Austin's skyline is heading for new heights as five major towers are slated to open downtown in 2024, radically changing the landscape of the city's central business district. Despite a sluggish office market, a surge in Austin’s desirability for residential, retail, and restaurant sectors is pushing the growth, as reported by the Austin American-Statesman. Leading the pack, Sixth and Guadalupe will soon be the tallest standing building at 66 stories, with an expected opening in late January or early February 2024.
Office and retail space are said to cater to the burgeoning population and job growth, which a real estate specialist maintained optimism about in the face of declining interest rates. “With falling interest rates and strong population/job growth, I am quite optimistic that the downtown Austin condo market will see a solid year of sales and appreciation in 2024," Kevin Burns, a real estate broker, told the Austin American-Statesman. Burns is also the co-developer of The Modern, one of the high-rises currently under construction. Among the new titans of real estate planned for opening is the 41-story Vesper and The Linden, a 28-story tower that will start housing residents in January.
KVUE reported similar enthusiasm from Tony Curp, senior vice president of Development for Kairoi Residential, about the biggest of the bunch, Sixth and Guadalupe "We wanted to do kind of an iconic building here," Curp said. Further highlighting the luxurious nature of these developments, twenty-three exquisite penthouses are poised to crown the high-rise, as per the report on KVUE.
Bryan Cady, co-founder and broker of DEN Property Group, shed light on the high demand for premium living spaces telling the Austin American-Statesman, "about 80% of the units are sold." Cady explained that residences at The Linden are fetching high market rates, with one-bedrooms starting in the low $700,000s and two-story penthouses opening bids at $5.15 million. In addition, Chef and entrepreneur Kimbal Musk, brother of Tesla CEO Elon Musk, is bringing his American bistro, The Kitchen, to the Sixth and Guadalupe Tower adding a touch of celebrity to the locale.
The first tenants moved into the newly completed 45-story Hanover Brazos Street tower in September, which now boasts over a quarter of its 308 units being leased, indicating a lively interest among potential residents looking to be part of downtown Austin's expanding horizons.
