One of the old Austin landowners, Richard Kooris has some big plans for East Austin. He is going to build a big Mixed Used Condo project on East 5th St. called the Block One. Kooris is going to build 140 Condos in this projects. The main pricing goal is to keep the costs at less than $300 per square foot, with the most expensive units under $500,000. 

We are seeing more people that are finding the area east of Interstate 35 as a viable alternative to downtown’s higher prices. If someone wants real urban living as close as possible to Downtown Austin, then this is great location because of the area’s restaurants and diversity make it an alluring place to live.

More and more home buyers who want to be located central because it’s all the easy access in terms of transportation and future transportation. East Austin is just two or three minutes away from downtown.

Below is the Austin American Statesman article on this development.

By M.B. Taboada 
AMERICAN-STATESMAN STAFF
Thursday, July 26, 2007

Richard Kooris, a longtime East Austin landowner and developer of the Sixth & Brushy condos, has a more ambitious plan on his plate: a condo project on E. Fifth St.

The vertical mixed-use project, Block One, will include retail, offices and up to 140 condominiums. The development will be bounded by East Fifth and Sixth streets, San Marcos Street and Medina.

 An adjacent half-block of Medina is being reserved for a park.Kooris is seeking zoning for the vertical mixed-use project today before the City Council. The zoning typically means retail on the bottom floor and office and residential housing on top floors.

In June, Kooris wrapped up construction on the Brushy lofts, on the northeast corner of East Sixth and Brushy streets. The project has 18 residential units and six retail units.

Kooris also founded 501 Studios, a restored historic warehouse at the Interstae 35 frontage road and East Fifth that includes offices, studios and a cafe. Kooris was a pioneer in revitalizing East Austin, buying the building on East Fifth Street in the 1970s for his film production company, which is still in operation.

He hopes Block One will be another boost to those efforts. “We’ve been revitalizing the area since 1976, and we’re continuing that effort,” he said. “I’m hoping that the area will continue to restore itself and hoping for more people living in the area and that it turns into a good urban neighborhood.”

Kooris hopes to break ground on the condominiums in late spring or early summer 2008 and to complete the project in late 2009. Kooris is aiming to make Block One an environmentally friendly project with water recycling, rainwater harvesting and high level of thermal insulation. 

Developers Perry Lorenz and Larry Warshaw sold Kooris the property. Warshaw said he is confident in Kooris’ plans, partly because of his other nearby properties.

Most of the units will be one- and two-bedrooms, but Kooris expects to build several three-bedroom units. Pricing has not been set. Kooris said his goal is to keep costs at less than $300 per square foot, with the most expensive units less than $500,000. 

 “This project is aimed more at the middle of the market,” he said. “This is not a luxury project.” Still, the units will have finished ceilings and more finished surfaces and trim elements than pure industrial lofts, Kooris said.

The project will be within walking distance of at least one future rail stop when Capital Metro’s commuter rail opens in late 2008.