Austin | South Austin Projects

[Jdawgboy]

This doesn't sound good at all and makes me question how the market will even develop.

[H2O]

Originally Posted by Jdawgboy

This doesn't sound good at all and makes me question how the market will even develop.

It's not good, but it doesn't necessarily mean the project is doomed. I suspect the pandemic and maybe some false starts by the developer drove prospective tenants away. You can't hold out hope forever, and tenants probably felt they needed to move on with other plans. It doesn't make sense to tie up investment capital in a project that is not making progress. Hopefully they were all still at Letters of Intent stage and hadn't actually signed leases. That could complicate things legally and cause the project to grind down. If the developer has the financial resources to finish construction without tenant income, it is certainly a setback to their profitability, but hopefully they can hang on long enough to sign some other tenants. Or, if they don't make it through, maybe it will be an opportunity for somebody else with better tenant connections to scoop it up at a bargain.

[Urbannizer]

https://www.related.com/press-releas...fice-buildings

Related Companies today announces two category defying, Class-A commercial office buildings in Austin, TX that will introduce a new class of luxury workspace to the City’s growing office market. Marked by Related’s signature amenity-driven design, hospitality services, and commitment to sustainability, One Ladybird Lake and 901 South Congress, will enhance Austin’s office environment to ensure the City’s growing roster of leading companies continually attract the nation’s top talent.

901 South Congress will offer a boutique luxury office environment in the center of Austin’s most vibrant and sought-after lifestyle district.

Designed by Gensler, the five story, 106,854 sq. ft. luxury building will feature flexible, open plan layouts with expansive outdoor terraces on every floor. The ground floor will also have space for a retail or restaurant tenant. Construction will begin later this year and the building is expected to be completed in 2024.

[chinchaaa]

Are they tearing down the house that’s at 901 S Congress? It looks like they’ve been gutting it for a few months now.

[KevinFromTexas]

Originally Posted by chinchaaa

Are they tearing down the house that’s at 901 S Congress? It looks like they’ve been gutting it for a few months now.

I don't think so. The rendering seems to indicate it's to the left (north) of the house.

In the rendering, and on Google Streetview, there are cypress trees present, and the rain gutters seem to be the same on the building to the right of the new office building.
https://www.google.com/maps/place/90...4!4d-97.747517

[futures]

Originally Posted by KevinFromTexas

I don't think so. The rendering seems to indicate it's to the left (north) of the house.

In the rendering, and on Google Streetview, there are cypress trees present, and the rain gutters seem to be the same on the building to the right of the new office building.
https://www.google.com/maps/place/90...4!4d-97.747517

what rendering? I'm not seeing it

[KevinFromTexas]

This one...

Originally Posted by futures

what rendering? I'm not seeing it

Originally Posted by Urbannizer

https://www.related.com/press-releas...fice-buildings

[Urbannizer]

The Warehouse @ SoCo

https://americanventures.com/

160 unit condo development

[kingkirbythe....]

Affordable housing community planned for South Austin

https://www.statesman.com/story/busi...n/66883732007/

Two empty lots in South Austin will soon become a new development of townhomes that its developer says will be an affordable option for working families.

The project, called Industry Soma, will be near Menchaca Road and William Cannon Drive and will feature 23 attached townhomes that will be available for households at or below 80% of the area's median family income. In Austin, 80% of the median family income is about $75,000 per household.

“The community we envision for Industry Soma is welcoming, family oriented, safe and one that residents will be proud to call home," said Michael Winningham, principal at Industry ATX, which is developing the project.

"As land and home costs continue to rapidly outpace income growth in the Austin area, we feel it is important to prioritize affordable communities for working families,” he said.

Home prices and rent reach record highs in Austin and some renters and homeowners are being forced to leave the city for less-expensive housing in suburban areas and beyond.

[chinchaaa]

Originally Posted by Urbannizer

The Warehouse @ SoCo

https://americanventures.com/

160 unit condo development

Where will this be located? I can't find the address.

[smallfrie]

Originally Posted by kingkirbythe....

Affordable housing community planned for South Austin

https://www.statesman.com/story/busi...n/66883732007/

Two empty lots in South Austin will soon become a new development of townhomes that its developer says will be an affordable option for working families.

The project, called Industry Soma, will be near Menchaca Road and William Cannon Drive and will feature 23 attached townhomes that will be available for households at or below 80% of the area's median family income. In Austin, 80% of the median family income is about $75,000 per household.

“The community we envision for Industry Soma is welcoming, family oriented, safe and one that residents will be proud to call home," said Michael Winningham, principal at Industry ATX, which is developing the project.

"As land and home costs continue to rapidly outpace income growth in the Austin area, we feel it is important to prioritize affordable communities for working families,” he said.

Home prices and rent reach record highs in Austin and some renters and homeowners are being forced to leave the city for less-expensive housing in suburban areas and beyond.

Can we agree that this project, at least for its ostensibly intended residents, ie., families, is a hellhole? It might work as a complex for 22 to 25 year olds with roommates, if well managed - and it may evolve to that - but as a self-managed condo complex for "families," it's hell.

Everything the developer says should be turned around. The project is not particularly welcoming, is not family oriented, is unsafe and residents will bashfully call it their house. I can't see any focus on community nor enjoyable outdoor living. Unless one feels dodging cars in the promenade is enjoyable.

