AUSTIN | SkyHouse Austin | 264 FT | 23 FLOORS | T.O. - Page 2

BevoLJ · #21 Posted **Jun 14, 2012, 9:27 PM**

Quote:

Originally Posted by jg6544

Hmm, wonder why they're bringing more towers onto the market when the ones they've got are 27% unsold.

Those are all new buildings that were finished in the last year or two. Not overall occupancy. At the rate they have been selling they will be sold out long before anyone could finish a new building if they started today. And there are none under construction today, nor any planed to start this year. The only exception would probably be the Austonian. But that is because the Austonian is kinda its own thing, and it will sell at its own pace. They are in no hurry to sell off those condos, and will take their time and get the most they possibly can. At least that is my understanding of how they work.

Jdawgboy · #22 Posted **Jun 14, 2012, 9:53 PM**

Quote:

Originally Posted by BevoLJ

Those are all new buildings that were finished in the last year or two. Not overall occupancy. At the rate they have been selling they will be sold out long before anyone could finish a new building if they started today. And there are none under construction today, nor any planed to start this year. The only exception would probably be the Austonian. But that is because the Austonian is kinda its own thing, and it will sell at its own pace. They are in no hurry to sell off those condos, and will take their time and get the most they possibly can. At least that is my understanding of how they work.

Your right about the Austonian, they planned that from the very beginning.

KevinFromTexas · #23 Posted **Jun 15, 2012, 6:36 AM**

From this article from Thursday, it states that the apartment occupancy rate in downtown is 97.6 percent. That is extremely tight.

Quote:

Originally Posted by The article

Downtown's apartment occupancy rate stood at 97.6 percent in June, and rents averaged $2.17 per square foot, up 6.9 percent from December 2011, according to Capitol Market Research, a real estate consulting firm that tracks the apartment market. Rents at the newer high-rise projects are higher, averaging in the $2.50 to $2.60 per square foot range.

"Demand is at least 500 units per year, and could be higher," said Charles Heimsath, president of Capitol Market Research.

MPF Research, which tracks rents and occupancies in Austin and other cities nationwide, has forecast that Austin's apartment market will be the nation's No. 2 performer this year, just behind San Francisco.

ATXboom · #24 Posted **Jun 15, 2012, 1:50 PM**

Quote:

Originally Posted by jg6544

What is the vacancy rate in these downtown high-rise condos?

I don't beleive any of the new towers planned or financed are condo developments. It is the occupancy rate for apartments in downtown Austin and the demand to live downtown as a renter that is driving massive development. The rental occupancy rate downtown is 97.5%... second only to San Francisco. I believe that is the justification you're sniffing for.

ATXboom · #25 Posted **Jun 15, 2012, 1:53 PM**

Quote:

Originally Posted by BevoLJ

Those are all new buildings that were finished in the last year or two. Not overall occupancy. At the rate they have been selling they will be sold out long before anyone could finish a new building if they started today. And there are none under construction today, nor any planed to start this year. The only exception would probably be the Austonian. But that is because the Austonian is kinda its own thing, and it will sell at its own pace. They are in no hurry to sell off those condos, and will take their time and get the most they possibly can. At least that is my understanding of how they work.

^^^ This... Austin will hit a point when there are no new condo units available before any can even come on line. Development is actually trailing the absorption curve. Happy to site sources. Because of the uber high end prices of the Austonian that may be the only exception. Austin certainly could/should get more Spring / 360 type price point condo highrises going asap...

All this talk... keep in mind Austin is one of, if not the fastest growing city per capita in the country with downtown neighborhoods people want to live in. Demand side of business equation is strong and has been historically strong.

KevinFromTexas · #26 Posted **Jul 17, 2012, 2:29 PM**

This should be breaking ground this month. At least that's when they had said. They're still working on getting things ready. I read with the city that they're getting their permit for a tower crane. So it should start soon.

I got an email back from Batson-Cook. I'm actually not sure what role they're playing with this building's development since they provide so many services.

Anyway, SkyHouse Austin will be 264 feet to the top of the barrel vaulted roof. The main roof will be 259 feet.

So this will be 7 feet taller than The Shore. Today it would be the 22nd tallest building in Austin right between 301 Congress (306 feet) and The Shore (257 feet).

Apparently the parking garage will be adjacent to the tower.

This was from the Site Plan filed with the city.

Quote:

"Proposed project includes the development of a 320 unit residential tower and adjacent precast concrete multi-level parking garage. Overhead utilities are currently installed on aerial poles on the backside (East Side) of property running within an unimproved alley. Several adjacent properties to the East are served from these utilities. At a minimum we understand these aerial utilities belong to Austin Energy, Time Warner Cable and AT&T. The project will seek to connect to these servcies and some of them will be relocated either underground or on relocated poles. The project also seeks to connect to existing utilities within Rainey Street - To Be Determined. Project seeks an agressive schedule with Site Developement Permit and License Agreement submitted in January of 2012. Address Range Street Cross Street 1 Cross Street 2 47 - 57 Rainey Street River Street Cumming Street "

KevinFromTexas · #27 Posted **Sep 9, 2012, 4:20 AM**

Projected start: Within the next two weeks

KevinFromTexas · #28 Posted **Sep 21, 2012, 5:06 PM**

http://www.bizjournals.com/austin/bl...-skyhouse.html

Quote:

Groundbreaking imminent for SkyHouse Austin high-rise

Austin Business Journal by Jan Buchholz, Staff Writer
Date: Thursday, September 20, 2012, 3:58pm CDT - Last Modified: Friday, September 21, 2012, 9:42am CDT

Jan Buchholz
Staff Writer- Austin Business Journal

Construction will begin in the next few days on the SkyHouse Austin luxury high-rise. The announcement was made Thursday by one of the co-developers of the apartment community, which will be built at 51 Rainey St. downtown.

Batson-Cook Development Co.’s Mark Stewart said about 500 workers will be employed by construction of the high-rise, which is scheduled for completion in the fourth quarter of 2013.

bks68 · #29 Posted **Sep 26, 2012, 11:03 PM**

Sorry for cross-posting, and this may not add much to the thread - but the application for a crane permit was submitted to the city yesterday:

https://www.ci.austin.tx.us/devrevie...erRSN=10833503

So, we should see this one rising relatively soon.