48 East is the one of the latest and most unique condominium development projects to be approved in the Rainey Street District. It’s unique because the Austin-based STG Design building will actually be zoned as a hotel, which will be powered by Airbnb.
It’s confusing, but innovative. The concept is a 33-story, 239 unit building that combines the comfortable qualities of a short-term residential rental with the amenities and efficiency of a hotel.
Once constructed, the building will offer units for sale in the price range of $300,000 for a 454 square feet studio to up to $1.2 million for a 1390 square feet, multiple bedroom condominium. Residents will have the opportunity to rent out their units via Airbnb for up to 180 days per year.
Airbnb plans to charge 25% off the top and will provide “MasterHost” services at each property for items such as guest check-in, cleaning and linen service. An added amenity will be local “Airbnb Experiences” for guests—events that involve hosts sharing their own takes on local culture and activities.
Condominiums can be purchased furnished or unfurnished and will feature additional features such as an extra lockable closet to store sensitive belongings and digital locks for keyless entry. The building itself will include amenities available to all owners and guests, including co-working spaces, hotel-style food and beverage offerings, a spa-inspired fitness center, and a rooftop pool deck.
Property owners will be responsible for hotel occupancy taxes as well as property taxes and will not be allowed homestead exemptions on property taxes. 48 East is expected to open in 2021.
What is your opinion of this condo/hotel/Airbnb concept? Do you like the idea of a downtown condominium building built for short term rentals? Make your opinion known in the comments below!