Southwest Austin Real Estate Blog
Austin's Proposed Gondola System is 'Hanging in the Balance'
The proposed gondola system in downtown Austin is hanging in the balance, as challenges to the urban cable concept were brought to light by a recently-concluded feasibility study of the Texas A&M Transportation Institute. Funded by Capital Metro, the city of Austin, and the Central Texas Regional Mobility Authority for $5,000 the feasibility study concluded last February and official results were released last week.
The main challenges to the implementation of the concept are the financial resources and aesthetic issues required to complete the 8.7 mile-long gondola line and its 19 stations. The estimated cost to execute the entire plan is estimated to be anywhere between $287 million and $555 million-- a significant portion of this budget will compete for local, state, and federal dollars.
The report indicates that the challenges outlined in the report can be addressed by the body who submitted the proposal, Wire One Austin, but the study itself did not provide any recommendations because of the lack of information about the concept presented in the original proposal. The analysis indicates that sponsoring agencies have found insufficient information presented that would warrant further assessment. Concepts need to be clarified and additional details need to be supplied should Wire On Austin desire the project to be considered in the future.
The proposed gondola system which we also featured in a previous blog, will run along Lavaca and South First streets between UT-Austin and Slaughter Lane in South Austin.
In the joint statement, the three agencies stated that funding a gondola system would not be more expensive than any other transportation option. The agencies also do not plan to advance the concept because of a lack of details on alignment, estimates demand, capital costs, and operations and maintenance costs.
“The Wire One proposer (sponsor) would need to perform this work to further...
February's Housing Market Stats in Southwest Austin
The Austin Board of Realtors, through the Community Impact newspaper, presented a summary of the housing market stats for Southwest Austin for February 2017. Comparing data from Southwest Austin, Austin-Round Rock MSA, Travis County, and statewide data, the image on the right shows how Southwest Austin fared compared to the others this past month.
Median home prices in Southwest Austin last February increased by 2.3% year-over-year. Southwest Austin's median home price is also a close second to Travis County's with both data higher than the Austin-Round Rock MSA and statewide figures. However, the year-to-year change of prices in Southwest Austin and Travis County are more stable, compared to Austin-Round Rock MSA's and statewide percentages of 7.6% and 9%, respectively.
In summary, Southwest Austin's home prices are higher than statewide and Austin-Rond Rock...
Property Eyed as Travis County Court Space in Downtown Austin to be Sold or Leased Out
A commercial block located at 308 Guadalupe St. that was previously acquired in the hopes of providing additional civil court space is now up for bidding, as Travis County Commissioners decided last week.
The entire block, costing $22 million when acquired in 2010, is currently being used as a parking lot. After Travis County's courthouse construction bond worth $287 million failed in November 2015, development plans screeched to a halt. Local sentiment feels that the block is more valuable as a private development than a courthouse, and now plans to privately develop the property are being considered.
While details on how much the county stands to profit from its potential sale or lease are not available, it is believed that the county will receive a significant amount for the property well above its original purchase price.
If you would like to stay updated with this developing news or learn more about the latest in Southwest Austin, do check out our blog. For more information about this developing news, you may access the original Community Impact article from which this post was based here....