Evaluation of the different options available for condominiums in downtown Austin

Downtown Austin is growing faster than ever. Well, maybe never, but more so than in the last 14 years I’ve lived here. The city council and the community at large are pushing to convert the city center into a high-density work-live area, with shops downstairs and housing upstairs. The term is “multi-use” and it’s pretty much the montra for Austin real estate. There are more than 10 condominium projects in the next two years that cater to the different attractions of living in downtown Austin.

A couple of condominiums are situated around the river in downtown Austin, taking advantage of views downriver. The first time I saw the views, I was quite surprised. You can see the entire river from the Congress Bridge, past the Lamar Bridge and downtown. A good aspect of these places is that there is not much chance of anything being built in the way of the river view, since you are on the bend. The two places are called The Milago and The Shores. The Milago is right on the bend in the river with only the Town Lake Trail between it and the water. If you want sheltered views of the river, The Milago is more or less. Also, to get views you need to be above the trees and that’s about the 6th floor as well as the west side of the building; the east side of the building has practically nothing interesting at the moment. The Shores has a similar view corridor downriver and to the west and is slightly north of Milago. It has the Mexican-American cultural center being built across from it and has an older, low-rise townhouse project that is non-threatening as of now to block the view. This building is not as rectangular as The Milago, so most units have some type of view, either of the river or downtown.

Moving on to another condo sector in downtown Austin. Some hotels are renovating the upper floors of their venues or building new skyscrapers next door to accommodate those who want more of the high-end services associated with hotels. They will have room service available, exercise facilities, concierge and other things. The Hilton probably has the most luxurious units right now called the Five Fifty Five. To name a couple of nifty attributes, they feature Wolf ovens, hardwood floors, 24-hour service. concierge and security, and walls of windows overlooking downtown Austin. They have a couple of penthouses left.

The other aspect of downtown Austin living that some condos will rely on is the tendency to live near walkable shops and restaurants. Clarksville is an affluent neighborhood around some shops and restaurants in West Lynn, as well as the 6th & Lamar area. It’s probably the closest real neighborhood (that is, houses too) to the center of the city to the west. There’s a local store to walk to in West Lynn, and if you want more than a supermarket, Whole Foods mothership headquarters complete with ice rink is on the corner of 6th & Lamar along with REI, Waterloo Records, Amys Ice Cream and other fun stuff. The Nokonah is right there in the middle of it all. It was built in 2001, so right now it’s all for resale, but in a good location with concierge and security.

And of course people just want to live in cool areas. Austin’s South Congress is known for being probably the trendiest street in Austin. It’s so cool that it’s been shortened to SoCo. There are a couple of different condominium projects coming up in that area. Most are loft-style and elegant, matching the SoCo area. One is practically next door to a popular restaurant and club. It is a smaller condominium project with only 14 units available and starting at 380K. Larger condominium projects are being developed further south called SoCo Lofts. These will have bamboo flooring and stainless steel appliances. You won’t actually be able to walk to the SoCo shopping area, but they will create their own multi-purpose shops, retail stores and restaurants. Since they’re a little further south of SoCo’s coveted shopping strip, they’re a more affordable option, starting at 225K for a 1-1.

Another area in the South that is trying to model itself after SoCo is coining itself SoLa, or South Lamar. SoLa parallels SoCo and about 2 main streets to the west. It’s not as dense with stores, but city plans are in the works to rezone almost everything along the street between South River and 71st to be multi-use. It could be great and much more expansive than the current SoCo. There are several condominiums planned to take advantage of the new SoLa. One is just south of the river called The Magnolia. They have already started construction and are moving quickly, with a goal of completion in July 2008. The funny story behind this location is that it used to be a Wendy’s.

It will be interesting to see how Austin develops in the years to come. There are a number of condos in downtown Austin, but the new ones coming online should widen the selection for people interested in downtown living. Additionally, increased density should allow more small shops and businesses to establish themselves in the downtown area, hopefully making downtown a more interesting place to walk for years to come.