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-   -   AUSTIN | Project Updates Thread Part II (https://skyscraperpage.com/forum/showthread.php?t=208918)

Urbannizer Oct 11, 2023 8:58 PM
Financially Troubled StoryBuilt Looks To Unload $2B Portfolio In Receivership Sale

All of their projects under construction, including Ellie May near Airport and Bruno on South 1st, have stalled out.

Quote:
An Austin, Texas-based infill housing developer is putting its 28-property project portfolio on the market in a receivership sale as it faces a series of financial challenges.

StoryBuilt has 28 projects in various stages of development throughout Austin, Dallas, Denver and Seattle, according to a news release.

Founded in 2009, StoryBuilt targeted “cool neighborhoods,” then built dense, contemporary projects to add more vibrancy, according to the release from A&G Real Estate Partners. A&G Real Estate Partners and Onyx Asset Advisors are handling the receivership sale.

The properties range from seven to more than 800 units. Seventeen of the projects are in Austin, including residential and mixed-use developments, according to the news release. Austin properties include Thornton Flats, an apartment complex in the South Lamar area, and George, a condo complex in Central Austin that plans to start closing sales in the fourth quarter, according to its website.

Trouble has been brewing for StoryBuilt since at least July, when the company sent a letter to investors noting a “lack of liquidity” and requesting $10M in rescue funds, the Austin Business Journal reported. Later that month, another letter notified investors that it was furloughing much of its staff and reorganizing its leadership.

Urbannizer Oct 21, 2023 6:27 AM
Quote:
Originally Posted by Armybrat (Post 10056078)
Perfect place for the city to purchase at full price+ and use it to house the homeless.
It’s been restructured as your standard apartment building. All units are 3 bedrooms starting at $3,000

https://www.apartmentfinder.com/Texa...tments-5scz1km

The ATX Oct 21, 2023 12:11 PM
$3K to $3.6K per unit. Definitely a failed experiment in affordable housing.

chinchaaa Oct 23, 2023 2:46 PM
i want to know what went wrong here. why were they not able to rent it out? i really find it hard to believe parking is the reason.

dilliam Oct 23, 2023 7:04 PM
They took a funny approach to co-living that didn't seem to work out. Kind of a strange vibe. In the units.

Sigaven Oct 23, 2023 8:52 PM
Quote:
Originally Posted by dilliam (Post 10065714)
They took a funny approach to co-living that didn't seem to work out. Kind of a strange vibe. In the units.
Yeah they look like college student housing apartments.

dilliam Oct 24, 2023 3:52 PM
Yea, the dorm vibes are very real. Didn't feel homey at all.

https://image1.apartmentfinder.com/i.../110/image.jpg
https://image1.apartmentfinder.com/i.../110/image.png

bobbywest87 Oct 24, 2023 4:20 PM
They look alright to me, but yeah I get it. Pretty well hard-defined space, and not the type of layout you'd want with a family.

bobbywest87 Oct 24, 2023 4:29 PM
It's been nearly 8 weeks, so here's another update. I made corrections to The Republic since last time because I made the mistake of reading the numbered elevator signs as opposed to counting the floors themselves (they skip floor #13 and I believe they are technically calling the 3rd above-ground floor the 4th floor). In any case, the construction of each tower has been on a roll these last several weeks (fingers crossed it continues that way)!

https://i.ibb.co/ydLS4mQ/Progress-Up...e-Progress.gif

randalls Oct 24, 2023 5:48 PM
Great progress. Thank you for this!

The ATX Oct 24, 2023 6:14 PM
Excellent. I updated the sticky development thread with the update.

gillynova Oct 24, 2023 6:43 PM
Absolutely LOVE these updates bobbywest87! I'm sure we all always wonder how much more these buildings will go until they top off. Next update of this is I'm guessing before Christmas? I'm sure construction will slow down with everyone taking a holiday break + some rainy days

Really looking forward to Waterline shooting up from now on!

bobbywest87 Oct 24, 2023 7:17 PM
Quote:
Originally Posted by gillynova (Post 10066467)
Absolutely LOVE these updates bobbywest87! I'm sure we all always wonder how much more these buildings will go until they top off. Next update of this is I'm guessing before Christmas? I'm sure construction will slow down with everyone taking a holiday break + some rainy days

Really looking forward to Waterline shooting up from now on!

Thanks, Gillynova. I rely a ton on your picture updates to get these progress estimates right. I figure the next update will probably be week of 12/18 or around there which is another 8 weeks. Maybe sooner if they top out 700 River before then. Otherwise, it seems like a good frequency to demonstrate progress.

gillynova Oct 24, 2023 9:12 PM
Teamwork make the dream work :cheers:

Werdman89 Oct 26, 2023 4:24 AM
Redevelopment partner wanted to help transform downtown's First Baptist of Austin church

Quote:
A downtown Austin ministry wants to redevelop the 1.7-acre site its church stands on to better serve the public, and it's looking for a partner to help bring its vision to life.

First Baptist Church of Austin, located on a full block at 901 Trinity St., is seeking a partner to redevelop the property not just as a place of worship but also one that will meet downtown’s needs for affordable space for child care, arts venues and public gatherings, according to an Oct. 18 announcement.
https://www.bizjournals.com/austin/n...t-partner.html

We vs us Oct 26, 2023 4:17 PM
Quote:
Originally Posted by Werdman89 (Post 10067756)
Redevelopment partner wanted to help transform downtown's First Baptist of Austin church


https://www.bizjournals.com/austin/n...t-partner.html
This is kind of a bizarre brief. It's a church that essentially wants to shrink its footprint -- but not abandon it completely -- while finding a partner to develop a portion of its land for limited-profitability ventures. All while under a CVC. Very interested to see who will take them up on this.

EDIT: Towers has a nice write up, and fleshes the idea out a lot more completely than the ABJ. I'm officially 20% less skeptical than I was.

https://austin.towers.net/downtown-a...ic-once-again/

H2O Oct 27, 2023 12:02 PM
Quote:
Originally Posted by We vs us (Post 10068016)
This is kind of a bizarre brief. It's a church that essentially wants to shrink its footprint -- but not abandon it completely -- while finding a partner to develop a portion of its land for limited-profitability ventures. All while under a CVC. Very interested to see who will take them up on this.

EDIT: Towers has a nice write up, and fleshes the idea out a lot more completely than the ABJ. I'm officially 20% less skeptical than I was.

https://austin.towers.net/downtown-a...ic-once-again/
It seems to have many of the same challenges as the nearby block that Cielo attempted to develop.

Urbannizer Nov 2, 2023 9:32 PM
Mexican American Cultural Center

https://i.imgur.com/f3lQmWph.jpeg

https://i.imgur.com/iALhz4Ch.jpeg

https://i.imgur.com/zWds8cJh.jpeg

Rainey Trail Improvements

https://i.imgur.com/xDOnVHah.jpeg

drummer Nov 3, 2023 2:39 PM
Are there any updated plans/schematics of what they're doing at the MACC? I just tried looking briefly but couldn't discern which was the latest version.

IluvATX Nov 3, 2023 2:46 PM
Quote:
Originally Posted by drummer (Post 10073357)
Are there any updated plans/schematics of what they're doing at the MACC? I just tried looking briefly but couldn't discern which was the latest version.
https://austin.towers.net/heres-how-...ouble-in-size/


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