After developing and selling out 360 — one of the most successful downtown projects — Novare Group announced in 2008 that they would build two new towers on Block 51 & 52. The prime downtown blocks, one the site of the downtown post office and the other on an adjacent block to the West of the…
News
Austin real estate news combined with editorial and opinion.
Forecast: Austin Rents to Sharply Rise
According to the Austin Business Journal, “apartment occupancy rates jumped notably in 2010, prompting decreased supply and higher prices, according to a recent report.” As demand continues to outstrip supply this year, the City is predicted to become the country’s second best industry performer — in terms of rent growth — after San Jose, California….
Are Downtown Property Appraisals Too Low?
The $21.75M purchase last week of a prime downtown block adjacent to Republic Square for a new 17-story Travis County Courthouse exposed problems in the county’s tax appraisal accuracy. If you look at the historical tax appraisal data for the downtown lot, the appraised value was clearly significantly below market: 2005 Value: $7.6M2006 Value: $7.6M2007…
Ignoring Criticism, Travis County Buys Key Downtown Block
Ignoring public criticism and without a public process, Travis County closed on a prime downtown block just South of Republic Square in downtown Austin for $21.75 million. With this transaction, Republic Square is likely destined to become a dead block surrounded by government buildings. As a result of the transaction, the prime park block is…
New East Austin Condo Project Planned
If you take the new light rail from downtown, the first stop is at Plaza Saltillo on 5th and Comal just 8 blocks East of I-35. With a thriving bar and restaurant scene evolving on east 6th street and great new public transportation options, it’s no wonder that developers are headed to the area. Plaza…
Travis County to Ruin Republic Square
Over the last decade, the Austin Museum of Art has attempted to build a new downtown museum on the south side of Republic park multiple times. With a prime lot (now a parking lot) between 3rd and 4th street off Guadalupe, the museum aimed to be a cultural anchor for the second street and warehouse…