HomeDiagramsDatabaseMapsForum About
     

Go Back   SkyscraperPage Forum > Regional Sections > United States > Texas & Southcentral > Austin


Reply

 
Thread Tools Display Modes
     
     
  #101  
Old Posted Nov 20, 2019, 8:27 AM
KevinFromTexas's Avatar
KevinFromTexas KevinFromTexas is offline
Meh
 
Join Date: Jul 2001
Location: there and back again
Posts: 57,324
This doc from the planning commission says the FAA height restriction for the property is 440 feet. See page 29.

http://www.austintexas.gov/edims/document.cfm?id=331004
__________________
Donate to Donald Trump's campaign today!

Thou shall not indict
Reply With Quote
     
     
  #102  
Old Posted Nov 20, 2019, 10:30 AM
The ATX's Avatar
The ATX The ATX is offline
Moderator
 
Join Date: May 2006
Location: Where the lights are much brighter
Posts: 12,016
Quote:
Originally Posted by KevinFromTexas View Post
This doc from the planning commission says the FAA height restriction for the property is 440 feet. See page 29.

http://www.austintexas.gov/edims/document.cfm?id=331004
That's good to know. Too bad this project may no longer be "viie" able.
__________________
Follow The ATX on X:
https://twitter.com/TheATX1

Things will be great when you're downtown.
Reply With Quote
     
     
  #103  
Old Posted Nov 21, 2019, 7:42 PM
freerover freerover is offline
Registered User
 
Join Date: Nov 2017
Posts: 2,268
Quote:
Originally Posted by We vs us View Post
Jan says the property is facing foreclosure:

https://atxrealestatenews.com/2019/1...ed-austin-viie
Surprised this hasn't hit ABJ yet.
Reply With Quote
     
     
  #104  
Old Posted Nov 22, 2019, 1:47 AM
The ATX's Avatar
The ATX The ATX is offline
Moderator
 
Join Date: May 2006
Location: Where the lights are much brighter
Posts: 12,016
Quote:
Originally Posted by freerover View Post
Surprised this hasn't hit ABJ yet.
The ABJ is still recovering from that BS puff piece that the developer handed them on the previous day.
__________________
Follow The ATX on X:
https://twitter.com/TheATX1

Things will be great when you're downtown.
Reply With Quote
     
     
  #105  
Old Posted Nov 25, 2019, 4:57 PM
freerover freerover is offline
Registered User
 
Join Date: Nov 2017
Posts: 2,268
Ownership dispute sparks foreclosure threat at old Motorola campus

By Erin Edgemon – Staff Writer, Austin Business Journal
Quote:
A dispute between the owners of Austin Viie, part of the former Motorola campus in East Austin undergoing a massive redevelopment, led to the project’s major lender recently beginning foreclosure proceedings.

The feud centers on the financial underpinning for the major project, although it does not seem to have stopped construction.

Romspen Mortgage LP, the Canada-based lender, on Nov. 12 filed a notice of substitute trustee sale in Travis County for the Austin Viie campus.

But Richard Wheldon, managing partner of Romspen Mortgage, said he expects the issues that led to the foreclosure filing to be resolved soon: "In our opinion, this is something that is going to be built out."

"We have a long-term view on how good the project is, and once this is resolved — the partnership dispute — then it’s away to the races as far as we are concerned," Wheldon said.

The foreclosure notice stated the $125 million loan to 3443 Zen Garden LP — which owns Austin Viie — has matured and is delinquent. The notice calls for the campus to be sold on the west steps of the Travis County Courthouse on Dec. 3.

The partnership is made up of Adam Zarafshani of Austin and Dan White of Canada. Zarafshani said the loan isn't actually due for another year and a half.

Zarafshani is also the owner of Austin-based Panache Development and Construction Inc. and has spearheaded development of Austin Viie for about two years. He blames the dispute on White, who became a part owner of the campus in 2012.

“Mr. White has become insolvent, and he can’t meet his obligations here,” Zarafshani said. “That is the dispute. I refuse to carry him. He hasn’t been able to meet his financial obligations.”


TRENDING
COMMERCIAL REAL ESTATE
25 new towers for downtown Austin

COMMERCIAL REAL ESTATE
More info revealed on Parmer Pond
Parmer Pond as an amenity of the Parmer Austin business park will have restaurants, retail and a hotel in addition to the Austin FC practice facilities
HIRING IN RETAIL
Salon Manager-Sunset Valley - Store 374
Ulta Beauty


Construction work continues on the redevelopment of the 109-acre campus, despite Romspen placing a hold on the disbursement of the loan, Zarafshani said. He claims he’s been funding the construction out of his own pocket in the meantime. Austin Business Journal profiled Austin Viie earlier this month.

White responded to an email seeking comment on the allegations made by Zarafshani by saying his partner is a fraud, liar and a conman. "You cannot believe a word he says," he wrote.

