Austin | Ritz-Carlton Hotel & Residences (80 Red River) | 802 Ft | 64 Flrs | On Hold - Page 13

ILUVSAT · #**241** Posted **Jul 19, 2023, 5:57 PM**

Let's get back on track, ladies and gents.

This thread is supposed to be solely about the Ritz tower and not politics.

Thank you.

SproutingTowers · #**242** Posted **Jul 19, 2023, 9:27 PM**

Looks like the Ritz-Carlton is completed in Portland, so is Austin next on the list?

https://www.kgw.com/article/money/bu...4-315ed5e5ef2e

The ATX · #**243** Posted **Jul 19, 2023, 9:36 PM**

The Portland Ritz was a different developer. M2 is developing the Austin and Nashville Ritz projects with Nashville being their priority. But they haven't been able to get the Nashville one started after more than six years.

Jdawgboy · #**244** Posted **Jul 19, 2023, 9:51 PM**

Quote:

Originally Posted by The ATX

The Portland Ritz was a different developer. M2 is developing the Austin and Nashville Ritz projects with Nashville being their priority. But they haven't been able to get the Nashville one started after more than six years.

Why is Nashville the priority? Austin seems like it's in a more ideal setting with all the activity going on and still a lot of spotlight. Not saying Nashville isn't growing rapidly as well and no offense to Nashville but I would say Austin is in a higher tier economically. I mean even the Country Music Awards have moved here..

ILUVSAT · #**245** Posted **Jul 19, 2023, 9:57 PM**

Quote:

Originally Posted by Jdawgboy

Why is Nashville the priority? Austin seems like it's in a more ideal setting with all the activity going on and still a lot of spotlight. Not saying Nashville isn't growing rapidly as well and no offense to Nashville but I would say Austin is in a higher tier economically. I mean even the Country Music Awards have moved here..

I don't believe any of that has to do with it being a "priority." If I am not mistaken, M2 is based in Nashville. I think that has more to do with it than anything else.

Additionally, in Nashville, they do not have to deal with the ongoing construction of an almost 600' apartment tower on the same site.

Jdawgboy · #**246** Posted **Jul 19, 2023, 10:41 PM**

Quote:

Originally Posted by ILUVSAT

I don't believe any of that has to do with it being a "priority." If I am not mistaken, M2 is based in Nashville. I think that has more to do with it than anything else.

Additionally, in Nashville, they do not have to deal with the ongoing construction of an almost 600' apartment tower on the same site.

Good points.

sewaneetigers · #**247** Posted **Jul 24, 2023, 8:59 PM**

Genesis still owns the lot...M2 has spent millions already, though

The ATX · #**248** Posted **Jul 24, 2023, 9:42 PM**

A second tower will be built eventually. But it won't be the current Ritz project. The developer apparently scrapped the residential portion of their Nashville project, and can't get financing for the hotel portion. They haven't even resubmitted the site plan to get this project approved. The projects I'm most hopeful about now are 62 East and the under the radar 3rd & San Jancinto project (Vince Young site) that has started to move forward after being stalled (based on site plan activity) for most of this year. That project has no office space and includes a 700 footer.

sewaneetigers · #**249** Posted **Jul 25, 2023, 12:12 AM**

Quote:

Originally Posted by The ATX

A second tower will be built eventually. But it won't be the current Ritz project. The developer apparently scrapped the residential portion of their Nashville project, and can't get financing for the hotel portion. They haven't even resubmitted the site plan to get this project approved. The projects I'm most hopeful about now are 62 East and the under the radar 3rd & San Jancinto project (Vince Young site) that has started to move forward after being stalled (based on site plan activity) for most of this year. That project has no office space and includes a 700 footer.

That would not surprise me, but we talked to Tim today and the Nashville residential portion is still part of the mix

ILUVSAT · #**250** Posted **Jul 25, 2023, 5:10 PM**

Quote:

Originally Posted by sewaneetigers

That would not surprise me, but we talked to Tim today and the Nashville residential portion is still part of the mix

You asked Tim (I assume you mean Tim Morris) about Nashville and gained no info on the Austin project?

GoldenBoot · #**251** Posted **Jul 27, 2023, 4:31 PM**

Word on the Nashville thread is that their Ritz development is between "dead and stalled." I'm thinking financing is the biggest issue - especially with interest rates continuing to increase.

Green Country · #**252** Posted **Jul 27, 2023, 5:52 PM**

nm

sewaneetigers · #**253** Posted **Aug 22, 2023, 3:07 AM**

Quote:

Originally Posted by ILUVSAT

You asked Tim (I assume you mean Tim Morris) about Nashville and gained no info on the Austin project?

it's on hold until Nashville is figured out, which isn't looking so great, either

The ATX · #**254** Posted **Aug 22, 2023, 9:44 AM**

Quote:

Originally Posted by sewaneetigers

it's on hold until Nashville is figured out, which isn't looking so great, either

No surprise. Thanks for the update.

ILUVSAT · #**255** Posted **Aug 22, 2023, 7:30 PM**

Quote:

Originally Posted by sewaneetigers

it's on hold until Nashville is figured out, which isn't looking so great, either

Thanks!

Yeah...this one is dead. Curious as to why they have to wait for the Nashville project before engaging in this one? What if this one could get off the ground quicker (and then they go back to the Nashville project)?!?

Maybe they're over leveraged and out of bandwidth to get things of this size done?!?

Oh well. What could have been.

sewaneetigers · #**256** Posted **Aug 23, 2023, 7:46 PM**

They were under contract w/ Genesis for $72mm which is/was a steal (M2 actually wasn't the buying entity, but a JV). Then they spent a bunch of money with Steve Drenner and the like before letting the contract expire end of March 2021. The PSA was originally executed in Dec 2020.

M2 is spread thin. Apparently, they still have first dibs on the lot at the same purchase price, which makes zero sense. The last appraisal, by Newmark in 2021, the as-is came back at $67mm; $73mm w/ FAR density bonus for 856k SF; and $85mm w/ FAR + completion of predevelopment work. However, flying my drone around Waterline, it's very difficult to imagine constructing a 64 story building there.

ILUVSAT · #**257** Posted **Aug 23, 2023, 11:17 PM**

WOW! Thank you very much for the detailed info. Very interesting.

sewaneetigers · #**258** Posted **Aug 27, 2023, 7:44 PM**

Quote:

Originally Posted by GoldenBoot

Word on the Nashville thread is that their Ritz development is between "dead and stalled." I'm thinking financing is the biggest issue - especially with interest rates continuing to increase.

Where is the link to this? I am hearing mixed news from the developer, and I would like to see what concerns, specifically, I should raise.

The ATX · #**259** Posted **Aug 27, 2023, 8:02 PM**

Quote:

Originally Posted by sewaneetigers

Where is the link to this? I am hearing mixed news from the developer, and I would like to see what concerns, specifically, I should raise.

Nashvillians are very active with their urban development updates on Urban Planet. The Ritz has a dedicated thread in the Nashville subforum:

https://www.urbanplanet.org/forums/forum/250-nashville/

The Nashville project thread on SSP is somewhat up to date as well in the City Compilations section.