AUSTIN | The Independent | 690 FEET | 58 FLOORS | Complete - Page 9

The ATX · #**161** Posted **Dec 22, 2014, 6:44 PM**

This one won't be happening any time soon, and it the ECC project has been around since ~2006 already. I'm much more interested in seeing how the Waller Park Place project shakes out.

Syndic · #**162** Posted **Dec 22, 2014, 8:38 PM**

Kinda random. Why do you say that?

GreenWater had been around just as long and it's coming along nicely.

The ATX · #**163** Posted **Dec 22, 2014, 8:53 PM**

Quote:

Originally Posted by Syndic

Kinda random. Why do you say that?

GreenWater had been around just as long and it's coming along nicely.

Read the article for one. Two, this is a large condo project that will probably require a lot of pre-sales before it can secure financing. Three, Trammell Crow is in a much better position when it comes to getting big projects financed and built.
But the fact that 5th & West got financing rather quickly without having to sell any units (as far as we know) would seem to be a positive for this project.

GoldenBoot · #**164** Posted **Dec 22, 2014, 10:58 PM**

I'm sorry...Isn't Aspen Heights a financial partner in this deal (at least in part)?

If there is one thing I know about Perry Lorenz, it's when he puts his mind to something, he's got a pretty good track record of seeing it though. There is demand for new condo units. Especially those in the "mid-range" price bracket. Remember, Seaholm had a back-up list over 1,000 names long. And, as you have already mentioned, 5th&West already has financing without any (or very many) pre-sales.

Furthermore, I believe the MDA between Constructive Ventures and the city, for the ECC site, was finalized less than 18 months ago.

I would not be surprised if you see dirt churning at the The Independent site before Waller's.

Tech House · #**165** Posted **Dec 23, 2014, 4:21 AM**

Quote:

Originally Posted by GoldenBoot

I would not be surprised if you see dirt churning at the The Independent site before Waller's.

I vote for both breaking ground by summer. Dreaming here.

Question for you knowledgeable types -- With 2 recent reports agreeing that Austin's real estate market is the most overpriced in the country, would studies like these have an impact on decision-making in the corporate-commercial real estate sector? In other words, if there's an active rumor about a real estate bubble in Austin, would this make the financiers of large commercial developments, especially residential, nervous?

What really concerns me is the one-two punch of a potentially less skyscraper-friendly new council, along with increasing skepticism about the sustainability of Austin's booming economy and housing demand.

GoldenBoot · #**166** Posted **Dec 23, 2014, 4:54 AM**

It might be "overvalued;" however, neither Trulia or Fitch Ratings stated that they believe there was an immanent bubble. In fact, Fitch's director Stephan Hilts believes that even though Austin's real estate values may be considered "overrated," there should be no fear of a bubble due to the economic strength of the Austin and Texas in general. The reason Austin is considered overvalued is primarily due to the fact that its income growth is slower than the growth in the region's residential values.

Hilts went further in believing that values in Austin will plateau over the coming years...thus equalizing. Houston and San Antonio's home values are at more risk as their economies have a greater dependance on the energy sector.

Fitch Ratings even stated that a part of their evaluation of the situation in Texas is based on the fact that the growth in residential values is "out of character with its price history." Thus, they are having difficulty in supporting/explaining what is happening in Texas...leading them to rate Texas as "overvalued."

Having lived in Austin for 40 years (i.e., all my life) and been through many booms and busts; the current situation does not worry me as much as it did in 2007.

GoldenBoot · #**167** Posted **Dec 23, 2014, 4:56 AM**

Can we get back to talking about The Independent. Should there be banned to argue the state of Austin's economy and housing prices...may I strongly suggest a separate thread.

Tech House · #**168** Posted **Dec 23, 2014, 6:27 PM**

Quote:

Originally Posted by GoldenBoot

Can we get back to talking about The Independent. Should there be banned to argue the state of Austin's economy and housing prices...may I strongly suggest a separate thread.

The two topics are not Independent.

I specifically brought up expectations about the economy and real estate in this thread as it pertains directly to the likelihood of the Independent securing financing and forging ahead.

the Genral · #**169** Posted **Dec 23, 2014, 7:54 PM**

On the front page of the AAS today there is a picture of the 4 towers in frame with the north end of the Pfluger bridge. When the Independent gets built, there will be an amazing collection of towers in frame for that northbound walk across the bridge.

_Matt · #**170** Posted **Dec 29, 2014, 7:03 PM**

Have you guys heard anything about a 3rd Street bridge? They seem to indicate it continues over Shoal Creek here.

Syndic · #**171** Posted **Dec 29, 2014, 7:11 PM**

Man, I hope so. That would be awesome. I know some residents of 360 are against it. But you gotta think The Independent will push hard for it. I e-mailed someone from the city about it a while back and they told me that they knew of no plans for a bridge. But if you look at the very first post on this thread the rendering has a 3rd Street bridge. So, it seems like something they're really intent on. I think it would be a good thing for downtown, to increase interconnectivity with the West End.

