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  #4901  
Old Posted Mar 9, 2018, 5:42 AM
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New high-rise for West Campus proposed for 22nd and San Antonio.

Ministry’s West Campus building replaced with high-rise

Quote:
UT students bought a piece of land in West Campus for $1 million in 1950 to build a space for a ministry, but now Johnson Trube & Associates will buy the property for $3.8 million to build an apartment complex, according to the Texas Baptists website.

A high rise will tower over 22nd Street and San Antonio Street, but the Baptist Student Ministry, BSM, which has owned the land for 60 years, plans to buy back the first two floors.

The new building will not open until August 2020. In the meantime, the BSM will operate out of rented space. BSM member Garrett Tittle said the silver lining of not needing to maintain a building is that they have more time to serve to UT students.
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  #4902  
Old Posted Mar 9, 2018, 6:10 AM
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1950 was a long time ago, but turning a $1 into $3.8 million is still a good return. (The quote say $1 million, but the article says $1.)
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  #4903  
Old Posted Mar 9, 2018, 3:42 PM
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Originally Posted by The ATX View Post
1950 was a long time ago, but turning a $1 into $3.8 million is still a good return. (The quote say $1 million, but the article says $1.)
1.98% annual return. Not that good :p
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  #4904  
Old Posted Mar 9, 2018, 4:28 PM
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Originally Posted by The ATX View Post
1950 was a long time ago, but turning a $1 into $3.8 million is still a good return. (The quote say $1 million, but the article says $1.)
The article also uses $1M in reference to "Built". Was the land bought for $1 and then building the ministry was much more?
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  #4905  
Old Posted Mar 9, 2018, 4:34 PM
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Originally Posted by StoOgE View Post
1.98% annual return. Not that good :p
It depends if it's $1 or $1 million. The article says 1$ and a commenter suggests maybe it should be $1 million. A dollar would be quite a deal for piece of West Campus real estate in 1950, and a million bucks seems like someone overpaid for it.
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  #4906  
Old Posted Mar 10, 2018, 1:35 AM
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The listing for this project was removed from CBRE in a day or two after AusTx posted this. Hopefully a deal was done.

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Originally Posted by AusTxDevelopment View Post
I didn't see a dedicated thread for this, so I apologize if it has already been posted. CBRE is marketing the 5th & Lavaca site for sale including a concept for a 40-story apartment tower. It's the site that the back of the Plaza Lofts face - the side with no windows. 301-303-305 West 5th Street. Below are some screen shots of the brochure.













Source: http://www.cbre.us/people-and-office...roperty-search
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  #4907  
Old Posted Mar 14, 2018, 9:24 PM
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Originally Posted by The ATX View Post
The listing for this project was removed from CBRE in a day or two after AusTx posted this. Hopefully a deal was done.
The sales listing is still active. They just moved it to CBRE's "Dealflow" website which requires a login to access. Most of their sales listings are behind that protected sign-in wall. I know some investors who are looking at this site. If I get any updates I'll post 'em.
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  #4908  
Old Posted Mar 15, 2018, 3:15 PM
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I didn't know whether to stick this in the Domain/North Austin thread or this one, but it's a little too north of the Domain so I'll leave this here. 52 acre site for sale - HP Enterprise Campus, which is the old Compaq campus off North Mopac, plus a bunch of raw land. It could end up being another major mixed use development if the right buyer/developer buys it.

https://vimeo.com/252571824/f3d5ed772b

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  #4909  
Old Posted Mar 16, 2018, 7:04 PM
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This is interesting. The major downtown hotels still have rooms available that don't come with hugely inflated prices for SXSW. From the Statesman:

Quote:
Heading to Austin this weekend to catch the tail end of South by Southwest?

Unlike past years, there are plenty of hotel rooms still available – many of them priced at or near normal rates.

That’s likely because the city continues to add hotel rooms in the downtown area, including the 1,048-room Fairmont Austin that opened just before SXSW kicked off this month.

On hotels.com, the Fairmont is advertising an average nightly rate this weekend of $329. The 1,012-room JW Marriott, which had been the city’s largest hotel until the Fairmont debuted, was also charging $329.

Other downtown Austin hotels with rooms available this weekend include the Four Seasons, Hotel Van Zandt, the Westin, the Hilton and the W.

The Four Seasons was the priciest option, coming in at $575, according to hotels.com.

If you’re looking for something a little – or a lot – cheaper, Native Hostel on East Fourth Street has the lowest price: $70.

