AUSTIN | Natiivo / Austin (48 East) | 358 FEET | 33 FLOORS | T.O. - Page 7

The ATX · #**121** Posted **Feb 4, 2019, 6:05 AM**

Nice updates!

If they leave the parking lot and foundation (a la WPP) it may mean they don't plan on starting site prep and construction right away.

The ATX · #**122** Posted **Feb 13, 2019, 9:27 PM**

FAA cases were filed this week for a crane (374') and the tower (349'). I don't know how accurrate this is, but the filings list the work schedule as 03/01/2019 to 03/01/2020.

https://oeaaa.faa.gov/oeaaa/external...5955739&row=20

https://oeaaa.faa.gov/oeaaa/external...5959907&row=19

Urbannizer · #**123** Posted **Feb 21, 2019, 9:26 PM**

48 East Ave by Darius Fontenette, on Flickr

The ATX · #**124** Posted **Feb 21, 2019, 11:56 PM**

And now we wait...

We vs us · #**125** Posted **Feb 22, 2019, 2:37 PM**

Is this the one that supposedly won't start digging till 2020?

The ATX · #**126** Posted **Feb 23, 2019, 12:27 AM**

Quote:

Originally Posted by We vs us

Is this the one that supposedly won't start digging till 2020?

Not this one. Financing seems to have always been the problem. They filed all their building permits including finish outs last year, so they have been planning to start as soon as they can. Their building permits expire in July, so they should be starting relatively soon.

urbancore · #**127** Posted **Feb 23, 2019, 1:31 AM**

My source maintains this one is good!

The ATX · #**128** Posted **Feb 23, 2019, 1:39 AM**

Quote:

Originally Posted by urbancore

My source maintains this one is good!

OK. But we've been hearing that for quite a while.

But the demo has given me hope.

We vs us · #**129** Posted **Feb 23, 2019, 1:40 AM**

Good stuff. I’m ready for that area to start filling in a bit.

Only kinda related: I’m waiting for the Towers of Town Lake to sell off their parking garage (south side of Lambie, between East and I-35). Lots of underused prime space.

The ATX · #**130** Posted **Mar 13, 2019, 9:22 AM**

More Airbnb and Niido speculation:

https://gritdaily.com/airbnb-austin/

KevinFromTexas · #**131** Posted **Mar 21, 2019, 7:48 PM**

Tower crane plan. It'll have one crane.

ftp://ftp.ci.austin.tx.us/ATD_AULCC/...ne_PLAN_01.pdf

The ATX · #**132** Posted **Mar 22, 2019, 3:27 AM**

I think it's between this project and The Avenue as to which big project breaks ground next. (The Demo didn't count.) 2019 is turning out to be a great year for the Austin skyline.

The ATX · #**133** Posted **Apr 23, 2019, 6:35 PM**

This could be the reason why this hasn't started yet. As of today they are still trying to update the approved site plan for the change in use from multi-family to hotel/motel. The latest attempt was denied again. But it just seems to be an Admin issue and nothing serious.

https://abc.austintexas.gov/web/perm...c-search-other

GoldenBoot · #**134** Posted **Apr 29, 2019, 8:53 PM**

This project has secured construction financing. It seems to also have a few little changes...total number of for-sale condo units climbed to 249 (from 215); the units will start at 456 SF and average 851 SF.

freerover · #**135** Posted **Apr 29, 2019, 8:55 PM**

From ABJ

Quote:

A 33-story condo tower planned for the Rainey Street Historic District has received an $87.9 million construction loan.

Miami-based 3650 REIT — a national commercial real estate lending, investment and services firm — provided the loan to a joint venture between Pearlstone Partners and Newgard Development Group for the development of 48 East, according to an April 29 announcement.

“3650 REIT’s real estate expertise and ability to provide flexible financing solutions, combined with our strategic partnership with Newgard and specialization in Austin will enable us to bring to market a first-class project that will resonate with and meet the needs of the local market,” Robert Lee, CEO at Pearlstone Partners, said in a statement.

Lee told the Austin Business Journal a year ago that the partners on the project were finalizing financing on the tower, estimated to cost between $140 million to $150 million to build.

The project is fully permitted by the city.

Lee couldn't immediately be reached for comment so it's unclear when construction may begin on the condo tower.

48 East will have 249 luxury units for sale, up from 215 proposed last year, according to the announcement. The tower will have 274 parking spaces across nine levels, and high-end amenities including a rooftop pool, viewing deck and fitness facility. Units will be as small as 456 square feet and average about 851 square feet to make the condos more affordable to young professionals, the developer said in the announcement.

“This loan afforded us the opportunity to provide capital to a strong joint-venture sponsorship encompassing both local market knowledge and high-rise expertise to develop this transformative project in Central Austin,” 3650 REIT Managing Partner Jonathan Roth said in a statement. “The affordability of the units at 48 East in tandem with its superior amenities and prime location near Rainey Street and Lady Bird Lake, as well diverse dining and nightlife options, should help generate substantial demand for units at the property.”

Mike Guterman at Highland Realty Capital, a California-based commercial real estate finance firm, was responsible for arranging the financing along with John Ghiselli from Waterloo Real Estate Investments.

48 East is one of a handful of projects under construction or in the pipeline for Rainey Street area. Others include:

• Canada-based developer Intracorp Projects Ltd. is developing the 49-story 44 East condo tower that will bring 322 for-sale units and ground-level retail space to the corner of Cummings Street and East Avenue.

• Kevin Burns, founder of UrbanSpace, has plans to develop his own 51-story high-rise with 290 apartments and a 293-room hotel at 90-92 Rainey St. The project is just beginning the entitlement process with the city of Austin.

• Construction has started on The Quincy, Endeavor Real Estate Group LLC's 30-story apartment tower at 91-93 Red River St. MetLife Investment Management, MetLife Inc.’s (NYSE: MET) institutional asset management business, recently signed on as an equity partner. The tower is expected to deliver in the third quarter of 2020. It will contain 72,997 square feet of office space, 10,545 square feet of retail space and 347 apartment units. It's under construction now.

The ATX · #**136** Posted **Apr 29, 2019, 9:25 PM**

So they switched again. This has gone from Rental>Condo>Hotel/AirBnB Concept>Condo. At least it's good to go now.

The ATX · #**137** Posted **May 7, 2019, 8:01 PM**

I don't know if the Hunt Construction group is the general contractor for this project. But here's a permit with their name on it for "Site Construction with Alley Closure" beginning July 1st. The address range would indicate that it's for either this project or 44 East. But I'm going with this one since it is much further along.

https://abc.austintexas.gov/web/perm...rtyrsn=2019481

We vs us · #**138** Posted **Jun 18, 2019, 5:48 PM**

Towers confirms this will be an Air BnB concept tower, permitted and constructed as a 249 key hotel. Scheduled to open by Sept 2021.

https://austin.towers.net/airbnb-pow...reet-district/

ATXboom · #**139** Posted **Jun 18, 2019, 9:06 PM**

Quote:

Originally Posted by The ATX

I think it's between this project and The Avenue as to which big project breaks ground next. (The Demo didn't count.) 2019 is turning out to be a great year for the Austin skyline.

Don't forget the condo about to go up in the warehouse district... or whats left of it.

The ATX · #**140** Posted **Jun 18, 2019, 9:25 PM**

Quote:

Originally Posted by ATXboom

Don't forget the condo about to go up in the warehouse district... or whats left of it.

I think that one (Hanover Republic Square) along with 44 East and 6xG are all candidates to start soon as well since they all have their density bonuses and are just waiting for site plan approvals.