East Riverside Development

If you haven’t driven through East Riverside Drive in a while, you might be surprised by the rapidly changing development in the area.  Some support the expansion of business, art, and residential communities in the area, while others are opposed to gentrification and its impact on long-time homeowners. The City of Austin has partnered with UT to study the development of this area and its impact on current residents and have pledged to offer tax credits to affordable housing opportunities in the area.  However, at the same time, private land is being to sold to developers and the area is rapidly evolving.

Oracle’s forsight to build a South Shore Campus really kicked off a chain reaction of East Riverside development. Oracle opened a “South Shore” campus in 2018 and will double its size by the end of 2019. The Austin Business Journal quoted an Oracle executive saying, “The Lady Bird Lake campus will soon employ 3,000 people onsite and that the headcount could grow to 10,000 people as the company expands.”  Oracle landing here has since driven much of the development in the area.

Here are just a few of the projects that have recently been completed or are currently in development in the area:

www.berkadia.com

UNDER CONSTRUCTION (BLUE):

#54 Foremost-new apartment development

#55 The Elizabeth at Presidio-apartment development; rental units ranging from 504-1938 sq ft.

#57 IO at Tech Ridge- apartment complex

#58 Lenox Oaks- Mixed-use (residential and commercial) property

ALSO UNDER CONSTRUCTION: The Montopolis Recreation and Community Center (1200 Montopolis Drive) is expected to be completed in the Spring of 2020.  This building will be co-operated by Austin Parks &  Rec and the Austin Public Health Department.  It will provide over 33,000 sq feet of new space, including a commercial kitchen, gym, fitness room, computer lab, conference rooms, and classroom areas. 

Montopolis Recreation & Community Center

berkadia.com

PLANNED DEVELOPMENT (DARK BLUE):

#113 6507 Riverside—apartment complex

#114 Aspen Heights Riverside- 325-unit apartment complex

#115 The Mont-apartment complex

#116 The Riverside-apartment complex

#117 South Shore District Phase IV-322-unit apartment complex

#144-Cambrian East Riverside-65-unit multifamily mid-rise to be located at 1806 Clubview Avenue with a planned 55 units rated as affordable, or available to tenants earning less than 80 percent of the area’s median family income. Only 15 units are one-bedrooms, with the rest a mix of two, three, and four-bedrooms. The living spaces have a total area of 57,268 square feet, and the indoor common areas total 2,444 square feet.

#145 Tierra Skyline-apartment complex; affordable housing development

#146 Vi Collina-apartment complex; affordable housing development

berkadia.com

PROSPECTIVE CONSTRUCTION (BROWN):
#198 Broadstone Riverside-apartment complex

#199 Project Catalyst-97-acre “urban village” along the East Riverside corridor, a mixed-use project including 4,709 multifamily units, 600 hotel rooms, 4 million square feet of office space, 60,000 square feet of medical and dental office space, and 435,000 square feet of ground-floor commercial space.

#200 Wickersham-apartment complex

#244 1600 Pleasant Valley-retail center property

#245 5700 East Riverside-retail center property

#246 The Point at Ben White-apartment complex with units ranging from 850-1185 sq ft

#247 Urban East-a mixed-used development with 100,000 square feet of office space and 20,000 square feet of retail/restaurant space.

This brief glimpse should tell investors and home owners alike that East Riverside and Montopolis are emerging areas to keep an eye on in the coming years. Let’s hope the city can continue to work with real estate developers and homeowners to create an East Austin anyone can live in and enjoy.

44 East

Artist’s rendering: 44eastaveaustin.com

More development is on its way to downtown Austin’s bustling Rainey Street District.

44 East is a new residential development located on East Avenue on the corner of Cummings Street, overlooking Lady Bird Lake. It is slated to be 51 stories and will rise approximately 545 feet tall. 322 residences will be for sale. Some smaller 1-2 bedroom residences will be available, all the way up to 4 bedroom residences with impressive penthouse views. The building will be constructed to take maximum advantage of the spectacular views up and down Lady Bird Lake and northwest toward downtown.

