AUSTIN | Projects & Construction III

[Jdawgboy]

Originally Posted by migol24

wow! i just had that experience myself!

Im not liked either by certain other forumers . But nobody dares to send me pm's so I leave mine on.

[GoldenBoot]

Originally Posted by Jdawgboy

Okay you seem to not realize one huge difference. No other city has EVER had a purpose built specifically for F1 race track in the United Sates EVER. So naming every other city that has tried F1 is a waste of time because NONE of them had an international grade racetrack that was specifically designed for the top racing circuit on Earth so before you judge lets see how actually having a real international grade racetrack in this country works before automatically saying it wont work because we are not those other cities.

Not to mention...The F1 drivers actually tried to boycott the US Grand Prix in Dallas due to safety issues!!!

The most recent US Grand Prix was run on the true circular course of Indianapolis.

[nixcity]

Just a random thought.....How many other cities have so many liquor companies like we do. So many have popped up over the past few years....And even breweries are finally getting to where it should have been a decade ago.
My favorite local beer is the Live Oak Pilz and my favorite liquor is Deep Eddy Vodka...

[KevinFromTexas]

Supposedly more beer is brewed in Denver than anywhere else.

And oh yes, Live Oak is the best. Try one at Opals with one of their burgers. Oh man.

[migol24]

Originally Posted by KevinFromTexas

Supposedly more beer is brewed in Denver than anywhere else.

And oh yes, Live Oak is the best. Try one at Opals with one of their burgers. Oh man.

I've heard Portland is also a notoriously big brewing city.

And Draught House is awesome too.

[nixcity]

Yea, both Denver and Portland are great beer cities....What about liquor??

[BevoLJ]

Originally Posted by migol24

I've heard Portland is also a notoriously big brewing city.

And Draught House is awesome too.

Portland is a great beer town.

They may make more in Denver, but Portland would get my vote for the best beer town in the US.

Edit: Ah, I see what you are saying Nix. Including liquor, Austin does great.

[KevinFromTexas]

The apartment occupancy rate in Austin is at 97.8 percent now. There's obviously demand, now let's see if these projects can get financed. Even with 10,000 units under construction right now, the demand is still outpacing the supply.

This article includes a list of projects that are either under construction and planned.

http://www.statesman.com/business/re...inglePage=true

Austin apartment market on record-setting hot streak

By Shonda Novak

The Austin-area apartment market is continuing on its hot streak, with rents and occupancies hitting the highest levels in the 21 years that a local expert has been tracking the numbers.

The area's midyear apartment occupancy rate stood at 97.8 percent, said real estate consultant Charles Heimsath, president of Capitol Market Research. He said that's the highest rate since 1991, when he started surveying the market.

The high occupancy is pushing rents up too. They hit a record $953 a month, Heimsath said, with that figure representing an average across all unit sizes. That's a jump from a $900 average in June 2011.

Although more than 10,000 apartment units are under construction in the area, demand is still easily outpacing supply, experts say.

"It's getting insane," particularly in areas in and near downtown, including the popular 78704 ZIP code, said Drew Johnson, a real estate agent with Live Weird Realty. "Demand is exploding."

[LoneStarMike]

Originally Posted by KevinFromTexas

The apartment occupancy rate in Austin is at 97.8 percent now. There's obviously demand, now let's see if these projects can get financed. Even with 10,000 units under construction right now, the demand is still outpacing the supply.

As a renter, this is the one thing I'm starting to not like about Austin. My rent already went up 19% this past January - from $1.16 per square foot to $1.38 per square foot. (On the bright side, they took away the original 1984 Whirlpool appliances and gave me new ones that are more energy efficient.)

Here's 3 links to some earlier articles from April & June. (I think the Austin Business Journal articles are old enough that you can read the whole article without being a subscriber - at least I can.)

Buildings to flank Broken Spoke
Legendary country dance hall to be surrounded but won’t be touched
April 13, 2012
Vicky Garza - Austin Business Journal

There are more than 2,400 multifamily residential units under construction or in the planning stages along the roughly 3-mile stretch of South Lamar Boulevard from Barton Springs Road to Ben White Boulevard.

[snip]

The demand for apartments in Austin has grown over the past five years, resulting in a 95 percent occupancy rate for apartments in the city, according to a recent multihousing market report by Apartment Realty Advisors.

