![The first residents are expected to move late this summer into a 32-story tower under construction at East Fifth and Brazos streets in downtown Austin. The project will include 331 luxury apartments, with monthly rents averaging $2,636, along with two Hyatt-brand hotels. [Magellan Development Group]](https://www.gannett-cdn.com/presto/2021/05/14/NAAS/05672f74-52a9-4091-9f07-b8164818b247-c01_New.jpg?width=660&height=660&fit=crop&format=pjpg&auto=webp)
In what will be the first new residences to open in downtown Austin in about two years, the developer of a 32-tale tower rising at East Fifth and Brazos streets is eyeing a late summer transfer-in date for the original people of its mixed-use creating.
The higher-rise will have 331 apartments, with rents averaging $2,636 a month, the developer said in a information release.
The tower, named 5th and Brazos, is becoming made by Magellan Improvement Team, partnering with BLG Money Advisors, Geolo Capital and Wanxiang America True Estate Group.
It really is a single of several high-rises — place of work, condominium, condominium, lodge and blended-use — that are beneath building, freshly finished or prepared amid a downtown Austin creating boom that hasn’t abated in spite of the pandemic.
The most current apartment task to open up downtown was Gables Republic Sq., 215 multifamily units that opened in 2019 in the Resort ZaZa at 401 Lavaca St.
Together with flats, the 5th and Brazos tower will have two Hyatt-model hotels, a 229-area Thompson Austin lodge with assembly house, eating places and bars, and a 193-unit tommie hotel. The Thompson is a luxury boutique notion and tommie — styled with a reduced-situation t — is billed as a “micro-life-style hotel.”
The residences, known as Sienna at the Thompson, will be on flooring 15 through 31 of the building. The initial and 2nd floors will be retail space, and the garage will occupy four floors beneath ground, with 297 parking spaces for citizens.
Tenants have signed leases for 56 of the Sienna’s apartments since a temporary leasing workplace opened a month ago at 501 Brazos.
“The luxury rental industry in Austin is extremely potent, and we are viewing a continuing increase in need for superior-rise residential residing,” Leslie Caffey, Sienna residential residence supervisor, said in a written assertion. “We are at the moment performing with dozens of prospective clients day-to-day. We assume need to continue to raise in the coming weeks.”
The ordinary lease and occupancy prices in downtown Austin declined in the to start with fifty percent of last yr amid the coronavirus pandemic. But in the course of the second fifty percent of 2020, downtown rents and occupancies started to pattern back again upward, Charles Heimsath, a serious estate marketing consultant, found in his year-close condominium survey of the Austin-location condominium industry.
In December 2019, downtown condominium rents averaged $2,561 a thirty day period, and units ended up 92.2% occupied, on ordinary, according to Heimsath, president of Austin-based mostly Capitol Market Study, a serious estate consulting firm.
Six months later on, in June 2020, occupancy experienced dropped to 88.6% and rents had dropped by additional than $200 a month, to $2,356 on average.
By the conclusion of December, the downtown occupancy price experienced bounced back up — to 93% — and rents ticked up a little bit, averaging $2,374 a month.
“You happen to be by now seeing a restoration in the downtown market place involving June and December,” Heimsath reported previously this year. “I failed to hope that at all.”
At Sienna, rents for the smallest apartments — 496 square feet to 570 square feet — are expected to assortment from $2,019 to $2,324 a month.
- Projected rents for 1-bed room, just one-toilet models ( 509 sq. ft to 864 square feet) will variety from $2,264 to $3,514
- Rents for two-bedroom, 1-rest room models (just more than 900 sq. ft) are expected to array from $3,770 to $3,993
- Rents for two-bed room, two-bathroom units (1,130 square ft to 1,285 square feet) are anticipated to array from $4,244 to $5,312.
Sienna at the Thompson is now featuring concessions, including one particular thirty day period of free hire for tenants who indicator a 12-month lease.
In addition to superior-finish finishes and metropolis views, the undertaking will have keyless entry, in-property washers and dryers, and other amenities, such as a fitness heart, a 75-foot lap pool and an indoor puppy run and doggy spa.
The setting up also will have many indoor and outside bars, including The Diner Bar, as nicely as The Grey Marketplace, led by associates Mashama Bailey and Johno Morisano of the James Beard-nominated The Grey, a Savannah, Ga.-based restaurant.
A 12 months ago, Magellan’s internet site listed the full growth value of the 5th and Brazos undertaking at $294.7 million. A firm spokesperson mentioned there was not an up to date figure at this time. The spokesperson also did not have an estimate on when development is anticipated to wrap up on the entire job.
Magellan has made 27 initiatives, mostly mixed-use, valued at about $5 billon and totaling far more than 9,000 household units.
Founded in 1996, the family-owned firm has projects in Chicago and other cities, which together with Austin include Minneapolis, Miami, Nashville, San Diego and Somerville, Mass.
![The first residents are expected to move late this summer into a 32-story tower under construction at East Fifth and Brazos streets in downtown Austin. The project will include 331 luxury apartments, with monthly rents averaging $2,636, along with two Hyatt-brand hotels. [Magellan Development Group]](https://www.gannett-cdn.com/presto/2021/05/14/NAAS/a92de29d-24d7-41d8-a77f-0ff0d4c834e0-c02_New.jpg?width=660&height=472&fit=crop&format=pjpg&auto=webp)