Approximately 3,000 square feet on the ground floor will also be available for retail/dining space. An on-location parking structure will include over 500 spaces for both tenants as well as some for the public.

44 East Avenue’s groundbreaking is planned for the spring of 2020 with delivery scheduled for fall of 2022.

Start planning your move to the Rainey district! Keep up to date on the latest 44 East News by clicking the link below.

Republic Square

When you stand in the middle of Republic Square (422 Guadalupe), you are standing on a rich piece of Austin’s history. Edwin Waller’s original design of Austin consisted of a grid with a central square (Capitol Square) and four smaller, secondary “public squares.” Republic square, previously called Hamilton square, was one of these four smaller secondary public squares, and the home of Austin’s “Auction Oaks.” In 1839, Austin’s original 306 lots were sold at auction under these historic trees. Afterwards, in the late 1800’s and early 1900’s, the park had strong associations with the Mexican-American community due to the concentration of Hispanic citizens that lived in the neighborhoods surrounding the square.

Later in the city’s history, Austin’s leaders saw very little use for maintaining these public squares as green spaces, and the city quickly found other ways to use these spaces for storage, garbage dumps, or other city services. Between 1950 and the early 1970s, Republic Square functioned as a parking lot.

In 1976, as a part of the U.S. Bicentennial celebration, Austin’s leaders began to focus on returning Republic Square back to its original purpose as a public green space. It was then given the name Republic Square in tribute to the Republic of Texas.

In more recent years, Republic Square has served as the first site of the city’s summer “Movies in the Park” series, and every Saturday is home to the Sustainable Food Center’s Downtown Farmers’ Market. The newly renovated square is a green space unlike any in Austin. Daily programming and featured events, modern amenities, beautiful art and a café make it a uniquely Austin experience.

Other development has begun in and around Republic Square as well. One of Austin’s best combination butcher shops & restaurants, Salt & Time, is opening a new cafe within downtown’s revamped Republic Square Park at 422 Guadalupe Street, opening sometime between late summer to early fall. The downtown outpost will serve sandwiches, salads, charcuterie, and more. There will be dedicated breakfast dishes, like bowls, sandwiches, and pastries. Drinks will include alcoholic options (a first for the park), like canned and kegged beer and wine, as well as coffee, juice, kombucha, and soda. The cafe will also feature future collaborations with vendors from the SFC Farmers Market Downtown, which takes place at the park every Saturday.

The Hotel ZaZa/Gables Republic Square tower at 401 Guadalupe Street is supposed to deliver sometime in 2019. This tower will be a mix of both a chic boutique apartment community and a renowned boutique hotel, allowing residents to experience the amenities of both, plus have easy accessibility to the entertainment and events at Republic Square. In addition to the Gables building, there is an assembly of vacant properties at the corner of Fifth and Lavaca Streets that will soon be coming down to make way for a 44-story Hanover Republic Square apartment tower, which would mean 310 more apartments, hundreds of parking spaces and possibly another new restaurant near Republic Square.

Although the square has seen many different seasons and years of history, the current revitalization and development of Republic Square means that the most promising years under Austin’s “Auction Oaks” are yet to come! Visit Republic Square for a Saturday Farmer’s Market or a Movie in the Park and take advantage of all this public square has to offer Austin residents.

The New South Congress

If you haven’t driven down South Congress Avenue in a while, you might be surprised at some of the developments that are popping up in the South Congress/St. Elmo area.

Here are just a few of the projects that you can already find in development in this revitalized area of town:

1. The Public Lofts (4361 S Congress)- The PUBLIC is the first residential community in this revitalized area of South Congress and St. Elmo. The PUBLIC offers loft-style homes with open floor plans and outdoor terraces. Amenities include a rooftop fitness center & pool, a lounge, yoga & meditation studio, a shaded courtyard square with outdoor fireplace, and an off-leash dog park. Our very own Skelly Home Renovations is one of the storefronts located at the bottom of the The Public Lofts, as well as Urban Betty salon, Fawn and Blu, Flourish!, and many more!

