Show Preview: Brackett & Co., Real Estate
J. Tillman at the Mohawk - Giveaway
SoCo keeps expanding. Another large-scale multi-use development is in the works on Austin's second-most famous street.
The $65 million development, featuring a mix of retail, residential living and restaurants, will be located at the southeastern corner of East Alpine Rd. and Congress Ave. The residential units will consist of condos, ranging from $169,000 to $299,000, and luxury apartments starting around $1,100, but more importantly, they will be across the street from Expose, Austin's premiere gentlemen's club some place where young women working their way through college skanks grind on your package and get glitter all over your face....or so we've been told.
Evidently, this project, spearheaded by Austin firms Symcox Development Company and Tierra Capital, was first proposed back in 2002 but later scrapped after Austin's economy took a dive. Now, with the real estate market more frenzied than ever, the timing couldn't be more perfect: the Statesman quotes developer Abe Zimmerman, who is affiliated with a separate project closer to downtown, as remarking, "I believe this is the kind of density that Austin would rather have than urban sprawl. I think this is the wave of the future. We can't shut the door on growth."
The 7.3 acre development is expected to be fully-operational by next summer. We say, "Huzzah, urban density!" We just wonder, with 5 new high-end residences going up either downtown or on SoCo in the next year or so, who is gonna fill all that space? Certainly not us, unless the lottery numbers from Lost come through.
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300k for the highest end condo, seems like a bargain to me!
i agree, i think the prices are not bad at all. i may even consider one if they do not sell out in 5 minutes. just wondering who else is going to fill these, but more importantly, the more expesnive ones around soco and downtown. there is going to be al ot of space up for grabs.
With a development like this going in and development that's sure to follow, I'm guessing that Expose will be moving farther down South Congress in the not too distant future. I'm also guessing that my cheap rehearsal space at Million Dollar Sound is in jeopardy.
Think "trickle up". The people in nice apartments move up to these things; people in moderate apartments move up to nice ones; people in cardboard boxes move up to the moderate ones; and all of the sudden, there's an opening in a cardboard box with your name on it.
Seriously, adding supply does work. Sometimes it takes a while to sort out, but nothing pisses me off more than people who oppose urban development because the bunch of new supply in buildings which cost a ton to build doesn't end up renting below market value so they can afford to move straight in. Yeah, there really are a ton of people who think this way.
Since when is it a great deal paying $250,000+ for a loft, I mean APARTMENT, in Austin? Although, folks living in this new development area will feel like the bull’s balls when they brag to friends about having the most expensive views of transvestite hookers cruising Congress Ave.
And Expose isn’t moving anytime soon. Hell, its owner is probably doing a jig in front of city hall right now! Expose now has a built in clientele of yuppie pricks right across the street from his skin shack. What more could a business owner ask for?
Next thing you know the City of Austin will allow developers to demolish music and art venues to construct buildings that no one will ever inhabit. And then someone will think building technology "campuses" near pristine spring feed rivers is a great idea.
Sounds like the whole lot of you need to move back to California and New York, or whatever suck hole you escaped from.
Ian
Expose is most definitely licking their lips.
We used to live on W. Alpine a few years ago and a pal called that development around there "the Villas at Expose."
I hope they go with that name.
you people are freaking nuts. Do you know how much you have to make to even QUALIFY for a loan on a 300K condo?? Not to mention that they will probably be about 1200sqft - that's $250/square. Are you all daft?
loan?
cash...money...records, bitch!
i wish all these poor people would sotp crynig about rent. if you slakcer losers made any significant cake doing what you love the way i do, i bet you wouldn't be sleeping on your friends' floors or in some shack on the east side. don't let being poor and unsuccessful justify your hatred of people who know how to get paid.
surely you jest, Yuppie Prick?