LoneStarMike · #**172** Posted **Dec 30, 2014, 1:09 AM**

^^Re: new bridge

While it doesn't specifically mention 3rd Street, there are references to a new pedestrian/bicycle bridge in the area.

$4 Million Shoal Creek Improvement Project Approved by City Council

Quote:

Along with facilitating better connectivity through downtown Austin, this project will include:

Installation of a new bicycle and pedestrian bridge across Shoal Creek
Lighting along the new trail and under the bridges between West 5th Street and West Avenue
Relocating the existing wastewater lines out of the creek
Restoring and stabilizing the stream bank

To see Time Warner Cable News’ coverage of the story, click here

BTW, City Council approved the project and construction could begin in March.

paul78701 · #**173** Posted **Dec 30, 2014, 2:19 AM**

Quote:

Originally Posted by LoneStarMike

^^Re: new bridge

While it doesn't specifically mention 3rd Street, there are references to a new pedestrian/bicycle bridge in the area.

The bridge they may be referring to may be the one that is supposed to cross over Shoal Creek from the trail to the intersection of Rio Grande and 4th. This bridge was proposed as a part of the bicycle boulevard plan. I have not heard/seen anything recently with regard to the bicycle boulevard project, so I can't say for sure.

Digatisdi · #**174** Posted **Dec 31, 2014, 12:26 AM**

Quote:

Originally Posted by paul78701

The bridge they may be referring to may be the one that is supposed to cross over Shoal Creek from the trail to the intersection of Rio Grande and 4th. This bridge was proposed as a part of the bicycle boulevard plan. I have not heard/seen anything recently with regard to the bicycle boulevard project, so I can't say for sure.

That sounds right. I'd be willing to bet they're gonna wait on that until this tower is a bit underway at least

Or maybe it's a funding thing... Either way, I'm definitely looking forward to that ped bridge

_Matt · #**175** Posted **Dec 31, 2014, 5:31 PM**

The diagonal ped bridge will energize the 4th/Rio corner as a bottleneck point for West End residents walking to central Downtown and West 6th. Hopefully the sidewalk/pedestrian access in that area will also be improved.

You can actually see the bridge at the base of the Independence in the massing models.

Jdawgboy · #**176** Posted **Jan 14, 2015, 12:10 AM**

I was doing a little shopping in the 2nd Street District with my cousin yesterday afternoon and I snapped a few pictures of the progress along the new section which I'll post on the Greenwater/Seaholm thread in a few minutes.

While I was talking with my cousin about what is going up, that guy that's on the Independent YouTube video with the long hair and glasses walked up next to us with a group of several business type men. One of them asked him what was being built and he started telling them about Block 1 and Block 23. I assume they were visiting since they didn't know. After a minute or so they started walking up San Antonio Street towards 3rd. Of course being the nosy guy that I am, me and my cousin were trying to in inconspicuously follow behind so I could listen in on what else he was telling them but he walks really fast and unfortunately we couldn't keep up without being oblivious lol. Would have been cool if I could've heard something about the status of the project.

GoldenBoot · #**177** Posted **Jan 14, 2015, 10:22 PM**

The man to whom you are referring is Kevin Burns, founder of Urbanspace. His company has been tapped to market The Independent.

I wish you heard more...

The ATX · #**178** Posted **Jan 14, 2015, 10:35 PM**

I wish we had some more news on this project. Until then here's the Independent's sales team "in action".

https://www.facebook.com/independentaustin

midtownstarbucky · #**179** Posted **Jan 14, 2015, 10:56 PM**

Quote:

Originally Posted by Jdawgboy

I was doing a little shopping in the 2nd Street District with my cousin yesterday afternoon and I snapped a few pictures of the progress along the new section which I'll post on the Greenwater/Seaholm thread in a few minutes.

While I was talking with my cousin about what is going up, that guy that's on the Independent YouTube video with the long hair and glasses walked up next to us with a group of several business type men. One of them asked him what was being built and he started telling them about Block 1 and Block 23. I assume they were visiting since they didn't know. After a minute or so they started walking up San Antonio Street towards 3rd. Of course being the nosy guy that I am, me and my cousin were trying to in inconspicuously follow behind so I could listen in on what else he was telling them but he walks really fast and unfortunately we couldn't keep up without being oblivious lol. Would have been cool if I could've heard something about the status of the project.

Hey, were you teasing us....

or are you about to post those pictures you took?

GoldenBoot · #**180** Posted **Jan 14, 2015, 11:09 PM**

Did anyone else notice Kevin Burns' comment on Facebook?

"Looking forward to living in Austin's possibly tallest residential tower!"

I do not believe he would go that far out on the limb if this tower was not going to become Austin's new tallest (if built to its current plan).

Based on information provided by SCRAPERWILL, the mech. roof will be at 675'. Nothing has been mentioned about the obvious crown/screening atop the tower. A closer look at the massing model(s), the "screening" could be roughly 50'-100' tall (maybe more)...placing the tower (possibly) in the 725'-775' range.

Keeping my fingers crossed!