2. St. Elmo Public Market (4329 S Congress Ave)- Modeled after Pike Place Market in Seattle and Chelsea Market in New York, the St. Elmo Public Market will attract restaurants, music, entertainment, media, technology and related companies to the available office space building around the market. Some food vendors who have already signed on to come into St. Elmo Public Market are Mignette, a bakery and modern diner, a butcher shop/restaurant by the owners of Salt & Time, the Texas Hill Country Olive Oil Company, and a new restaurant from Lick Honest Ice Creams and Family Business Beer Co.

Saint Elmo Public Market will be a place of business for local craftsmen, restaurateurs, farmers, artists and musicians. For the public, it will be a place to gather, dine, or have a drink with friends and family in a relaxed and inspiring environment. Additionally, the market and surrounding spaces will focus on the unique culture of Austin - which includes some of the best food and live music in the world.

The St. Elmo Public Market is expected to deliver sometime in late 2019.

3. Aloft Hotel (South Congress at East St Elmo)-The site plan & permit have been approved for a 135 room Aloft Hotel on a 2-acre sight right at South Congress and East St. Elmo. Visitors to Austin can stay on South Congress and explore all the Austin culture that this trendy part of town has to offer.

4. The Yard (440 E St Elmo Rd)- The Yard is a 200,000 square foot complex offering both manufacturing and retail space to artists, makers, creatives and social entrepreneurs, all in the same place.

Once completed, the site will be home to a diverse mix of businesses including The Austin Winery, Drophouse Design, Vuka, Impact Hub Austin, Music Lab, Still Austin Distillery, SUP ATX, The Spokesman, St. Elmo Brewing Co., Soursop, wakaNINE, Raw Paw, Enabler, Sauceda Industries, Blanton Design, ECO Roof & Solar, El Famoso, MADabolic Fitness, Wooly's Beach Volleyball, Sign Depot of Austin, The Loud Juice, and more!

So, whether you are a local looking for something to do on a Saturday, or a tourist looking to explore Austin this weekend, come check out the new South Congress. You’ll find many good surprises in this newly revitalized part of town.

48 East Condominiums to be Zoned as a Hotel

48 East is the one of the latest and most unique condominium development projects to be approved in the Rainey Street District.  It’s unique because the Austin-based STG Design building will actually be zoned as a hotel, which will be powered by Airbnb.   

It’s confusing, but innovative. The concept is a 33-story, 239 unit building that combines the comfortable qualities of a short-term residential rental with the amenities and efficiency of a hotel. 

Once constructed, the building will offer units for sale in the price range of $300,000 for a 454 square feet studio to up to $1.2 million for a 1390 square feet, multiple bedroom condominium. Residents will have the opportunity to rent out their units via Airbnb for up to 180 days per year. 

Airbnb plans to charge 25% off the top and will provide “MasterHost” services at each property for items such as guest check-in, cleaning and linen service.  An added amenity will be local “Airbnb Experiences” for guests—events that involve hosts sharing their own takes on local culture and activities.

Condominiums can be purchased furnished or unfurnished and will feature additional features such as an extra lockable closet to store sensitive belongings and digital locks for keyless entry.    The building itself will include amenities available to all owners and guests, including co-working spaces, hotel-style food and beverage offerings, a spa-inspired fitness center, and a rooftop pool deck.

Property owners will be responsible for hotel occupancy taxes as well as property taxes and will not be allowed homestead exemptions on property taxes. 48 East is expected to open in 2021. 

What is your opinion of this condo/hotel/Airbnb concept?  Do you like the idea of a downtown condominium building built for short term rentals? Make your opinion known in the comments below!