40-Story Condominium High-Rise Planned For Austin

[JDawgATX]

40-story condo tower planned for downtown

Atlanta, Austin companies teaming up for project on former Intel land.

By Shonda Novak

AMERICAN-STATESMAN STAFF

Wednesday, August 10, 2005

Joining the race for the sky, a developer plans to build a 40-story residential skyscraper in downtown Austin.

Atlanta-based Novare Group Holdings LLC and Austin development firm Andrews Urban LLC plan to build a 420-unit condominium tower on 1.3 acres at 300 Nueces St., where Intel Corp. once planned a parking garage for a chip design center that it halted construction on midway through when the tech downturn hit.

Plans for the 520-foot tall tower include approximately 10,000 square feet of street-level shops and restaurants.

The developers hope to break ground early next year, with the first occupants moving in by fall 2007, said John Long, Novare's chief investment officer.

One-bedroom units in the Austin project will start at less than $200,000 and two-bedroom units will start at less than $250,000, making the units affordable to buyers earning annual salaries of $45,000 to $100,000. Currently, downtown condos are reselling for about $300,000 for one-bedroom units to about $500,000 for two bedrooms, said Taylor Andrews, principal of Andrews Urban, Novare's local development partner.

The newest downtown residential projects are high-rises, including a 27-story apartment tower that MetLife plans at West Cesar Chavez and Colorado streets and a 36-story condo tower that developers Perry Lorenz, Robert Barnstone and Larry Warshaw plan to build at West Third and Bowie streets.

The Novare/Andrews Urban project would be just one story short of a 41-story residential-retail-hotel skyscraper that developer Tom Stacy plans at Congress Avenue and Fifth Street.

It would be one of more than a dozen downtown apartment or condominium projects that have been built or planned in the past few years.

The condo tower will have floor-to-ceiling glass walls, large balconies, 10-foot ceilings, 24-hour concierge services, high-speed Internet access, a full-sized pool in a parklike setting and upscale fitness and social centers.

Novare Group focuses on condominium high-rises aimed at buyers 25 to 40 years old who want an urban lifestyle. It has more than 3,500 units under development in Atlanta, Charlotte, N.C., Nashville, Tenn., and Tampa, Fla. Austin will be its first project outside the Southeast. It also has a boutique hotel development arm.

"This development will enhance the urban living experience in downtown Austin," Andrews said. "Our goal is to develop a stunning tower with exceptional views, comfortable yet elegant living spaces, ample parking and the modern conveniences sought by urban dwellers, all at more attainable prices."

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