World Class Capital Group

[The ATX]

Originally Posted by corvairkeith

So how is this any different from his current business plan?

The properties will now develop even faster than they otherwise would. The man didn't even make attempts to gain entitlements and flip the sites like Sutton.

[The ATX]

Originally Posted by Jdawgboy

I would think that WCC would be better in it's own specific thread as opposed to off topic because off topic is general discussion that doesn't have to do with uban development, but I would argue that in this case it very much has to do with urban development (or lack thereof in their case), considering that a lot more will be coming out and and a lot of discussion is forthcoming, I put forth on the table that WCC should have a dedicated thread, at least for the time being. Having it in Off Topic will likely make discussion of off topic subjects fragmented. Also people who don't normally look at the off topic thread but may be interested in the news about WCC would be able to find the discussion if it was in a dedicated thread.

I'll create one today. I almost put the NP/WCC posts in a dedicated thread before I decided to just move them to Off-Topic.

[freerover]

Some told me that after initially talking with me, they were contacted by Paul’s in-house counsel Maryann Norwood and warned not to talk with me again.

He’s repeatedly assured me that he is a smart, and ambitious, businessman.

In a LinkedIn private message conversation, Paul lamented that I was unfairly targeting him.

Sounds all very Trumpy.

[The ATX]

I would just like to understand his thought process behind spending many millions of dollars on prime development sites and never attempting to develop them or flip them (as far as I know.) I think 99 Trinity is the only large WCC project that ever had a building permit filed, and that was several years ago. It's almost like he's a hoarder.

[We vs us]

Originally Posted by freerover

Sounds all very Trumpy.

I was thinking that, too. Also the not paying contractors part.

[The ATX]

This is making for some Big Storage (a la in Big Oil) news. The FBI may have a lot of storage units to search if they don't find what they are looking for in their other searches.

https://www.sparefoot.com/self-stora...arent-company/

[AustinGoesVertical]

Originally Posted by The ATX

I would just like to understand his thought process behind spending many millions of dollars on prime development sites and never attempting to develop them or flip them (as far as I know.) I think 99 Trinity is the only large WCC project that ever had a building permit filed, and that was several years ago. It's almost like he's a hoarder.

Using a hard money lender on the 99 Trinity site was a red flag in and of itself. That makes zero sense for what was clearly becoming a long-term hold. For someone who was buying up property like crazy, it never added up that he couldn’t scrape together any financing for actual construction, especially given the booming development curve. It’s obviously an opportunistic time for development in downtown Austin right now, so I never understood what he was waiting for? Even if he didn’t develop the lots himself, he could have cashed in for his investors by unloading the land or doing joint ventures. Clearly the holding costs - in the case of 99 Trinity and possibly others - were starting to bleed cash.

Then the bright idea was to be a late entrant to coworking with NowSpace. I’m not sure if anyone’s noticed, but NowSpace banners have become just as ubiquitous as the WCC flyers around town. Money laundering seems quite possible. The FBI doesn’t mess around.

[H2O]

A couple Nate Paul anecdotes:

1) I had lunch with him a few years back when he was just starting to make a name for himself. A colleague wanted to coordinate on a project next to one of his higher profile properties. My colleague asked me if I knew who owned it. I said "Oh yeah, Nate Paul, World Class Capital", so my colleague asked me to set up a lunch meeting. I didn't know Nate, but I gave him a cold call. He readily agreed to meet with us. He was very cordial, and willing to help. During lunch, Nate casually mentioned that most of his Capital came form the RGV. After we left, my colleague immediately said "The Valley?! He's laundering drug money! We should keep some distance."

2) About a year ago, another colleague in construction asked me to meet with him for coffee. He knew I had some knowledge of a property he was interested in. When we met, he told me he had just started working for WCC. He must have noticed my eyebrows raise a little, because he said "I know, I was a little dubious with his reputation and all, but I vetted him pretty thoroughly and I think he is legit. I think he is actually pretty smart with his holding strategy. He acquires property that makes sense to him, and doesn't have to do anything with them, knowing they will increase in value whether or not he puts any more money into them." I haven't talked to my colleague since, so I don't know if he is still there. I hope he didn't get caught up in this. I'm very curious, but I don't dare to try and contact him. I don't need the FBI coming around to ask me questions.

[kingkirbythe....]

Originally Posted by Jdawgboy

I would think that WCC would be better in it's own specific thread as opposed to off topic because off topic is general discussion that doesn't have to do with uban development, but I would argue that in this case it very much has to do with urban development (or lack thereof in their case). We are talking about a lot of real estate throught Downtown and other areas of the city. Considering that a lot more will be coming out and and a lot of discussion is forthcoming, I put forth on the table that WCC should have a dedicated thread, at least for the time being. Having it in Off Topic will likely make discussion of off topic subjects fragmented. Also people who don't normally look at the off topic thread but may be interested in the news about WCC would be able to find the discussion if it was in a dedicated thread.

Agree.

[The ATX]

Nate's not very popular in the local club/music community.

https://www.austin360.com/news/20190...r-indoor-venue


Here's the Austin Chronicle article reference in the Statesman article.

https://www.statesman.com/article/20...NEWS/308029926

[Jdawgboy]

Originally Posted by The ATX

Nate's not very popular in the local club/music community.

https://www.austin360.com/news/20190...r-indoor-venue


Here's the Austin Chronicle article reference in the Statesman article.

https://www.statesman.com/article/20...NEWS/308029926

No he is not. Those were some of my favorite hangout spots. Trust me, a lot of people are smiling more these days.

[txtriathlete]

.

[zrx299]

Originally Posted by txtriathlete

https://atxrealestatenews.com/2019/0...ale/#more-1924

More foreclosure happening

Couldn't resist...

[ILUVSAT]

Another interesting read...

https://atxrealestatenews.com/2019/0...-developments/

[The ATX]

Nate Paul's right hand man responded to the latest ATX Real Estate News article about WCC saying it was "Fake news". The top execs of world class organizations don't typically spend time worrying about blog posts. But then again if you don't have any real developments to spend time on...

LOL. Someone responded to the "Fake News" comment.


https://atxrealestatenews.com/2019/0...ale/#more-1924

[urbancore]

update

https://atxrealestatenews.com/2019/0...day/#more-2002

I recommend reading/subscribing to Jan if you don't already.

[We vs us]

Originally Posted by urbancore

update

https://atxrealestatenews.com/2019/0...day/#more-2002

I recommend reading/subscribing to Jan if you don't already.

Jan's good, and definitely smells blood re: WCG. I'll bet her reporting only gets juicier as time goes on.

[paul78701]

Originally Posted by urbancore

update

https://atxrealestatenews.com/2019/0...day/#more-2002

I recommend reading/subscribing to Jan if you don't already.

I'm a bit surprised that WCC is still able to refinance these properties. I wonder how much longer they'll be able to do that.

[427MM]

I feel it's irresponsible to sit on so much incredible/underutilized land. Ready for all of it to hit the market soon one way or another.

[urbancore]

Driving around down town this morning, seeing all the “another one” signs, really illicit a completely different thought for me than it used to. “Another One” up for foreclosure?