Representatives of the Natiivo project do their groundbreaking thing, complete with fancy shovels and a custom wheelbarrow. Photo by James Rambin.
A groundbreaking event took place this morning for Natiivo, the “Airbnb-powered” home sharing brand announced earlier this summer as the identity of the 33-story tower planned for many years at 48 East Avenue in the Rainey Street District.
It's rare to see the birth of a totally new product type. STR is effectively banned by downtown condo HOAs. Railyard and Brazos Lofts – the only DT buildings that allow STR – are likely to be sold soon, so Natiivo could become the only downtown condo building to allow STR. https://t.co/NPbFOkCrSo
— Jude Galligan (@downtown_austin) June 19, 2019
The Natiivo business model is pretty groundbreaking in its own right, as the first of its kind in the Austin market. Developed jointly by Austin’s Pearlstone Partners and Miami-based outfit Newgard Development Group, the project is technically permitted as a 249-unit hotel, but will allow buyers to purchase individual rooms and rent them out to guests via Airbnb. The building’s management receives a cut of the profits from these short-term rentals, in exchange for providing hotel-style amenities including cleaning, concierge, and valet services.
A rendering of the Natiivo tower planned at 48 East Avenue. Image: Natiivo Austin
The unique business model of the Natiivo concept, combined with common frustrations regarding Airbnb properties and other short-term rentals, means its developers are doing their best to make inroads with the project’s neighbors — in this case, the Rainey Neighbors Association. Developers Harvey Hernandez of Newgard and Robert Lee of Pearlstone presented Rainey NA president Sandra De Leon with a $5,000 donation in giant novelty check form, ostensibly for improvements to the district including its various mobility woes, though specific uses weren’t identified.
Rainey Neighbors Association president Sandra De Leon (left), Newgard Development Group CEO Harvey Hernandez (center), and Pearlstone Partners CEO Robert Lee (right), holding a big ol’ check. Photo by James Rambin.
Even though the groundbreaking itself is symbolic, the developers say work should kick off here shortly. In fact, construction staging for the project is already underway on the opposite site of East Avenue near Lambie Street, and following its current schedule, the building should open in 2021. Per Natiivo Austin’s management, 100 units have already been reserved at the property, with prices starting in the $400,000s.
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$1,135,000Lot SizeN/A
Home Size1,154 sqft
Beds2 Beds
Baths2 Baths
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$1,255,000Lot SizeN/A
Home Size1,321 sqft
Beds2 Beds
Baths2 Baths
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$415,000Lot Size131 sqft
Home Size1,005 sqft
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Baths1 Bath
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$975,000Lot SizeN/A
Home Size1,956 sqft
Beds3 Beds
Baths3 Baths
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$455,000Lot Size1,046 sqft
Home Size1,360 sqft
Beds2 Beds
Baths2 Baths
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$449,700Lot SizeN/A
Home Size1,533 sqft
Beds2 Beds
Baths2 Baths
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$600,000Lot Size175 sqft
Home Size1,176 sqft
Beds2 Beds
Baths2 Baths
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$365,000Lot Size131 sqft
Home Size714 sqft
Beds1 Bed
Baths1 Bath
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$685,000Lot Size262 sqft
Home Size1,164 sqft
Beds2 Beds
Baths2 Baths
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$549,000Lot Size1,220 sqft
Home Size1,533 sqft
Beds2 Beds
Baths2 Baths
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$460,000Lot Size175 sqft
Home Size1,164 sqft
Beds2 Beds
Baths2 Baths
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$744,000Lot Size218 sqft
Home Size1,597 sqft
Beds2 Beds
Baths2 Baths
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$550,000Lot Size218 sqft
Home Size1,175 sqft
Beds2 Beds
Baths2 Baths
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$523,250Lot Size175 sqft
Home Size1,252 sqft
Beds2 Beds
Baths2 Baths
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$1,425,000Lot SizeN/A
Home Size1,321 sqft
Beds2 Beds
Baths2 Baths
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$330,000Lot Size175 sqft
Home Size756 sqft
Beds1 Bed
Baths1 Bath
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$580,000Lot Size305 sqft
Home Size1,164 sqft
Beds2 Beds
Baths2 Baths
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$363,000Lot Size131 sqft
Home Size809 sqft
Beds1 Bed
Baths1 Bath
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$565,000Lot Size305 sqft
Home Size1,164 sqft
Beds2 Beds
Baths2 Baths
