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.
Rainey Street Condos For Sale
-
$725,000
48 East Avenue #3007
Austin, TX -
$936,500
48 East Avenue #3103
Austin, TX -
$699,000
48 E East Avenue #2506
Austin, TX -
$660,000
70 Rainey Street #1803
Austin, TX -
$615,000
603 Davis Street #907
Austin, TX
-
$725,000Lot Size57 sqft
Home Size700 sqft
Beds1 Bed
Baths1 Bath
-
$936,500Lot Size17,904 sqft
Home Size641 sqft
Beds1 Bed
Baths1 Bath
-
$699,000Lot Size17,904 sqft
Home Size740 sqft
Beds1 Bed
Baths1 Bath
-
$660,000Lot SizeN/A
Home Size663 sqft
Beds1 Bed
Baths1 Bath
-
$615,000Lot Size175 sqft
Home Size879 sqft
Beds1 Bed
Baths1 Bath
Leave a Reply