Our summer 2019 intern Ben Sessa (Indiana University ‘22) assisted in composing a summary of what Nordic believes to be a few key exciting development projects to hit Austin in 2019.
70 Rainey Condominiums
Highrise Combination of Luxury, Location and Lifestyle.
With Austin’s very unique bar districts, Rainey Street is one of a kind located in a historic district filled with converted bungalow-style homes that are now home to it’s trendy bars. Additionally, this location is a hotspot for developers to build high rises just blocks if not feet away from the happening day and night action. “70 Rainey” did just that:
● Luxury 34-stories
● First development in Austin by the New York based Sackman Enterprises. “We felt that this site had the best views in Austin”- C.J. Sackman, Director of development for 70 Rainey
● 76 Units closed
● 164 Units total, 80% sold
● Unit Range: 663 sq ft to 3,862 sq ft
● Price Range: $540,000 to $4.7 Million
● Average PPSF: $815
The Bridge at Asher Apartments
Market Rate Multifamily to Affordable Housing Conversion
To help alleviate the shortage of affordable housing, a joint venture between Community Development Trust, Austin Affordable Housing Corp, and the Housing Authority of the City of Austin bought this property at 10505 S. I-35 frontage road, just south of Southpark Meadows, for $70 Million from New York based Castle Lanterra Properties after millions of dollars were invested for renovations. After buying the 56 acre property for $51.6 Million in 2015, this has become a great community for lower income families who would like to stay close to the city and meet these income requirements:
● Renting to those making 80% or less of the metro median family income level
● Priority given to those making 30% or less of median family income
Aiden by Best Western @ Austin City Hotel
Hipster Style in South Austin
The Best Western is collaborating with Aiden boutique brand and hopping on the hip train that is rapidly taking over South Austin by starting its $2 Billion brand makeover in the heat of the action. With each hotel designed to reflect its surrounding community, this new Aiden by Best Western hotel offers a hip, relaxed hangout spot for millennials along with the like-minded hipster travelers passing by. Catering to the rapidly growing Austin startup market with an around-the-clock Business center, public spaces with bright and modern signature seating, multiple meeting facilities, all underneath it’s 158 vibrant colored, lush fabricated rooms. “Aiden is breaking the mold in the upper midscale boutique segment by catering to today’s travelers looking for an inviting space that embodies the personality and spirit of its location,” says Brad LeBlanc, senior vice president and chief development officer at Best Western Hotels & Resorts. This unique hangout spot will soon be a staple and hub of the rapidly growing South Austin market that is sure to have many more boutique shops built around it.
H-E-B in South Austin
Redevelopment into first multi-level grocery location in Austin
Another great sign of the promising future for South Austin’s trendiness that is moving rapidly along the thriving South Congress is the redevelopment of the current HEB grocery store. With big plans in play for the construction to start in 2020, HEB will totally redo its current grocery store and turn it into a multilevel (first multilevel location in Austin) grocery store containing a beer garden, food hall, along with two levels of underground parking. HEB also owns the Twin Oaks shopping center that is located directly across the street from their main store on South Congress. This underdeveloped property is a great opportunity to add to the unique high-speed changes that are happening to South Congress, or sell to a redeveloper who will continue the hip trendiness that has already taken over South Congress. As HEB is the largest private sector employer in Austin with nearly 14,000 employees, this is a perfect opportunity to capitalize on the rapid growth and redevelopment that is spreading up South Congress and into main South Austin.
