Austin Condos Real Estate Blog

Proposed 60-Story Building to Tower over Downtown Austin

Developers are proposing a two-tower mixed-use project in Austin’s Rainey Street area that includes a 60-story tower that, if built, would become Austin’s tallest building.

The Sutton Co. of Austin and Dallas-based Koa Partners are partnering on the project, which envisions a 60-story skyscraper that would have 440 luxury apartments plus office space. A second smaller tower would have 200 condominiums and 200 hotel rooms, developers say.

Austin’s tallest building is the 56-story Austonian on Congress Avenue. The Independent, a 58-story condo building dubbed “the Jenga tower,” broke ground in January.

The project is proposed on a 2-acre site that is currently home to the Villas on Town Lake, a 58-unit condominium project overlooking Lady Bird Lake.

Mac Pike, chairman of The Sutton Co., said developers could have a site development permit in hand from the city in about a year, for a projected mid-2017 construction start.

Sutton beat out 11 other bidders for the property, for which the Villas owners began soliciting offers last year through local broker Robert Knight. Sutton has a contract to buy the 2-acre site for $50.8 million, said Gary Johnson, president of the board of the Villas’ homeowners association. Johnson said he and his wife, Bonita White, have lived at the Villas since 1999.

Proceeds from the sale, after closing costs, brokerage and other fees, will be divided among owners based on their unit sizes, Johnson said. Owners...

Hawaii's Agu Ramen to Open Outlets in Downtown Austin

A recent article published by the Pacific Business News reports that Hawaii-based restaurant chain Agu Ramen is set to open outlets in Texas’ largest metropolitan areas, particularly in the cities of Houston, Austin, Dallas and San Antonio. Owner and Head Chef Hisashi Uehara is looking forward to the expansion of his Japanese restaurant chain in an area he believes is “an untouched market”, with existent competitors serving ramens meals that are "not at par" with Agu Ramen’s authentically prepared ramen dishes.

The first two to three outlets will be opened in Houston this year, with investment costs of each outlet amounting to $500,000. Upon opening its outlets in Austin, the Hawaii-based chain will compete with established ramen restaurants in the area such as Ramen Tatsu-Ya, Michi Ramen, and Daruma Ramen.

This comes as good news for residents living in and around downtown Austin—a thriving city whose urban districts are becoming a top-pick among career-driven millennials, tech tycoons, and investor-businessment alike—as new attractions keep popping up in downtown’s streets to cater to quick-evolving and sophisticated palates.

To read more about this wonderful downtown Austin news, you can click here to access the article reposted at the Austin Business Journal. You can also check back to our blog for more downtown Austin updates.


Rising Lease Rates Drive Old Establishments in Downtown Austin to Close

Nothing is constant in this world but change, and there's nothing we can do about it whether the changes that will come are good or bad. And while it's good news that downtown Austin is undergoing quick progress, some "bad things" simply can't be helped.

Due to the excessive inflation of lease rates brought about by the development and intense demand in real estate on downtown Austin, some establishments in the area simply can't keep up and need to close.

Recent news reports cover the unsettling stories of old-worlde establishments in Austin closing down due to drastic increase in lease rates demanded by their landlords. Local restaurant Fork & Vine on West Anderson Lane was forced to close due to climbing rent; End of an Ear record store at Slackerville also suffered the same fate. But the most heartbreaking of all is the end of a haberdasher-- Keeper's Menswear will no longer operate in its current location after deciding not to renew the lease. How could they, when there is a 40% demanded increase?

While it saddens the hearts of local Austinites how things are changing in the downtown area, let's hope for the best that the new things coming our way can be as good as how things have been before all this mayhem.


Austin News: Expect Heavy Traffic on Weekend

It's everyone's dream to live in a high-end residence at the heart of the city, a stone's throw away from all the amenities you will ever need. Downtown Austin is one of those cities where residents enjoy living in an urban setting where career opportunities, chic shops, and upscale restaurants combine into a happy mix that would satisfy a career person's or a growing family's needs. But the traffic situation in Austin is an ugly smudge to Austin's picturesque promise. Traffic can get really bad, and drivers have to stay informed to avoid potential gridlocks that would cost them time, effort, and fuel.

KXAN reports that there will be multiple lane closures on major Austin roadways this weekend. It might be a good idea to keep these schedules in mind and STAY AWAY!

East and Westbound SH 71- Lane Closures Every Night

The east and westbound lanes of SH71 between Ross Road and U.S. 183 will have multiple lane closures every night until June 5. Here are the schedules:

  • Eastbound & westbound lanes – Friday – 8 p.m. to 10 a.m.
  • Eastbound & westbound lanes – Saturday – 7 p.m. to 10 a.m.
  • Eastbound & westbound lanes – Sunday – 7 p.m. to 5 a.m.

I-35 and Slaughter Creek Overpass

The I-35 at the Slaughter Creek overpass will be closed this weekend to demolish an old bridge to make way for a new construction estimated to cost $9.2 million. All main lanes will be closed. Motorists will be forced to use the frontage roads in both directions at the 226 exit. Here are the schedules:

  • 11 p.m. Thursday until 10 a.m. Friday
  • Friday night from 11 p.m. to 10 a.m. Saturday
  • Saturday night from 11 p.m. to 10 a.m. Sunday

Construction of the new project will cause the overpass to be inaccessible for a year. However, the proposed...