CBD Momentum Spurs Developer On

AUSTIN, TX-Momentum in the downtown market inspiring local developer Andrews Urban LLC and Atlanta, GA-based Novare Group Holdings LLC to prepare for more projects during the next two years. If all goes according to plan, the developments will consist of a residential tower with a retail component, a mixed-use project and a new post office.

“We’re in a great place right now, and we believe firmly in Austin,” Andrews Urban president Taylor Andrews tells GlobeSt.com. Andrews has good reason to be so optimistic about the area. The partnership’s first project, the recently-completed 360 Condominiums, is almost sold out. Andrews says there are two units remaining of the 430 residences and “the demand has been quite extraordinary for those condos.”

Meanwhile, the 13,762-square-foot ground-floor retail component of 360 Condominiums is on the market. Andrews says the demand for retail investments is strong, which is what is prompting the marketing effort.

He notes that he’s open to offers from any buyer, whether cash or outside financing. “We’re not offering seller financing on it,” he adds, “But we’re welcoming any able, willing and ready buyer out there who is motivated to close.”

With 360 Condominiums at 360 Nueces St. close to sell-out and the retail portion on the market, the partnership is turning its attention to the next development, which should push off in 2010. Located at Sixth and Nueces Streets, the project will be similar to 360 Condominiums in that it will offer condominiums and ground-floor retail.

Also on the JV’s schedule for 2010 is a new downtown post office to be built at 9th and Red River Streets, on which a parking garage currently sits. Andrews says the new structure is being designed and construction will hopefully move on it sometime in 2009.

Meanwhile, the site at 510 Guadalupe St., at which the current post office is located, is also being held by Novare and Andrews Urban. But the final use for the site hasn’t yet been determined.

“It’s several years away, so some mixes are still being determined,” he says. “It’ll likely have a large retail component, a residential component and possibly an office or hotel.”