Quote:
Originally Posted by UrbanTrance
30-Story Luxury Apartment Tower Aimed at River Walk
The real estate firm’s CEO Tim Barton said the tower will have 6,220 square feet of commercial space for restaurants and retail on the ground floor while the first six floors will host an “automated parking garage,” that will whisk parked cars from the ground level into stacked spaces above.
“(Residents will) pull up, park on the plate, lock it, and the plate is pulled into parking vending area,” said Barton, who estimates that the entire project, including the land, will cost about $50 million.
They plan to recover that cost through the rental of 201 units ranging from $1,500 studio efficiencies to $3,000 top-floor penthouses. Amenities would include a pool, gym, and roof-top common space.
http://therivardreport.com/30-story-...to-river-walk/
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I assume some of this is a typo. $50 million for the land and construction? Only $1,500/mo for a studio and $3,000/mo for a penthouse (not including affordable units)? All of that including the Miami-like, extremely expensive, automated carpark?
He must be expecting
HUGE incentives.
Even if the building is actually going to cost $500 million (about twice as much as Austin's Austonian), the roughly 200 for rent (apartment) units, ranging in price from $1,500 to $3,000, is not going to meet margins (without massive incentives from the City). Add to that...the fact that they would could only receive massive incentives if they added a lot of affordable units within the project. Something is very amiss here.
Also, I am not very familiar with JMJ's development history...how may high-rises have they completed?
Additionally, 6,200 SF of commercial/retail space is smaller than your typical Chili's restaurant. So they are not making too much off of that.
Don't get me wrong. I really, really want this type of development to become the norm in SA. But, I am cautious with this proposal as currently presented publicly. Why have all the bells and whistles when there is no competition and a perceived pent-up demand??? Hey, I know...it's cool and all. But, it does not make common business sense.
I have little doubt that something will get built on this site. However, I do not, at the moment, believe it is what is currently being sold by the developer.