The report forecasts that the occupancy rate will reach 97 percent before a new supply of units enters the market in 2013.

And now we're already over 97% and 2013 is months away.

As South Lamar grows, locals express concern
by Andrea Leptinsky
Community Impact
April 27, 2012

With at least four new developments targeted for South Lamar Boulevard between Barton Springs Road and Oltorf Street—most of which are scheduled for completion in 2013—residents are expressing concern over whether the corridor’s infrastructure can handle the new development and whether the City of Austin is doing enough to keep the cost of living along South Lamar affordable.

[SNIP]

Post Properties is constructing Post South Lamar, a development that includes 298 new residential units and 8,500 square feet of retail space in four- and five-story buildings.

“In that case, we had to give up something, and we gave up a lot of affordable housing and families, particularly those with kids at Zilker Elementary,” Elder said. “In the case of Stoneridge, I think it’s a good case study of how density is not going to help us accomplish goals as a neighborhood or as a city in terms of having more transit options, children attending schools and affordable housing. That’s where I get concerned, that development isn’t pushing those things forward and may, in fact, be setting those things back.”

I'm not sure if this idea would work or not, but I'd like to see a development that only had enough parking for maybe 75% of the residents. The actual living units could be priced the same for everyone, but the ones who had cars and needed parking would have to pay extra for their parking spaces.

Apartment construction resurging in a big way
Pent-up demand for multifamily housing could take three to four years to catch up with
June 1, 2012
Jan Buchholz - Austin Business Journal

“At this point we’re really in need of apartments,” said Chris Stutzman, managing director and a multifamily expert at Transwestern in Austin. “Even if population and job growth started to slow, it would be at least three years out before the cycle would change.”

[snip]

Though thousands of apartments are in the pipeline, very few of them look like the sprawling garden-style apartments of years past. Even the developments that are moving forward in the far reaches of Austin have a different look and feel.

“There are a lot more units per acre,” Davis said.

Developers have a smaller selection of land even in the suburbs, “so they’re going more vertical. You’ll see more midrises in the suburbs and more high-rises in the urban part of town,” Davis said.

[AusTex]

[QUOTE from LoneStarMike - "I'm not sure if this idea would work or not, but I'd like to see a development that only had enough parking for maybe 75% of the residents. The actual living units could be priced the same for everyone, but the ones who had cars and needed parking would have to pay extra for their parking spaces." QUOTE]

I agree! Allow me to rant for a minute....But where are the options for commuting? Nearly everyone MUST use a car to get around.

I truly hope Cap Metro and the residents in its service area "grow up" to the fact we need an efficient fixed rail plan to reach all parts of the area...and beyond. Without the option of a fixed rail system plan in place already, we are creating a future nightmare of traffic by not directing density to transportation nodes. All these new apartments are just adding more automobile traffic to existing/new roads.

South Lamar is a classic example of the past short mindedness of elected officials and local residents. Barton Skyway/Lightsey/Woodward were to be connected to allow traffic to move from MoPac to I35 on one roadway. However, the powers that be in the 1970's choose to not follow through and in 2012 ALL traffic to MoPac must travel along Lamar to Loop360 or Barton Springs to use the freeway.

We are committing the same craziness now by not insisting on a fixed rail option to move folks around and locate density by the stations.

The plan to move folk from downtown to the airport on a street car along Riverside Drive helps....however it will be a slow train. At least the new residents of all the apartments going up and planned in the corridor will have an option. We as a voting public need to be insisting on the past proposal to run fast Light Rail through East Austin (on existing right-of-way of the Red Line) then across the river south straight into the airport. Then someone in Leander might be able to get to the airport without a car trip. NO ONE is crazy enough to ride the Red Line to downtown Austin then Transfer to a Street Car to get to the airport.

OK my RANT is over! We are going to continue to see lots of population increase in our metro area...see a lot of new mid/high rise buildings. We can direct them to be built at transportation nodes or allow them to just be built where ever. I hope we the people see the wisdom of investing in a region wide - intermodal approach.

[KevinFromTexas]

One thing, though, I can see all these new urban apartment buildings on the major arteries like Lamar, Congress and Riverside organizing and encouraging people to vote for urban rail and to call for its implementation. What's the point in renting or buying an urban location if it doesn't come with urban transportation? If I were a property manager or developer I'd also be on board for demanding urban rail.

