In an embarrassing reversal, the Monarch Condominiums has decided to convert from a 100% condo project to a 100% rental project. This follows the projects switch from rental to condo just 3 months ago.At the time of the switch, the condo market was very strong and and the downtown rental market appeared unable to support…
New Project: “Zilker Place Condos”
John Wooley, the founder of Schlotsky’s, this week announced plans for Zilker Place Condominiums, a new 74-unit condo development on a prime lot on Barton Springs road adjacent to Zilker Park. With quick access to the park and the hike and bike trail, three 5-story buildings will be constructed on a 2 acre lot that…
Density Bonuses: A New Urban Planning Model for Austin?
A movement is developing in Austin to link downtown zoning variances to “voluntary” contributions to community programs. While a density bonus sounds like a special gift to developers who meet the city’s stated goal of a dense vertical downtown, in reality, it is the opposite. Density bonuses essentially charge developers for variances — if they…
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Major Downtown Condo Project On Hold?
Rumors have been circling for months that AquaTerra, a 163 unit 20-story project planned for Barton Springs road between Congress Avenue and south First street, has been having trouble getting off the ground. In fact, the building was supposed to be complete by 2008 — yet construction hasn’t even broken ground.While we have not received…
City Approves Plan for Second Downtown
The Austin City Council today approved the first phase of a plan to create a second “downtown” urban center in the region of north Austin near Braker and Mopac — essentially the area surrounding the domain. As we have reported in the past, between now and 2015, one developer alone plans to build 50 new…