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Originally Posted by The ATX
No news to post. But I'm worried about this project as proposed. The tower site plan has had an "inactive" status since December. Site plans for big projects tend to have a short periods with an "inactive" status as a normal part of the approval process - but not for several months.
Last September the site plan was split in two to apparently fast track the project which is common for projects that have financing like Block 185, Third + Shoal, Block 71 and others. The first site plan in the fast track process is typically for demo/site prep/excavation and the second site plan is for the tower. But unlike projects usually fast tracked with two site plans, no demo/site prep/excavation ever got started after the first site plan was approved - seven months ago in this case. Also worrisome is the fact that there has been no permit active in 2019 related to this project and the fact that you can still book a room at the hotel on site for another year.
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Lincoln is actively looking for investment partners for both 6X and the Republic. I know of a couple of groups that have been approached. Both will get built, but maybe not in the form originally proposed. There is too much demand for them not to be. Unless there is a downturn, of course.
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Originally Posted by Jdawgboy
I've heard again recently from someone I met who worked in DT real estate and someone mentioned this as well on the forum but apparently there are many companies that want to move into DT. The demand is there so unless there is some other underlying issue with the developer which there shouldn't, we should not only see office projects announced proceed but from what I gathered, there are more office towers that are in the works behind the scenes that haven't been announced yet.
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This is absolutely true, and all of these companies want big blocks of office space - 100,000 square feet and up. Most of the companies are tech, fintech or tech-adjacent, so they have plenty of cash. However, they all want the office space now rather than later. They don't want to wait until 2021-2022. They'll go to the Domain or East side because the buildings can be built faster. Or they'll just have to wait. There are not a lot of 'quick' options for companies that want that much office space in one spot. Austin is full.