[JoninATX]

My friends mom was paying $650 for her one bedroom apartment in north Austin last year, and now shes paying nearly $900 a month thats outrageous. I also agree even if Austin population starts to slow it will take several years for Austin to catch up where it needs to be.

[AusTex]

[QUOTE=JoninATX;5765855]My friends mom was paying $650 for her one bedroom apartment in north Austin last year, and now shes paying nearly $900 a month thats outrageous.QUOTE]

YES IT IS....however if her apartment is owned by a corporation instead of an individual or partnership then the profit issue is what is in play. A corporation exists to return a maximum profit to the investors. No personal compassion for the folk who cannot afford the going rate matters! A family member of mine had to move out of a....run down efficiency in the 78704 zip because the partnership-owners decided to hire a corporate type leasing company for the 10 unit building and the going rate went through the roof.

As our population continues to explode the pressure on housing costs will increase. Most new apartments will be corporate built/owned and cost a lot to rent. Existing apartments will change ownership to corporations to be renovated or torn down to build more profitable units for the owner. Riverside Drive!!!! South Lamar!!!! And the other older stock everywhere is then worth more per/sq./ft. because more and more folk are moving here. We are at 97.8% occupied apartment rates right now.

This cycle will eventually push the reasonable affordable units to the fringes where everyone will need a car to commute. The very folk who need to be located near mass transit will eventually be forced out of the mass transit available areas. Community and social issues are very important long term for stability in any city...here in Texas, however the rights of the property owner is what matters most. Affordable housing in Austin...get a car or a third job to afford a more central location.

And I need to move my elderly mom to the area. Well we can not afford anything central now. I hear ya JoninATX...I hear ya!

[LoneStarMike]

Originally Posted by austex

I agree! Allow me to rant for a minute....But where are the options for commuting? Nearly everyone MUST use a car to get around.

Preach it, brother! I'm on S. Lamar just north of Ben White behind Brodie Oaks Shopping Center and I haven't had a car the entire 14 years I've lived in this complex. While I agree that most people need a car to get around, there are still some (like me) that don't. Many of my neighbors are elderly, retired and on a fixed income and don't have cars. Capital Metro isn't convenient at times, but that's a sacrifice I (and they) make to live here.

That project planned for the Broken Spoke is just south of the Corners Shopping Center (Half Price books, the new Kerbey Lane Cafe', etc.) 7 blocks south of Walgreen's & Maria's Taca Xpress, and about 8 blocks north of Brodie Oaks & Lake Hills Shopping Centers. It's also within walking distance of the #3 bus to downtown, the 338 up Lamar to Ladybird Lake and beyond (all the way to Hancock Center) and the 331 that goes out Oltorf (past the HEB at Congress & Oltorf all the way to ACC Riverside Campus.)

So let's say you had a typical one-bedroom apartment there for $900.00 and it came with one parking space. A married couple in a one bedroom with two cars could pay a 10% premium, and a person without a car could get a 10% discount.

So you'd end up with:

1. One person with no car pays $810.00 per month
2. One person (or a couple) with only one car would pay $900.00 per month.
3. Couple with 2 cars pays $990.00 per month.

(I'm just using the $900.00 base price as an example - it would probably be more.)

Something else I'd like to see is just a basic (as opposed to a "luxury") apartment. I don't need granite counter tops or stained concrete floors. Formica & cheap carpet is fine with me. (It's what I have now) and I also don't need a pool or a workout room.

Remember when Spring was first proposed? They weren't going to have a pool or a gym - making them affordable for the teacher or firefighter, etc. That didn't happen.

The more rents go up, the less discretionary income people have to spend at all this planned retail, too.

OK, now MY rant is over.

South Lamar is a classic example of the past short mindedness of elected officials and local residents. Barton Skyway/Lightsey/Woodward were to be connected to allow traffic to move from MoPac to I35 on one roadway. However, the powers that be in the 1970's choose to not follow through and in 2012 ALL traffic to MoPac must travel along Lamar to Loop360 or Barton Springs to use the freeway.

