Towers in the Pipeline
Under ConstructionThe Milago on Rainey Street is currently under construction (as one can see from the Congress Avenue Bridge). Finish-out work also continues at the 5 Fifty Five, inside the Austin Hilton. Both projects are being marketed now.
In the ProcessSpring, Third and Nueces, and Gables Park Plaza all require zoning or entitlement changes that need approval by the City Council; all have now been recommended for that approval by the city Zoning and Platting Commission. Spring is expected to hit the dais Nov. 17, as may the others, given how few council meetings remain this year. The Spring controversy may be played out, though neighborhood groups still have enough vigor to have secured a two-week postponement of the case. Third and Nueces is expected to be noncontentious. Gables is a wild card, given the past histrionics over proposed towers on the Lumbermen's tract.
On the Drawing Board101 Colorado and 501 Congress are presumably already entitled for the projects their owners have proposed, although it's hard to know for sure until they start pulling permits, which is still in the indefinite future. No details on the status of the Monarch and 210 Barton Springs projects were available at press time.
THE NEW DOWNTOWN TOWERS
(Project / Height / # units / Price point / Location / Developer)
Residential projects currently planned, under construction, and/or newly marketed
14 stories / 240 condos / $200K-$900K / 54 Rainey St. / Fairfield Residential
2. 5 Fifty Five
31 stories / 99 condos / $349K-$4M / 555 Fifth (over the Hilton) / Landmark Org.
36 stories / 220 condos / $200K-$400K / Third and Bowie / Perry Lorenz, Robert Barnstone, Larry Warshaw, Diana Zuniga
4. Third & Nueces
40 stories / 400 condos / Low $200K's and up / Third and Nueces (next to Austin Music Hall) / Novare Group/Andrews Urban
5. Gables Park Plaza
10 (apt. tower), 15 (condo tower) / 100 condos, 314 apts. / None announced / 901 W. Cesar Chavez (Lumbermen's tract) / Gables Residential
6. 101 Colorado
28 stories / 190 condos / None announced / Second and Colorado (behind 100 Congress) / MetLife/Lincoln Property Co.
7. 501 Congress
41 stories / 300-350 condos & apts. / $300K-$600K for condos; ~$1600/mo. for apartments / Fifth and Congress (next to Bank of America) / Tom Stacy
8. The Monarch
27 stories / 297 apts. / None announced ("AA luxury" rental) / Fifth and West (across from Austin City Lofts) / ZOM Austin LP
9. 210 Barton Springs
20 stories / 213 condos / None announced / 210 Barton Springs Rd. (behind Hyatt Regency) / Richard DuPont
TOTAL NEW UNITS: 2,373 units
Existing Downtown residential towers(Project / Height / # units / Price point / Location / Developer)
A. Westgate Tower
25 stories / 60 units / $180K-$1.6M / 11th & Colorado
B. Austin City Lofts
14 stories / 82 units / $300K-$1.29M / 506 West Avenue
C. Plaza Lofts
13 stories / 60 units / $275-$1.3M / Fifth and Guadalupe
D. The Nokonah
11 stories / 95 units / $230K-$2.7M / Ninth and Lamar
E. Cambridge Tower
15 stories / 159 units / $130K-$450K / 1801 Lavaca
F. Penthouse Condos
11 stories / 71 units / $90K-$240K / 1212 Guadalupe
G. Towers of Town Lake
13 stories / 183 units / $160K-$600K / 40 N. I-35
TOTAL EXISTING UNITS: 710 units