Austin Way Magazine - GreenGale Publishing - There is a place beyond the crowds, beyond the ropes, where dreams are realized and success is celebrated. You are invited.
Issue link: http://digital.greengale.com/i/461140
tremendous opportunity there for the people who want to be close to downtown, who work downtown, and who don't see Tarrytown, Pemberton, or Old Enfield as options. WS: They have these commercial corridors that run through these neighborhoods that pull the vibrancy from downtown out there—you see it in South Austin, where I live, and now you see it in East Austin. What I see when people come to Austin is they want to buy into that [vibrancy because] it's convenient to them. And especially the people who are migrating between the West Coast, the East Coast, and Austin—Austin is their in-between path. When they're here, they want to experience everything Austin has to offer, and that's why our core has done so well. As Austin grows and we continue to see appreciation, one concern is that it will lose its character. Do you think Austin has changed? P T: Values are going up so quickly; it would be very hard for a normal young person to buy into this market. LG: [Austin is] growing up, but I believe people in Austin have and will work to preserve it. Things change, and things become more sophisticated, but they're also very much embraced. WS: There's an old soul to [Austin], and there's an old guard who protects it. You see a lot of that in my generation, where we feel like we're stewards of what Austin was, and we want to protect that. I have a lot of friends who are taking old venues [like Antone's] and repurposing them…. Sometimes it's not financially based; it's more philanthropic—"Let's go save this piece of Austin that we don't want to let go of "—because it is changing rapidly. A lot of people coming to Austin never got to experience what that was before. Gary Dolch: The people here all have to take a vested interest in remembering what old Austin was and push that forward. It takes business and city leaders to smartly plan where we're going to grow, not restricting it too much, but allowing it to grow at a pace that Austin needs. We're still a young city. Our city is so much smaller than most in Texas, so we've got a unique opportunity to grow it as efficiently as we can and still keep our vibrancy and culture. EM: We've had some great leaders [who are] going out and beating the bushes to find new businesses to bring in or to help enhance the businesses that are here, and that shows tremendous belief in what we have. I have to guard myself or else I'll sound like some sort of rabble-rouser about Austin—and Texas in general—because I feel like so many people don't understand how great it really is. But that's what we all feel. P T: Our attitude for Austin, our feeling for Austin, and our love of Austin are contagious. I see that with my real estate clients. They come here and, by the time they leave, they are as in love with this city as I have always been. Watch more from the roundtable discussion at austinway.com/videos. AW Austin by the numbers Sprague sums up how downtown's economy has appreciated in the past decade. • Property values in downtown's highly coveted 78701 zip code have more than doubled since 2005, from $240 per square foot to $509 in 2014 —a 23 percent increase in the past year alone. On average, the entire city has seen an increase in price per square foot, but at a much steadier rate: from $109 in 2005 to $148 in 2014. • Planning and construction are already underway for more than 50 condominium, apartment, hotel, and office projects downtown. In the next two years, nearly 1,400 condos are expected to be added to the district from just five of those emerg- ing towers—The Bowie (311 Bowie St., 512-650-2626; liveatbowie.com), Fifth & West (501 West Ave., 512-872-6616; 5thandwest.com), The Independent (301 West Ave.; independentaustin.com), Seaholm Residences (801 W. Fifth St., 512- 200-7440; seaholmresidences.com), and an as-yet-unnamed multiuse tower proposed for 70 Rainey Street, site of the Rainey Street Food Court. • The City of Austin demographics office estimates the population of the 78701 zip code will reach 13,369 this year—making it the fastest growing zip code in Austin, with more than double its population of 6,851 in 2010. The city forecasts the area's population to hit 29,722 by 2040. • To offset downtown Austin's rising housing prices for the city's young and creative community, nonprofit Foundation Communities is const r uct ing Capit a l Studios (309 E. 11th St., 512-610-7977; foundcom.org): a modern building with 135 furnished efficiency studio apartments that will be rented for $400 to $665 per month—utilities included—to single adults earning less than $26,400. At least 5 percent of the units are earmarked for artists and musicians. AUSTINWAY.com 107