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
-
$362,000
44 East AVE #1806
Austin, TX -
$429,750
44 East AVE #1303
Austin, TX -
$443,000
54 Rainey ST #920
Austin, TX -
$534,000
48 East AVE #2405
Austin, TX -
$534,570
48 East AVE #1903
Austin, TX -
$548,000
48 East AVE #1707
Austin, TX -
$600,000
48 E East AVE #3106
Austin, TX -
$530,000
70 Rainey ST #1310
Austin, TX -
$745,000
70 Rainey ST #1409
Austin, TX -
$651,583
70 Rainey ST #2605
Austin, TX -
$1,334,242
70 Rainey ST #1901
Austin, TX -
$799,000
54 Rainey ST #1018
Austin, TX -
$379,000
54 Rainey #519
Austin, TX -
$555,000
48 East AVE #1606
Austin, TX -
$930,000
48 E East AVE #1710
Austin, TX -
$625,000
54 Rainey ST #804
Austin, TX -
$489,900
40 N Interstate 35 #6D4
Austin, TX -
$830,000
48 East AVE #2711
Austin, TX -
$384,900
603 Davis ST #1906
Austin, TX -
$450,000
54 Rainey ST #1020
Austin, TX -
$839,000
603 Davis ST #1403
Austin, TX -
$1,199,000
70 Rainey ST #1204
Austin, TX -
$669,900
603 Davis ST #1709
Austin, TX -
$819,900
603 Davis ST #1502
Austin, TX -
$479,500
54 Rainey ST #616
Austin, TX
-
$362,000Lot SizeN/A
Home Size538 sqft
BedsN/A
Baths1 Bath
-
$429,750Lot SizeN/A
Home Size618 sqft
BedsN/A
Baths1 Bath
-
$443,000Lot Size175 sqft
Home Size750 sqft
Beds1 Bed
Baths1 Bath
-
$534,000Lot Size17,904 sqft
Home Size706 sqft
Beds1 Bed
Baths1 Bath
-
$534,570Lot Size17,904 sqft
Home Size641 sqft
Beds1 Bed
Baths1 Bath
-
$548,000Lot Size17,904 sqft
Home Size699 sqft
Beds1 Bed
Baths1 Bath
-
$600,000Lot Size17,904 sqft
Home Size740 sqft
Beds2 Beds
Baths2 Baths
-
$530,000Lot SizeN/A
Home Size718 sqft
Beds1 Bed
Baths1 Bath
-
$745,000Lot SizeN/A
Home Size1,128 sqft
Beds2 Beds
Baths2 Baths
-
$651,583Lot SizeN/A
Home Size837 sqft
Beds1 Bed
Baths1 Bath
-
$1,334,242Lot SizeN/A
Home Size1,697 sqft
Beds2 Beds
Baths2 Baths
-
$799,000Lot SizeN/A
Home Size1,956 sqft
Beds2 Beds
Baths3 Baths
-
$379,000Lot Size175 sqft
Home Size756 sqft
Beds1 Bed
Baths1 Bath
-
$555,000Lot Size17,904 sqft
Home Size1,036 sqft
Beds1 Bed
Baths1 Bath
-
$930,000Lot Size17,904 sqft
Home Size982 sqft
Beds2 Beds
Baths2 Baths
-
$625,000Lot Size305 sqft
Home Size1,189 sqft
Beds2 Beds
Baths2 Baths
-
$489,900Lot Size1,046 sqft
Home Size1,360 sqft
Beds2 Beds
Baths2 Baths
-
$830,000Lot Size17,904 sqft
Home Size1,036 sqft
Beds1 Bed
Baths2 Baths
-
$384,900Lot Size175 sqft
Home Size809 sqft
Beds1 Bed
Baths1 Bath
-
$450,000Lot Size175 sqft
Home Size750 sqft
Beds1 Bed
Baths1 Bath
-
$839,000Lot Size305 sqft
Home Size1,699 sqft
Beds2 Beds
Baths3 Baths
-
$1,199,000Lot SizeN/A
Home Size1,321 sqft
Beds2 Beds
Baths2 Baths
-
$669,900Lot Size262 sqft
Home Size1,286 sqft
Beds2 Beds
Baths2 Baths
-
$819,900Lot Size305 sqft
Home Size1,597 sqft
Beds2 Beds
Baths2 Baths
-
$479,500Lot Size218 sqft
Home Size852 sqft
Beds1 Bed
Baths1 Bath