Meanwhile, a number of hotels in far North Austin, Cedar Park and Round Rock can be had for around $100 per night.
https://www.statesman.com/business/n...mPvixeLKxjBpJ/
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  #4910  
Old Posted Mar 16, 2018, 7:37 PM
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Quote:
Originally Posted by The ATX View Post
This is interesting. The major downtown hotels still have rooms available that don't come with hugely inflated prices for SXSW. From the Statesman:



https://www.statesman.com/business/n...mPvixeLKxjBpJ/
Good. People should be able to get hotel rooms for big events in a city. It's crazy that you still have the new marriott coming with 600 rooms, Austin proper with 250, Zaza with 160, and Homewood with 150. I don't think the remodeled Raddison (Line ATX) is open yet either.
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  #4911  
Old Posted Mar 16, 2018, 7:39 PM
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Originally Posted by freerover View Post
Good. People should be able to get hotel rooms for big events in a city. It's crazy that you still have the new marriott coming with 600 rooms, Austin proper with 250, Zaza with 160, and Homewood with 150. I don't think the remodeled Raddison (Line ATX) is open yet either.
I think the Radisson is still at least half-open. I think they are remodeling portions of the building at different times so they always have some rooms available. At least that's how it was when I paid a visit a couple months back.
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  #4912  
Old Posted Mar 17, 2018, 4:05 PM
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Originally Posted by freerover View Post
Good. People should be able to get hotel rooms for big events in a city. It's crazy that you still have the new marriott coming with 600 rooms, Austin proper with 250, Zaza with 160, and Homewood with 150. I don't think the remodeled Raddison (Line ATX) is open yet either.
It's almost as though density and number of units available has an effect on pricing and availability.

If only we could build some PUDs or VMUs without NIMBYs taking up forks we could actually make the city far more affordable to live in.

But of course, their own property values and perceived QoL impact precludes them from wanting poor and minority Austinites able to afford living in their city. But that's ok, their anti code-next sign is right next to their black lives matter sign in their yard, so we can all feel very good about ourselves.
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  #4913  
Old Posted Mar 17, 2018, 6:33 PM
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Originally Posted by StoOgE View Post
It's almost as though density and number of units available has an effect on pricing and availability.

If only we could build some PUDs or VMUs without NIMBYs taking up forks we could actually make the city far more affordable to live in.

But of course, their own property values and perceived QoL impact precludes them from wanting poor and minority Austinites able to afford living in their city. But that's ok, their anti code-next sign is right next to their black lives matter sign in their yard, so we can all feel very good about ourselves.
I think all people are naturally resistant to change, especially when it impacts their daily lives (having new mid/high rises built next to your home of 5, 10, 20 years). This is an issue that has plagued Austin in particular over the years with the population explosion, or at least from what I've read. I understand where they're coming from, but at the same time you have to adapt to change, otherwise nothing improves, like those people in Boca Chica Village who are against SpaceX building their launch site there, should we not allow space exploration because it will impact the lives of a few local residents?.... and I agree with you partially, no matter how progressive you claim to be, we as humans are against change being forced on us and NIMBY is the best example of this.
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  #4914  
Old Posted Mar 17, 2018, 7:50 PM
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I still think anyone who uses the phrase NIMBY should disclose where they own and what they would do if something indeed threatened their investment.

This is not simply reduced to a "have vs Have not" or "race" discussion. Lets look at from the other side..... I guarantee you Every lower income minority person who has fought their ass off to purchase a home in this city is having the same discussions.... how to not have the 4 story apartment building( loaded with a Bunch of noisy white entitled millennials) be build next to their quiet home of 30 years. It's a real life issue. Yes It changes your life.
Any person who has planned , sweated and invested has these concerns.
This transcends race or financial status. Cheap shot.

This from a very pro density person......

And Black lives do matter.
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  #4915  
Old Posted Mar 18, 2018, 4:27 PM
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I still think anyone who uses the phrase NIMBY should disclose where they own and what they would do if something indeed threatened their investment.

This is not simply reduced to a "have vs Have not" or "race" discussion. Lets look at from the other side..... I guarantee you Every lower income minority person who has fought their ass off to purchase a home in this city is having the same discussions.... how to not have the 4 story apartment building( loaded with a Bunch of noisy white entitled millennials) be build next to their quiet home of 30 years. It's a real life issue. Yes It changes your life.
Any person who has planned , sweated and invested has these concerns.
This transcends race or financial status. Cheap shot.

This from a very pro density person......

And Black lives do matter.
I own in Zilker and have had 4 houses around me torn down and turned into max height duplex or quadplexes with another lot down the street turned into 20+ units and I'm totally 100% ok with it. I can see two cranes out my front porch for office buildings going up right along the Lamar frontage near me. And I would say 70% of the neighborhood in my vicinity has been added onto or torn down rebuildin the last 12 years.

