Downtown Condos From Down Under

No sooner than we revealed the plans for a secret tunnel downtown, an Australian developer, Constellation Property Group, has announced their own plans to build a 30-story, twin tower, hotel/condo project right above the planned tunnel. Constellation is also building the Star Riverside condos at the northeast corner of Riverside Dr. and I-35. The architect is marchese + partners, which appears to be the design arm of the developer (Eugene Marchese runs both).

This seems like a great opportunity to get the people who will most directly benefit from the tunnel under Waller Creek to help foot the bill for it. This may already be the case, since this building appears to fall squarely within the increased tax zone associated with the project.

Has anyone else noticed that there are a lot of condo projects scheduled for completion around 2008-2010? We're not sure if anyone has "counted them all" or is "paying attention," but even if only half of them actually get built, it seems like there are going to be about a thousand condos on the market about then. Is that a problem? Maybe not. Condos are awesome. Market-based affordable housing, woot!

*Image from Constellation Property Group*

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By Shawn Shillington in News on June 22, 2006 4:06 PM 0 Comments

Comments [rss]

Kenneth

Interesting timing on that announcement from the Aussie developers. I believe the law on TIFs is they have to be in existance before a project is built to kick in the higher tax rate. So those developers may be trying to get in "under the wire," given how long it has taken so far.

M1EK

Charles and Stan are obviously fans of Yogi Berra:

"It's so crowded, nobody can afford to live there!"

garret

seattle is a pretty nice place, i can't say that much for dallas. i'd much rather see people crammed into condo highrises than sprawling out to the hillcountry and paving over the aquifer recharge zones. urban density helps preserve greenspace as long as the city govn't does it's job to restrict development in sensitive areas - then we all win since greenspace and springwater is really what makes austin special. otherwise, yeah... alot like dallass.

anon

DOn't be an idiot. The price has nothing to do with it being a city. The fact that these complexes will draw commecial businesses to their ground floors and the influx of people moving to Austin for jobs (see previous posts about Austin's job growth being [I think] tops in the country right now). There is no doubt that downtown will soon be known more for its shopping and attractions than it will be for drunk frat kids on 6th street.

On a sad note, the biggest problem with this development is the loss of live music venues. The Backroom is just one of many that will see closing or relocation in the next decade.

Think Dallas or Seattle - that's what Austin is trying to become whether CC wants to admit it or not.

Charles

I didn't realize that what makes a city is its unaffordability-so thanks for that clarification, anon.

Is all this condo construction even sustainable in the long run?

Charles

I didn't realize that what makes a city is its unaffordability-so thanks for that clarification, anon.

Is all this condo construction even sustainable in the long run?

anon

Wow - that's some bitterness. Sorry to tell you, but those condos will never be $600 - as much as we may not want it to; Austin is becoming and will soon be a city. I truly hope that more of you take this OPs advice however and move away to those bland, no-life, strip mall chain places and stay away from what makes Austin great for me. Bitterness is not an attribute I find atractive.

stan

Hooray! A two-bedroom apartment with the ultimate HOA attached for only a little more than the monthly payment of a house in Williamson, Hayes or Bastrop counties, the payment on two cars and the fuel cost to commute into Austin.

Of course, come 2010 when they are trying to rent them for $600 I'll be there.