Mr. Twist and I spent six months in Austin in the mid-1980s while he was a student at UT. At the time, the state capitol building was visible for miles. Now it is all but obscured by towering buildings, many of which are condominiums.
There are those that claim that there is demand for all of these downtown condos [After all, Austin is special, the economy is strong and EVERYONE wants to move here.] but there are others of us who think supply is quickly exceeding demand.
Back in April, the Austin American Statesman ran a satire by John Anderson, a former reporter with Forbes who now has a computer business in Austin. I just barely saw it this week, though, and thought it was worth sharing:
CONDOMINIUM TOWERS TO RISE AT STATE CAPITAL
Towering Towers II will feature rooftop rifle range and complimentary bungee jumping cords
By Hal E. Luya
Austin Business Bugle
Austin, Texas (April 1) – In a continuing sign of the strength of the Austin condominium market, developers today announced plans for two 100-story condominium towers to be built on the site of the nearly 120-year old Texas State Capital building. Called the Towering Towers II, the project would require the demolition of the historic state capital building.
To placate Austin preservationist groups, the project’s developer has agreed to remove the Capital’s historic dome and place it on top of both towers to preserve the integrity of the property. “We’ll just lop that sucker off in one piece and drop it right on top like a hat,” said developer Fred B. Baulsy. He also said a historical marker made of a piece of the Capital’s limestone will be placed in the project’s parking garage in perpetuity.
Baulsy said his family firm, Baulsy Bros Builders LLC, is based in Miami and has developed condominium projects in South Florida. Towering Towers II will be their first Austin project. “Miami’s kind of crapped out on us,” said Baulsy. “I’ve never been to Austin, but I hear things are hotter than a pistol. I just told my guys, “Let’s go build something there’”.
At a news conference yesterday, city officials said the 100-story project would be the tallest in the state, if not the world. Baulsy said they considered making the Towering Towers II only 99 stories, but that 100 “just sounded better.” The towers will have 2,361 units, a three-chair barbershop, and four Starbucks outlets, one for each corner of the project.
Austin mayor Will Wynn said the demolition of the Capital is necessary to further his goal of high-density downtown living. The development plan calls for the offices and chambers for the Texas legislature to be relocated to the basement of the Towering Towers II. Wynn said the reduced space for the legislators would not present any problems. “Those guys are only here half the year anyway, you know,” explained Wynn.
Financing for the project will be provided by First Eagle American Liberty Franklin National Bank of Pflugerville. Bank president Mort Gage, who said he had not seen the actual the development plan, called the Towering Towers II a low-risk project and said it was clear that Austin’s strong economy was immune to the problems other markets are now facing. “Condo prices and values are high. The higher the prices go, the more we can loan,” commented Gage. “That’s our philosophy.”
Local real estate expert Chuck Sathheim, who conducted the feasibility study for the Towering Towers II, said that despite the development of multiple condominium projects in the past two years, demand was strong and getting stronger. He cited historic sites like the state Capital as especially attractive for condos. “We see the re-development of the Capital site as a natural progression of the Austin condo market,” said Sathheim. “We have our eyes on the UT tower next.”
Wynn noted that the Towering Towers II will feature the latest in green building techniques and will solidify Austin’s national reputation as an innovative, environmentally-friendly city. He said all units will be fitted with specially designed “no-flush” toilets that will pipe residents’ waste products directly into a holding tank below the building which can then be recycled and used as fertilizer by the Austin Parks Department.
“It’s a win-win,” said Wynn. The city is also requiring the towers’ developer to equip each unit with solar-powered coffee makers and reusable canvas grocery shopping bags inscribed with “Keep Austin Weird.”
With Towering Towers II, Baulsy Bros Builders joins a growing number of developers drawn to Austin’s resilient downtown real estate market. Other projects in the planning stages include AguaAgua, a condo project which will float up and down Lady Bird Lake, and the Ant Farm, a unique subterranean condo project to be built underneath Zilker Park. “It will be a hip project,” said Ant Farm developer Rose E. Cenario. “And Austin’s a hip place.”
Austinites know that Anderson’s piece is a little too close to reality for comfort!
In Phoenix, they would (have already) destroyed whatever parts of modern history and architecture they had to, for the sake of progress.
Downtown Phoenix mavens make abig deal about the ‘Palace West’ restored old movie theater. When I was a kid, we much preferred the stately atmosphere of the Fox theater.. which was torn down to build a badly designed bus terminal.. which has almost no shade.
The I10 through downtown, I understand ran right through an old Hohokam burial ground… can’t have that. The Sky Harbor westward expansion (how ironic is that?), essentially destroyed the old Hispanic ‘Golden Gate’ neighborhood… leaving one semi-historic church undemolished, and completely alone on its own city block. You used to be able to see this church, right before you touched down on the south runway… really funny looking. Old church.. nothing around it.
And of course, the Baseline Avenue Japanese flower farms, the orange groves…. all gone… in favor of Taco-Moderne beige fake stucco suburbs nobody needs.
These are just things that come to me, off the top of my head. It’s no wonder James Kunstler has such ire for Phoenix (the developers, actually) .. I do, too.. and I grew up there.
And by the way… Portland has your Austin condo tower problem, in spades. They just haven’t quite figured it out, yet…. because it’s different here.
Yossarian-
I haven’t seen where it has been mandated, but I am fairly confident that there is a master plan in Maricopa County to make sure that any building in the Valley with charm, character or history is to be either paved, stuccoed or covered with gravel- and I think it’s a shame.
I’ve read critics of Phoenix who say that it’s a city without a history or a soul. It has both, but sadly, we don’t worry much about preserving either.
I was wondering what was going on with all the condos for rent in Austin. Some of the pictures I’ve seen of the layouts just don’t seem to match up to the rental rates. And what’s with the property tax rates in Austin? Hopefully this isn’t the NewYorkifacation of one of the last sane cities in America.
Twist:
I remember, at some point in my undergraduate days as a Sun Devil, actually seeing a master plan of sorts for Phoenix. The Urban Core Village one, that included the Rio Salado project. I remember then, thinking why were they planning all this new stuff, and ignoring what the neighborhoods actually were made up of?
I suspect Condos will be a bit behind the formerly commutable (pre-$4 gas) Mini Country Estates in facing reality.