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
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$499,000
54 Rainey ST #809
Austin, TX -
$774,000
603 Davis ST #1102
Austin, TX -
$449,700
40 N Interstate 35 #2D1
Austin, TX -
$365,000
54 Rainey ST #703
Austin, TX -
$550,000
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$540,882
70 Rainey ST #2703
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$1,274,242
70 Rainey ST #1501
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$3,964,000
70 Rainey ST #3204
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$523,250
603 Davis ST #704
Austin, TX -
$1,425,000
70 Rainey ST #2402
Austin, TX -
$1,828,570
70 Rainey ST #2506
Austin, TX -
$334,000
54 Rainey ST #1011
Austin, TX -
$448,000
54 Rainey ST #508
Austin, TX -
$580,000
54 Rainey ST #1013
Austin, TX -
$470,000
54 Rainey ST #607
Austin, TX -
$470,000
54 Rainey ST #421
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$560,773
70 Rainey ST #1809
Austin, TX -
$621,583
70 Rainey ST #2405
Austin, TX -
$499,000
54 Rainey ST #913
Austin, TX -
$363,000
603 Davis ST #1106
Austin, TX -
$565,000
54 Rainey ST #312
Austin, TX -
$399,000
40 N Interstate 35 #2C2
Austin, TX -
$865,000
54 Rainey ST #1206
Austin, TX
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$499,000Lot Size175 sqft
Home Size1,164 sqft
Beds2 Beds
Baths2 Baths
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$774,000Lot Size218 sqft
Home Size1,597 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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$365,000Lot Size218 sqft
Home Size865 sqft
Beds1 Bed
Baths1 Bath
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$550,000Lot Size218 sqft
Home Size1,175 sqft
Beds2 Beds
Baths2 Baths
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$540,882Lot SizeN/A
Home Size663 sqft
Beds1 Bed
Baths1 Bath
-
$1,274,242Lot SizeN/A
Home Size1,697 sqft
Beds2 Beds
Baths2 Baths
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$3,964,000Lot SizeN/A
Home Size3,304 sqft
Beds3 Beds
Baths4 Baths
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$523,250Lot Size175 sqft
Home Size1,252 sqft
Beds2 Beds
Baths2 Baths
-
$1,425,000Lot SizeN/A
Home Size1,321 sqft
Beds2 Beds
Baths2 Baths
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$1,828,570Lot SizeN/A
Home Size2,179 sqft
Beds3 Beds
Baths3 Baths
-
$334,000Lot Size175 sqft
Home Size756 sqft
Beds1 Bed
Baths1 Bath
-
$448,000Lot Size218 sqft
Home Size893 sqft
Beds1 Bed
Baths1 Bath
-
$580,000Lot Size305 sqft
Home Size1,164 sqft
Beds2 Beds
Baths2 Baths
-
$470,000Lot Size305 sqft
Home Size1,164 sqft
Beds2 Beds
Baths2 Baths
-
$470,000Lot Size305 sqft
Home Size1,164 sqft
Beds2 Beds
Baths2 Baths
-
$560,773Lot SizeN/A
Home Size718 sqft
Beds1 Bed
Baths1 Bath
-
$621,583Lot SizeN/A
Home Size837 sqft
Beds1 Bed
Baths1 Bath
-
$499,000Lot Size305 sqft
Home Size1,164 sqft
Beds2 Beds
Baths2 Baths
-
$363,000Lot Size131 sqft
Home Size809 sqft
Beds1 Bed
Baths1 Bath
-
$565,000Lot Size305 sqft
Home Size1,164 sqft
Beds2 Beds
Baths2 Baths
-
$399,000Lot Size1,133 sqft
Home Size1,459 sqft
Beds2 Beds
Baths2 Baths
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$865,000Lot Size349 sqft
Home Size1,341 sqft
Beds2 Beds
Baths2 Baths