White did not respond to an additional request for an interview and did not provide any evidence of his claims.

An Oct. 17 lawsuit that 3443 Zen Garden filed against Romspen gives some insight into the dispute between White and Zarafshani.

Zarafshani claims White spearheaded the lawsuit that alleges Romspen perpetrated a “loan to own” scheme against the owners of Austin Viie. The suit alleges Romspen delayed the release of funds on three separate loans on the property and “imposed itself” on the owners of the campus, “exercising excessive direct control” over the project in an effort to take ownership.

The suit alleges that Romspen ultimately refused to fully fund a third and final loan on the project, “formally declaring an event of default based on false and pre-textual grounds.” This third loan replaced the first two loans.

Romspen did this to cause the owners to lose their interest in the campus and "destroy the best hope of transforming” the property into a modern business park, the lawsuit alleges.

Austin attorney Eric Taube, who filed the lawsuit on behalf of 3443 Zen Garden, declined to comment on the suit and which party instigated it. Taube withdrew from the lawsuit in a motion filed Nov. 6 due to a conflict between White and Zarafshani, the motion states.


Zarafshani dropped the lawsuit in a notice filed Nov. 7 after learning that most of the claims listed in it were false, he said.

Moving forward

Zarafshani filled a conference room in Austin Viie's welcome center on Nov. 19 with more than a dozen subcontractors working on the project, from structural engineers and landscape architects to lighting and HVAC experts. During the meeting, Zarafshani reassured the subcontractors that work on Austin Viie would continue and the project wasn't in default.

A few of the subcontractors interviewed by this reporter said they are getting paid for their work on the project and they were confident that the partnership dispute would get resolved.

Lone Star Materials on Nov. 15 filed a mechanic's lien against 3443 Zen Garden for non-payment of $120,276.72 for delivered materials. Liens aren't too unusual on large construction projects and Zarafshani said the matter would be corrected shortly — he said the check is likely in the mail.

Formerly known as Eightfold, the rebranded Austin Viie campus is being marketed to technology companies looking for energy efficiencies and extra amenities for employees. Cushman & Wakefield is handling marketing and leasing.

Earlier this month, Zarafshani said multiple tech companies as well as a national coworking firm are in the running for space.

The first of eight former Motorola buildings being renovated is slated to be complete in the first half of 2020, he said.

More than 4.6 million square feet of office space is planned in multiple phases, including the future construction of large buildings along an expanded U.S. Highway 183. Additionally, a coworking space for artists, retail buildings, a medical clinic, an urban garden and other amenities are in the works.
Reply With Quote
     
     
  #106  
Old Posted Nov 25, 2019, 5:25 PM
We vs us We vs us is offline
Registered User
 
Join Date: Sep 2015
Location: Austin, TX
Posts: 3,587
Kind of a twisty turny story there. The lender's comments are actually pretty hilarious.

Quote:
But Richard Wheldon, managing partner of Romspen Mortgage, said he expects the issues that led to the foreclosure filing to be resolved soon: "In our opinion, this is something that is going to be built out."

"We have a long-term view on how good the project is, and once this is resolved — the partnership dispute — then it’s away to the races as far as we are concerned," Wheldon said.
In other words -- these two squabbling gents will almost certainly figure something out, and then we'll all continue making money apace.
Reply With Quote
     
     
  #107  
Old Posted Dec 8, 2019, 9:40 PM
Riverranchdrone Riverranchdrone is offline
Registered User
 
Join Date: Aug 2017
Location: Austin
Posts: 708
This site is currently dead. No work on it for the last 3 weeks. All the driveways have all the gates closed again also. Hopefully someone else will take over the site with more realistic plans. 400ft towers in the middle of no where. urban farming on potentially toxic or chemical filled soil? neither sound realistic.
Reply With Quote
     
     
  #108  
Old Posted Dec 8, 2019, 10:12 PM
freerover freerover is offline
Registered User
 
Join Date: Nov 2017
Posts: 2,268
Quote:
Originally Posted by Riverranchdrone View Post
This site is currently dead. No work on it for the last 3 weeks. All the driveways have all the gates closed again also. Hopefully someone else will take over the site with more realistic plans. 400ft towers in the middle of no where. urban farming on potentially toxic or chemical filled soil? neither sound realistic.
You’re killing me smalls.
Reply With Quote
     
     
  #109  
Old Posted Jan 21, 2020, 9:05 PM
freerover freerover is offline
Registered User
 
Join Date: Nov 2017
Posts: 2,268
Looks like the name was changed on this one again to Zen Garden and it was recommended for approval by the Planning commission last week.

