanwhile, plans to start construction in November on its second apartment complex between Second, Third, Guadalupe and San Antonio streets. That complex will be a 17- to 18-story building with 240 to 280 units , said Craig Brockman, who is overseeing AMLI's downtown projects. Rents have not yet been set.
Charles Heimsath, a local real estate consultant, has said he thinks there's enough demand for 300 to 400 new units a year downtown.
The projects are filling up, even at higher prices. Downtown apartments rent range from about $1,400 to more than $3,000 a month. Prices for newer condos range from $159,000 at the Milago, at the foot of Rainey Street, to $2.8 million in the Hilton Austin downtown.
AMLI's 220-unit apartment complex on Second Street between Colorado and Lavaca streets is 80 percent leased. And the condo projects are sold out or have only a handful of units remaining, said Kevin Burns, a real estate broker who owns Urbanspace Realtors, which specializes in downtown residential properties.
Downtown living options
Condominiums | Units/Stories | Price range
800 W. Fifth St.
Austin City Lofts | 82/14 | $316,000-$1.365 million
901 W. Ninth St.
Nokonah Condominiums | 95/11 | $200,000-$240,000 for re-maining one-bedroom units
Fifth and Guadalupe Sts.
Plaza Lofts | 60/12 | $300,000- $400,000
555 East Fifth St. (Hilton Hotel)
Five Fifty Five | 99 | $275,000-$2.8 million
54 Rainey St.
The Milago on Town Lake | 240/13 Under construction | $159,000-$600,000
Apartments | Units/Stories | Price range
404 Rio Grande St.
404 Rio Grande | 140/5 | $1,185-$2,700
201 Lavaca Street
AMLI Downtown | 220/6 | $1,425-$3,550
300 West Avenue
Gables West Avenue Lofts | 239/4 | $930-$3,345
Planned projects | Units/Stories | Status
Zom Development project
805 W. Fifth St. | 290/24 | Ground breaking in September
Second Street between Guadalupe, San Antonio
AMLI Phase II | 240-280/17, 18 | Ground breaking in November
Congress at Eighth St.
721 Congress (condos) | undet/6 | Unknown start date
Colorado at Cesar Chavez
101 Colorado (apts.) | 175/28 | Unknown start date
Barton Springs at Dawson Road
Milan | 130 apts or 60 condos/6 T | entative ground breaking summer 2005
210 Barton Springs Road
210 Barton Springs Road | 179/18-20 includes 8 parking levels | Tentative ground breaking next year
501 Congress
501 Congress/Bank of America | 200-250 apts, 100 condos 41 floors total, including retail, hotel | Tentative ground breaking in mid-2006
Land west of Seaholm Power Plant
Gables/downtown | 7-8 floors apts; 12-15 floors condos | Tentative ground breaking in 2006; zoning changes needed
303 E. Eleventh St.
303 E. Eleventh St. | NA/60 condos In design; w/retail | tentative ground breaking next year