Unveiling 506 West Residential: Downtown Austin's Newest Residential Gem

The 506 West Residential Tower is all set to become a renowned addition to the metropolis' skyline. This ambitious project has recently secured height-friendly rezoning and aims for an impressive floor-area ratio target. In this blog post, we will delve into the various aspects of this towering development in downtown Austin.

From its approval process with Austin's Design Commission to its unique architectural features by Gensler Austin, we'll explore what sets this building apart from others in the area. We'll also discuss the tower's components and amenities such as residential unit count, commercial space allocation, and streetscape elements that contribute to activated ground floors.

Moreover, we will examine how it plans on benefiting local communities through affordable housing fund contributions and public space plan donations. Lastly, our analysis will shed light on how this new development may impact existing businesses in terms of demolition or relocation decisions while weighing their pros and cons.

506 West Residential Tower Overview

The 47-floor residential tower at 506 and 508 West Avenue, developed by Manifold Real Estate, is making progress after securing a height-friendly rezoning earlier this year.

Thanks to the approval from city officials, the tower will rise up to its full height of 565 feet, showcasing a unique design from Gensler Austin architects.

Height-friendly Rezoning Secured

Securing the height-friendly rezoning earlier this year was a crucial step in the development of this impressive tower, which will make a significant impact on downtown Austin's skyline.

Floor-area Ratio Target

Manifold Real Estate and Gensler Austin architects have set an ambitious target floor-area ratio of 20:1, allowing for spacious living areas without sacrificing essential amenities or compromising on quality.

Design Commission Approval Process

The 506 West Residential Tower project is undergoing the city's Design Commission review process to comply with the Downtown Density Bonus Program (DDBP) and reach its full potential height.

Seeking DDBP Compliance

To secure approval, Manifold Real Estate must demonstrate compliance with DDBP guidelines, including affordable housing and proper design standards, and have proposed around $3.566 million in community benefits.

Importance of Meeting Design Requirements

DDBP compliance ensures new developments contribute positively to Austin's downtown area, with high-quality design standards and public art installations like murals by local artist Emily Eisenhart.

• Density bonuses: Encourage community benefits for increased building allowances.
• Affordable housing: Address Austin's growing need for affordable living options.
• Design standards: Crucial for maintaining a vibrant and attractive downtown area.

Manifold Real Estate will continue working closely with the Design Commission to ensure their ambitious project contributes positively to Austin's ongoing growth and development.

Unique Architectural Features

The 506 West Residential Tower is set to become a striking addition to the Austin skyline, thanks in large part to its unique architectural features designed by Gensler Austin architects.

We have renderings of the 568', 48-story 506 West residential tower. I'll post some street level renderings too. pic.twitter.com/zNSiKSMmGa

— The ATX (@TheATX1) May 19, 2023

Reddish-Brown Exterior Color

The tower's bold reddish-brown exterior color pays homage to the natural landscape and materials found throughout Texas, adding character and charm while blending seamlessly with surrounding structures.

Curved Corner Designs

The tower's elegant curved corners create a sense of fluidity and movement, providing residents with stunning panoramic views of downtown Austin and beyond.

• Aesthetic appeal: The combination of color and curves creates a visually appealing structure that will become an iconic fixture on Austin's skyline.
• Panoramic views: Curved corners allow for unobstructed views from multiple angles within each residence, providing occupants with breathtaking vistas day or night.
• Innovative design: Gensler Austin architects have crafted a unique building that showcases their commitment to cutting-edge architecture while respecting local context and history.

The 506 West Residential Tower promises to be a remarkable addition to downtown Austin, offering both residents and visitors a fresh perspective on urban living. With its distinctive features, this development will undoubtedly become an enduring symbol of the city's continued growth and evolution.

Project Components and Amenities

The 506 West Residential Tower, developed by Manifold Real Estate, will offer 359 residential units and 2,480 square feet of commercial space in downtown Austin.

• Preserved Heritage Trees: The project plans on preserving existing heritage trees around the site.
• Patio Overlooking Shoal Creek: Residents can enjoy an outdoor patio with stunning views overlooking Shoal Creek.
• Murals by a Local Artist: The streetscape design incorporates murals created by local artist Emily Eisenhart.

Gensler Austin architects' unique design concept for the 506 West Residential Tower includes preserved heritage trees, an outdoor patio with stunning views, and murals by a local artist.

