According to the Austin Business Journal, “Austin City Council on Thursday approved special zoning to allow the transformation of a historic Congress Avenue building into a boutique hotel.”Under the new plans, developers will build a 26-story 130 room hotel and restaurant on top of a small 120-year-old Congress Avenue building. The project could begin construction…
News
Austin real estate news combined with editorial and opinion.
Whitley Printing Site Under Contract for Possible Apartment Project
According to the Statesman, the former Whitley Printing Co. building site on third between Brazos and San Jacinto is under contract to Riverside Resources which is evaluating plans to build an apartment complex on the site. The Whitely site is one of the last remaining prime downtown building sites. The lot is on a key…
Does Downtown Feel Crowded? SXSW = 13K People, F1 Racing = 300K People
St. Patrick’s Day 2011 may have been the most crowded that I have ever seen downtown. With SXSW music in full force, a packed free concert for the Strokes at Auditorium Shores, and a steady stream of locals headed downtown to celebrate St. Patrick’s Day, downtown was absolutely crazy. This year’s SXSW music festival packed…
First W Austin Condo Sale Prices Hit MLS
As condos in the W Residences begin to close, the first two units have hit the MLS. For buyers looking at the W, this is one of the first public signals of the building’s market value. The units were: 23rd Floor1,169 Square Feet1 Bedroom / 2.5 Baths$570,984$488 / SF 22nd Floor3,498 Square Feet3 Bedroom / 3.5 Baths$2,035.000$582…
Exclusive: Condo Sales Soar in February
There is lots of evidence that the Austin real estate market should be improving: inbound migration rates are extraordinarily high. Job growth is back. Inventory is declining. Rental rates are soaring. February’s sales provide the first evidence that the market may be improving. We’ve updated the AustinTowers | TOWERS Realty Downtown Austin Condo Market Index for January and February, 2011….
Report: Downtown Rents Soaring
We’re hearing reports of soaring rents in high-end downtown Austin rental buildings like the Monarch, Ashton, and AMLI. In one case, a tenant’s recent renewal resulted in a 30% increase in the market rate and the elimination of concessions. In total, this meant a rent increase of more than 50%. While downtown rental properties struggled…