I'm also a lifelong South Austinite whose grandparents have lived in the same home since the 1950s. There house is on a double lot and is probably the only single family house still on their street at this point.

Gentrification is another issue altogether that needs to be tackled by cities, but I would argue a lack of density in other close-in parts of town *causes* gentrification, not the other way around. East Austin became "prime" real estate because near-in South Austin became too expensive. If Austin hadn't fought density tooth and nail in the 80s and 90s we might not be seeing the knock-on effects of Hispanic or Black neighborhoods East of 35 being taken over that we are today. Or at least not to the extend that we are.

Things like the TacoPUD, the office building where the hooters is are still being fought tooth and nail. I use the phrase NIMBY because lots and lots of Austinites are against any kind of change at all. To the extent that a shuttered boarded up Taco Cabana and a Hooters with a dirt parking lot are, in their minds, better than change happening in their city. They want to gatekeep their city and their neighborhoods for themselves. Whether they are aware that the policies they fight for make the city more and more exclusive is another question, but the fact remains that if you want to bring down price you need to either bring down demand (Detroit style) or have supply sufficient to meet it (Tokyo).

My little brother from big brothers big sisters has been pushed further and further out of town for the 14 years that I've known him. He started out living on MLK near Chicon. His mom just had to move to an apartment in Manor. This adds to her commute and causes her to spend more money travelling and less time in leisure activity. Her QOL was directly impacted by the increasing expense and lack of rental units in her area that were affordable for her. There are smart ways for a city to allow density bonuses in building that come with requirements attached for building.

And the city needs to up their enforcement game for low-income units. I know of people who are decidedly middle-class who are living in housing earmarked in newer developments for "low income". They cheat their way there by having the lease be under the name of the grad-student who lives there and not the lawyer who they've been dating for 5 years who also lives there. Low-income housing very often sees developers trying to cheat the system because the reality is these buildings make their money on the full-rent units and very often wind up discriminating against actual poor people or minorities in awarding these units in order to keep the 'value' of their full-price rental units up. If someone from the city would actually audit these units and do in-person interviews of a handful of people getting awarded low-income housing I think we would find lots of individuals and developers are cheating the system.

Density alone won't get us there, but the city needs to allow for MUCH more residential much closer to the urban core of the city and they need to implement smart policies to tackle issues like racial discrimination in housing and a loss of minority-owned businesses in neighborhoods that were once minority-majority areas.
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  #4916  
Old Posted Mar 18, 2018, 4:37 PM
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  #4917  
Old Posted Mar 18, 2018, 5:17 PM
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Quote:
Originally Posted by StoOgE View Post
It's almost as though density and number of units available has an effect on pricing and availability.
Amazing how that supply and demand theory actually works.
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  #4918  
Old Posted Mar 19, 2018, 1:11 AM
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Quote:
Originally Posted by StoOgE View Post

Density alone won't get us there, but the city needs to allow for MUCH more residential much closer to the urban core of the city and they need to implement smart policies to tackle issues like racial discrimination in housing and a loss of minority-owned businesses in neighborhoods that were once minority-majority areas.
Word. Tired of those who have fighting so hard against those who don't in the name of good. The maps in CodeNEXT V3 are status quo and nothing more. We have to do better. Where are the transition zones? Where is the missing middle? Where is the opportunity for housing at different MFI levels?
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  #4919  
Old Posted Mar 19, 2018, 1:18 PM
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I still think anyone who uses the phrase NIMBY should disclose where they own and what they would do if something indeed threatened their investment.
First describe what you mean by "threatened their "investment"*?

I've noticed NIMBYs can simultaneously claim that density is going to destroy their property values AND increase their property values/taxes.



*The idea that homes are investments, and not homes, is a pretty modern idea. Historically, they've been a pretty shitty investment, especially after accounting for taxes and upkeep.
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  #4920  
Old Posted Mar 19, 2018, 2:05 PM
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Originally Posted by The ATX View Post
This is interesting. The major downtown hotels still have rooms available that don't come with hugely inflated prices for SXSW. From the Statesman:



https://www.statesman.com/business/n...mPvixeLKxjBpJ/
Definitely interesting. I'm going to ask around and see what our position on that is. My guess is that yes, the opening of the Fairmont dumped a whole lot of new inventory into the market, just at the last minute, which affected last minute pricing.

I know that earlier in the year DT hotels were selling at their normal SX rates and terms and that my hotel was not making deals or discounting as late as the end of Feb. I also know that SX itself owns large blocks at many of the DT hotels, so it's a possibility that those blocks didn't fill, leading to discounting closer in.

Also: the Radisson/Line participated, but as someone said above, they have a lot of rooms out at any given time for reno, so for all intents and purposes they are a 200+ room hotel for the time being.
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