The Whitley: Downtown’s Next Apartment Tower

We’ve learned that the apartment tower which had been known simply as “3rd & Brazos”, will operate as The Whitley apartments.

The tower is currently under-construction. Local development firm Riverside Resources acquired the site in 2011 from Poe Companies (recall back in 2008, Poe intended to develop this site into the 21c Museum Residences).

The site consists of a half-block on 3rd Street, between Brazos and San Jacinto streets. The Whitley apartment tower will become part of an evolving Railyard District, a pocket of downtown south of 5th Street, east of Congress Ave.

Many Austin apartment buildings are operating at 97-99% occupancy, creating upward pressure on rents. This high level of occupancy reflects an under-supply of housing in Austin’s urban core. Average downtown Austin rent rates are hovering at $2.54 per foot, per month.

The Whitley’s site plan has evolved slightly since the project was announced, but we expect to see 266 for-rent apartments. Also included is 10,000ft of retail space at the ground level. CBRE is handling the commercial leasing with retail space being quoted at $36ft NNN.

Here are some details of The Whitley:
– Riverside Resources is the developer
– Address is likely 210 E. 3rd Street 301 Brazos Street
– $178,100 ($650 per unit) paid to City in parkland dedication fees
– Height = 196ft’
– Stories = 16
– Number of dwellings = 266

Construction of The Whitley should be completed in spring 2013.