The curved edges and reddish-brown hue of the 506 West Residential Tower provide it with a unique character, making it an attractive destination for people wanting to live in downtown Austin's lively atmosphere.

Community Benefits Proposal

The developers of the 506 West Residential Tower understand the importance of giving back to the community and have proposed a generous package of community benefits worth around $3.566 million as part of their commitment towards meeting the requirements set forth by Austin's Downtown Density Bonus Program (DDBP).

This proposal includes two significant contributions that aim to improve both affordable housing options and public spaces in downtown Austin.

Affordable Housing Fund Contribution

The developers plan on making an estimated payment worth $1.783 million towards the city's affordable housing fund to address Austin's growing need for affordable housing.

Public Space Plan Donation

The developers propose donating an additional $1.783 million towards enhancing nearby Cypress & Shoal Creek through a comprehensive public space plan to ensure access to well-maintained public spaces where residents can relax, socialize, and enjoy outdoor activities.

• Total Community Benefits: $3.566 million
  • $1.783 million - Affordable Housing Fund Contribution
  • $1.783 million - Public Space Plan Donation

By investing in both affordable housing and public spaces, the 506 West Residential Tower project demonstrates a strong commitment to improving the overall quality of life for its residents and contributing positively to the city's growth and evolution.

Impact on Existing Businesses

The construction of the 506 West Residential Tower will require the demolition of popular establishments like Irene's and Taquero Mucho, but the benefits of this new development outweigh the short-term losses.

Demolition of Current Businesses

While the loss of these beloved businesses is a concern, developers often work with displaced tenants to find alternative locations or provide assistance during transitions.

Weighing Pros and Cons

It's crucial to weigh both short-term losses against long-term gains when assessing the impact on existing businesses.

• Economic Growth: The 506 West Residential Tower will create jobs, attract investments, and increase property values, contributing significantly towards economic growth.
• Diversification: Introducing new residential spaces can help diversify downtown Austin's offerings while providing more housing options for residents seeking an urban lifestyle.
• Amenities & Public Spaces: Developers aim at enhancing community life through improved amenities and public spaces within walking distance from residences, as part of their commitment towards DDBP requirements.

While the demolition of existing businesses is a concern, it's essential to recognize that such developments are part of urban growth and revitalization.

The Austin real estate market continues to thrive, and projects like 506 West Residential Tower contribute towards creating a vibrant downtown area with diverse housing options for its residents.

FAQs in Relation to Austin Residential Tower

What's the tallest residential building in Austin?

The Independent, also known as the "Jenga Tower," is currently the tallest residential building in Austin, standing at 685 feet and comprising 58 stories, offering luxury condos with stunning views of downtown Austin and Lady Bird Lake. Learn more about The Independent here.

Which tower planned for Austin could become the tallest building in Texas?

The proposed mixed-use development called "6 X Guadalupe" plans to be an 80-story tower that could potentially become the tallest building in Texas, featuring office spaces, retail areas, and residential units.

What's the future tallest building in Austin?

One of the upcoming developments in downtown Austin is the construction of 98 Red River. This upcoming project has already started, with the construction crew working diligently. Once completed, this building will not only be the tallest skyscraper in Austin but also in the entire state of Texas.

The tower has been named Waterline, and it is expected to be finished by 2026. In just four years, the downtown Austin skyline will be transformed, as the impressive Waterline building will stand tall with its 74 stories, reaching a remarkable height of 1,022 feet.

What's the largest residential tower in the US?

The Central Park Tower, located in New York City, holds the title of being the largest residential tower in the United States, standing at 1,550 feet tall with 131 floors, offering ultra-luxury condos and unparalleled views of Central Park. Discover more about Central Park Tower here.

Conclusion

506 West Residential Tower is a new project that has secured height-friendly rezoning and aims to meet design requirements set by the Design Commission, featuring a unique reddish-brown exterior color and curved corner designs.

The tower will have residential units, commercial space allocation, and streetscape elements, while also proposing community benefits such as affordable housing fund contributions and public space plan donations; however, the impact on existing businesses must be weighed before proceeding with demolition.

What do you think about 506 West Residential? Let us know in the comments below! Are you looking for more downtown Austin condo walkthroughs? View our full guide here!

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