39-story condo tower set to break ground in downtown Austin

Oct 15, 2014
Austin American Statesman

Developers are about to break ground on what will be downtown Austin’s fifth-tallest building

The 39-story condominium tower is planned for the northeast corner of West Fifth Street and West Avenue, where the building that housed the Texas Press Association sits. Demolition on that building will start this month to make way for the new tower, which will bring 154 new luxury units to market when it opens in the fall of 2017. Units will start in the $500,000s, said Scott Dunaway, a spokesman for the developer, Riverside Resources

Riverside Resources is an Austin-based firm that is leaving a significant imprint on the local market. The company built the Whitley apartment high rise downtown, which it has since sold, and is under construction with a new office building near Capital of Texas Highway (Loop 360) and Bee Cave Road, among other projects

Called Fifth & West Residences, the project will be the second condo tower under construction downtown, joining the 30-story Seaholm Residences at the former Seaholm Power Plant on West Cesar Chavez, a site that is being redeveloped with housing, dining, office and retail space. Seaholm’s developer said prospective buyers reserved all 280 condos at Seaholm in one week, calling it a record for a downtown residential project

Riverside Resources isn’t disclosing the cost of its new condo project, or how much money is being invested by its capital partner, the Carlyle Group

The tower will include conference spaces, outdoor and lounge areas, a pool, a fitness center, a yoga studio and a dog park — complete with an indoor lounge and coffee bar

At 448 feet, the tower will be the fifth-tallest downtown, after the Austonian, the W Hotel & Residences, Spring and Frost Bank Tower

Charles Heimsath, a local real estate consultant, said that other than the Seaholm Residences — which originally was designed to be an apartment tower — downtown Austin hasn’t seen any new condo projects start since 2009. Demand for downtown condos remained strong — even during the recent recession — and the limited supply of units on the market bodes well for additional successful development of condo towers in the downtown market, he said

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