I'm guessing it heads to council next month.
Reply With Quote
     
     
  #110  
Old Posted Jan 21, 2020, 9:25 PM
The ATX's Avatar
The ATX The ATX is offline
Moderator
 
Join Date: May 2006
Location: Where the lights are much brighter
Posts: 12,016
Here's the link to the PC backup file for Zen Garden:

http://www.austintexas.gov/edims/document.cfm?id=333598
__________________
Follow The ATX on X:
https://twitter.com/TheATX1

Things will be great when you're downtown.
Reply With Quote
     
     
  #111  
Old Posted Jan 21, 2020, 11:36 PM
enragedcamel enragedcamel is offline
Registered User
 
Join Date: Sep 2018
Posts: 484
Same height restrictions as before. Lame.

Area I – 400 feet
Area II – 280 feet
Area III – 120 feet, excepting Building B at 160 feet
Reply With Quote
     
     
  #112  
Old Posted Jan 22, 2020, 3:22 AM
427MM's Avatar
427MM 427MM is offline
Love Austin
 
Join Date: Sep 2001
Location: Austin
Posts: 1,238
Quote:
Originally Posted by enragedcamel View Post
Same height restrictions as before. Lame.

Area I – 400 feet
Area II – 280 feet
Area III – 120 feet, excepting Building B at 160 feet
Eh, that's all the applicant is requesting. Will be the tallest outside of DT if passed at that height and built.
__________________
How long will Austinites tolerate NIMBY politicians?
Reply With Quote
     
     
  #113  
Old Posted Feb 6, 2020, 8:50 PM
freerover freerover is offline
Registered User
 
Join Date: Nov 2017
Posts: 2,268
Was on the council agenda for today but postponed to March 26, 2020 by Applicant
Reply With Quote
     
     
  #114  
Old Posted Feb 6, 2020, 10:28 PM
sammyk sammyk is offline
Registered User
 
Join Date: Oct 2005
Posts: 514
Quote:
Originally Posted by freerover View Post
Was on the council agenda for today but postponed to March 26, 2020 by Applicant
Guess they need time to think of a new name?
Reply With Quote
     
     
  #115  
Old Posted Feb 7, 2020, 1:26 AM
The ATX's Avatar
The ATX The ATX is offline
Moderator
 
Join Date: May 2006
Location: Where the lights are much brighter
Posts: 12,016
Quote:
Originally Posted by sammyk View Post
Guess they need time to think of a new name?
Ha. They should probably just go with "Big Fail."
__________________
Follow The ATX on X:
https://twitter.com/TheATX1

Things will be great when you're downtown.
Reply With Quote
     
     
  #116  
Old Posted Feb 7, 2020, 1:36 AM
Jdawgboy's Avatar
Jdawgboy Jdawgboy is offline
Representing the ATX!!!
 
Join Date: Jan 2003
Location: Austin
Posts: 5,732
Quote:
Originally Posted by freerover View Post
Was on the council agenda for today but postponed to March 26, 2020 by Applicant
Oh cool, that's my birthday! They should do it another day lol.
__________________
"GOOD TIMES!!!" Jerri Blank (Strangers With Candy)
Reply With Quote
     
     
  #117  
Old Posted Apr 16, 2020, 5:38 PM
The ATX's Avatar
The ATX The ATX is offline
Moderator
 
Join Date: May 2006
Location: Where the lights are much brighter
Posts: 12,016
Another Name Change

This project was forced into an "involuntary bankruptcy" because contractors were not being paid. But the ownership re-emerged with a new name: Tech 3443. The developer now wants to lease the site to the City of Austin for a Covid-19 emergency shelter. This is what happens when the circus shuts down and the clowns decide to be developers.




CTRL-U alert
https://www.bizjournals.com/austin/n..._news_headline
__________________
Follow The ATX on X:
https://twitter.com/TheATX1

Things will be great when you're downtown.
Reply With Quote
     
     
  #118  
Old Posted Apr 16, 2020, 10:18 PM
freerover freerover is offline
Registered User
 
Join Date: Nov 2017
Posts: 2,268
What a mess.
Reply With Quote
     
     
  #119  
Old Posted Apr 16, 2020, 11:47 PM
Riverranchdrone Riverranchdrone is offline
Registered User
 
Join Date: Aug 2017
Location: Austin
Posts: 708
Great I am already responsible for treating COVID-19 patients at NXP and DECONing areas the infected were. Now this will just bring it closer.
Reply With Quote
     
     
  #120  
Old Posted May 13, 2020, 4:07 PM
freerover freerover is offline
Registered User
 
Join Date: Nov 2017
Posts: 2,268
This is on council agenda for 5/21. Normally I would say start pinging council staffs to show support but lets give this a week and see if it doesn't get postponed again.
Reply With Quote
     
     
This discussion thread continues

Use the page links to the lower-right to go to the next page for additional posts
 
 
Reply

Go Back   SkyscraperPage Forum > Regional Sections > United States > Texas & Southcentral > Austin
Forum Jump


Thread Tools
Display Modes

Forum Jump


All times are GMT. The time now is 2:24 PM.

     
SkyscraperPage.com - Archive - Privacy Statement - Top

Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2024, vBulletin Solutions, Inc.