There was an article last month in the Statesman about that;


Bridge to somewhere went nowhere: the story of Barton Skyway
Ben Wear, Getting There
Austin American Statesman
June 17, 2012

The backup on eastbound Barton Springs Road from the traffic light at Robert E. Lee Road, on the worst afternoons, runs all the way through Zilker Park and up MoPac Boulevard's northbound frontage road. That's almost a mile of stop-and-go through Austin's most iconic green space.

About a mile to the south, where Barton Skyway hits Barton Hills Drive, traffic is generally quiet at that time or, really, anytime. Just beyond the intersection, there's a stub of Barton Skyway about 100 feet long that dead-ends into the trees of the Barton Creek greenbelt, as if someone at one point had plans to extend it west.

Someone did.

That stub and those cars crawling through Zilker Park in the afternoon rush are not unrelated.

[BevoLJ]

Originally Posted by JoninATX

My friends mom was paying $650 for her one bedroom apartment in north Austin last year, and now shes paying nearly $900 a month thats outrageous. I also agree even if Austin population starts to slow it will take several years for Austin to catch up where it needs to be.

Right now kind of reminds me of the 1990's when I was 18. In the early 90's the vacancy rate fell to 3.6% and when I was 18 I could not find a two bedroom anywhere between North Loop an Ben White for less than $800. I ended up paying $850 for this horrible -HORRIBLE!- dump of a house in Hyde Park. But at that age all I needed was a bed, with enough of a roof to keep the bed dry, and a shower (that occasionally had hot water, lol). I don't know if that house is still there or not, but I'd be amazed. It was a disaster. But fun. =) In the end I couldn't afford the place and only stayed there a few months before moving back home and then going off to LA for college. The place I moved into in Santa Monica my sophomore year at UCLA was cheaper and nicer (which isn't saying much) than the place I had in Hyde Park and was only like a mile from the beach.

But Austin has always been crazy expensive. Its really nothing new. At least now they are building more apartments. I read somewhere that between 1990 and 1993 they only allowed 70 multifamily units to be built in the greater Austin area (that was 4 counties then). Apparently the NIMBYism was crazy back then and they just wouldn't give out the permits for anything multifamily at all. Or very rarely, and it was always a major battle to get them. Which I imagine is why Austin has always been so expensive. Between 1990 and 2000 the average rent for an apartment in Austin went from $410 to $763. Yikes!

http://www.caction.org/CAN-Research/...es/Housing.pdf
http://www.caction.org/housing/Throu...veSummary.html

[JoninATX]

I'll have to ask if she may have been going by month to month contract. Austex you make a very good point, BevoJ yikes I can imagine, reminds me of when I was living in Lago Vista back in 2008 my rent sky rocketed after 6 months of living there.

[KevinFromTexas]

Originally Posted by KevinFromTexas

http://www.statesman.com/business/re...e-2407005.html



HKS ARCHITECTS

I got an email back from the developer, Endeavor Real Estate Group. Here are the building heights:

186 feet to the penthouse on the west side of the building.
177 feet to the main roof on the west side of the building.

And now because the lot slopes downward by up to 13 feet as you go west, the heights on the east side of the building are shorter. So viewing the building on the east side makes it appear shorter.

174 feet to the penthouse on the east side of the building.
165 feet to the main roof on the east side of the building.

That's going to put it around the height of the Hyatt on Town Lake. It'll be taller than the Hobby Building and The Plaza, which are both nearby. Once it's completed it'll probably rank somewhere around the 70th tallest building in Austin. If it were complete today, plus factoring in buildings that are under construction now that will be taller than it is, it would be the city's 45th tallest.

[AusTex]

Though the building does look a bit suburban, as some have mentioned in the past...it appears to use local limestone for part of its facade and will have street level retail...both of which do not happen in most suburban buildings. And the parking is not in a separate building nor is it a surface lot. All in all I think the building will add to the city and help create the walkable and dense city we desire.

Kevin, is the facade with the parking entrance stone or stone colored concrete? Also the non-glass tower part on the left looks like concrete too. I do not mind true colored concrete per say...however stucco would be terrible. Do you know the materials they are using?

[KevinFromTexas]

I didn't ask about the materials. It looks to me like it's the same material that was used on the podium around the Frost Bank Tower. It doesn't look like stucco to me, and I really hope it's not.

[nixcity]

agreed austex but i'd rather see it in the domain