Are we subsidizing what for the new unit owners is for all intents and purposes a cheap apartment project but one where the developer gets to cash out immediately, and the owners are on their own? If the rules are followed, it is possible for the new unit owners to ever build any significant equity?

[drummer]

^^ You can tell all that by a single picture? Am I missing something?

[Urbannizer]

Originally Posted by chinchaaa

Where will this be located? I can't find the address.

Just past Hwy 71, next to Sierra Vista Apartments.

[H2O]

Originally Posted by smallfrie

Can we agree that this project, at least for its ostensibly intended residents, ie., families, is a hellhole? It might work as a complex for 22 to 25 year olds with roommates, if well managed - and it may evolve to that - but as a self-managed condo complex for "families," it's hell.

Everything the developer says should be turned around. The project is not particularly welcoming, is not family oriented, is unsafe and residents will bashfully call it their house. I can't see any focus on community nor enjoyable outdoor living. Unless one feels dodging cars in the promenade is enjoyable.

Are we subsidizing what for the new unit owners is for all intents and purposes a cheap apartment project but one where the developer gets to cash out immediately, and the owners are on their own? If the rules are followed, it is possible for the new unit owners to ever build any significant equity?

Families all over the world (and many US cities even) live in townhomes if not apartments. It is past time that Austin grew up and realized that families cannot only live in single-family houses. As land values continue to increase in Austin, young families looking for a starter home (ie. not millionaires) will not be able to afford single family homes. Their only choice will be to live further and further out (with increased transportation costs) or live with a smaller footprint.

[dilliam]

Agreed. Families live in apartments and condos in literally every real city. It was actually a completely normal thing outside of these cities as well until single family homes became so heavily subsidized in the post-war period. Its time that we grow up and recognize this.

[StoOgE]

Lots of kids in my brownstone in NYC.

Honestly, lots of families live in apartments now in Austin. Its not weird and is a great way for middle and low income families to afford to live in the city center.

[We vs us]

Miles and miles and miles of 2 and 3 flats in Chicago.

[kingkirbythe....]

Originally Posted by smallfrie

Can we agree that this project, at least for its ostensibly intended residents, ie., families, is a hellhole? It might work as a complex for 22 to 25 year olds with roommates, if well managed - and it may evolve to that - but as a self-managed condo complex for "families," it's hell.

Everything the developer says should be turned around. The project is not particularly welcoming, is not family oriented, is unsafe and residents will bashfully call it their house. I can't see any focus on community nor enjoyable outdoor living. Unless one feels dodging cars in the promenade is enjoyable.

Are we subsidizing what for the new unit owners is for all intents and purposes a cheap apartment project but one where the developer gets to cash out immediately, and the owners are on their own? If the rules are followed, it is possible for the new unit owners to ever build any significant equity?

No we can not.

[smallfrie]

Originally Posted by We vs us

Miles and miles and miles of 2 and 3 flats in Chicago.

Yes, I grew up in a three flat. South side. Three beds, one bath, 1200 sq. ft., virtually all of it usable - except for the interior wall thicknesses. All utilities, laundry sinks, etc., were in the basement. (Livable area in Industry Soma is probably 600 to 700 sq. ft.)

It had an alley behind it I could play in, and later set up a basketball hoop. it had a back yard i could play in. It had a front yard i could play in. I played in the basement. Each of the three apartment were given an enclosed storage area in the basement bigger than these bedrooms. I made models and set up chemistry sets in ours.

Don't sugar-coat this project. It may or may not be a notch better than the Taylor Homes or Pruitt-Igoe, but it is still just warehousing people. Probably devilishly called Soma because the only way a family could stand living there would be being zonked out on Soma.

Does anyone know if under the Affordable Housing rules an owner could ever build up significant equity (assuming there will always be a buyer for anything)?
And to repeat, are we subsidizing what for the new unit owners is for all intents and purposes a cheap apartment project but one where the developer gets to cash out immediately, and the owners are on their own?

We are giving this developer $3 million dollars to build this and bail. If they sell out at list price they will get $387 per gross sq. ft. Taxpayers are giving the developer $211 of that. Taxpayers should be entitled to a statement of all the projected income, expenses and profits on this project and after completion a statement of actual numbers

[Novacek]

Originally Posted by smallfrie

Yes, I grew up in a three flat. South side. Three beds, one bath, 1200 sq. ft., virtually all of it usable - except for the interior wall thicknesses. All utilities, laundry sinks, etc., were in the basement. (Livable area in Industry Soma is probably 600 to 700 sq. ft.)

It had an alley behind it I could play in, and later set up a basketball hoop. it had a back yard i could play in. It had a front yard i could play in. I played in the basement. Each of the three apartment were given an enclosed storage area in the basement bigger than these bedrooms. I made models and set up chemistry sets in ours.

Not even close.

“
Plans call for 20 of the townhomes are expected to be priced at $235,000. The 1,042-square-foot units will have three bedrooms and one and a half baths.

The other three units are being built with accessible handicap access, with one of the bedrooms on the ground floor. They will 1,208 square feet with four bedrooms and two bathrooms and will be priced at $265,000.“