AUSTIN (KXAN) — Most of the downtown Austin developments we’ve seen recently have all been south of the Texas Capitol, near Lady Bird Lake. But a small part on the north side may be getting a towering addition.
The City of Austin is now reviewing a proposal for a 27-story condominum tower at the intersection of 17th and Guadalupe streets.
Owner and developer 1615 Guadalupe, LLC. — an affiliate of Reger Holdings, LLC. — submitted a site plan earlier this month.
Bryan Cady, Co-Founder of DEN Property Group, said his company will be marketing the condos.
“It’s an overlooked part of downtown,” he said about the location. “For this specific area, I think there’s an unmet demand of residences. [It’s] the intersection of where the arts meet business, including the University of Texas at Austin, the Capitol complex and the traditional Central Business District.”
Cady said while still in the preliminary stages, the plan is to build a 27-story tower with about 100 units that will range from one to three bedrooms. They also hope to include multi-story penthouses.
He added that the ground floor will be retail and the building will have several floors of parking spaces.
They plan on starting the prices in the low 400s.
Demand for downtown living
According to the Downtown Austin Alliance, the number of people living in downtown has steadily increased.
- In 2000 – 4,175 people
- In 2010 – 7,635 people
- In 2018 – 15,329 people
Realtor Albert Allen told KXAN there aren’t enough units to meet the need. “Right now, there’s less than 100 condos, resale condos, meaning they’re not to-be-built condos.”
But even with all the new developments, he said, they have “less than two months of inventory, meaning that if no new homes come to the market today, they would all run out in two months.”
He said people continue to look for walkability and restaurants.
“You know about the night life and all of the new music that’s happening,” he said. “It’s what people see nationally and it’s where they want to be. It’s what they’re familiar with.”