Austin Projects & Construction - Page 38

crewer · #**741** Posted **Mar 20, 2006, 5:06 PM**

Quote:

Originally Posted by ATLtransplant

As far as the Capital view thing, I'm not completely familiar with that but it sounds like it will be a big pain in the ass for many years to come as developers have to choose from less land in the CBD. My opinion is if you can see the nation's tallest state capital driving down Congress, then nothing else matters.

After looking at the view corridor map and seeing how many blocks are influenced by height restrictions, I was shocked. I'm big into preservation and all, but I think the view corridors need to be reconsidered. You can see the capitol building from over angles where there will probably never be obstructions. I'm not sure why it's so necessary to see it from Lamar. And where on Lamar are you suppose to see it? On the bridge only? On the whole bridge or part of the bridge? (I'm sure I'll take a beating from that opinion.)

Oh, hate to tell you this, but the nation's tallest "DOMED" capitol building ain't the one in Austin. That's an old Texas myth.

The tallest "domed" capitol building is in Springfield, Illinois which is 361 feet tall (405 ft. to the top of the flagpole). The Texas State Capitol is 311 feet tall. The Texas Capitol is taller than the nation's capitol and it has the largest square footage of any US capitol. This was brought out in the Statesman many years ago, but it's amazing how so many online Texas information sites still claim it as the tallest.

ATLtransplant · #**742** Posted **Mar 20, 2006, 5:29 PM**

Hmm, I don't know where I got that information from... I think I read it on on a forum like this

crewer · #**743** Posted **Mar 20, 2006, 5:54 PM**

Quote:

Originally Posted by Mopacs

18-story Condo tower proposed for south of Town Lake, at the NE corner of Barton Springs Road and S 1st Street, adjacent to the Austin Chamber of Commerce building and Hyatt hotel. Article from this week's Austin Business Journal

Hey thanks for sharing this, Mopacs! Is this a completely new project or is it just more of an update on the one that had been projected for that site for sometime?

LookingUp · #**744** Posted **Mar 20, 2006, 6:52 PM**

Quote:

Originally Posted by crewer

After looking at the view corridor map and seeing how many blocks are influenced by height restrictions, I was shocked. I'm big into preservation and all, but I think the view corridors need to be reconsidered. You can see the capitol building from over angles where there will probably never be obstructions. I'm not sure why it's so necessary to see it from Lamar. And where on Lamar are you suppose to see it? On the bridge only? On the whole bridge or part of the bridge? (I'm sure I'll take a beating from that opinion.)

To get rid of the Capitol View Corridors the City would have to convince the State. That doesn't seem plausible. Land that is effected by the View Corridor is worth $20 PSF and Land without the View Corridor is worth +$100 PSF. I believe Taylor Andrews paid almost $100 PSF for a site that is about 60% View Corridor - probably twice what it's worth.

KevinFromTexas · #**745** Posted **Mar 20, 2006, 7:03 PM**

Yeah, the tallest domed capitol in the US is the one in Springfield, the tallest capitol period is in Louisiana, (Baton Rouge), at 460 feet tall. Our's is the overall 5th tallest in the nation.

LookingUp · #**746** Posted **Mar 20, 2006, 7:11 PM**

Quote:

Originally Posted by ATLtransplant

I've been reading this forum ever since the Novare building was announced. I must say I'm really disappointed in the massive amount of pessimism when it comes to the construction of some of these new buildings. Certainly there is reason for people to be cautious with all the talk of the "bubble" but rumors can easily be spread about a building being a "go" or "dead" just by someone speaking their opinion. That's one of the most frustrating things about these forums is knowing who knows what they're talking about and who's talking out of their ass.

I don't see it that way ATLtransplant. I think this Forum tries to determine if a project is real or not. Most people here, including myself, would probably be considered high-rise "cheerleaders."

The math is easy to do for these projects: 1) Land + 2) Construction Costs + 3) Soft Costs (design, financing, broker fees, sales expenses, etc.) = Total Development Costs. Divide this amount by the total sellable SF.

Because Austin has trouble exceeding $300 PSF for high-rise condos it's very difficult to achieve development costs (less than $250 PSF) that would allow a reasonable profit.

Then, we have project announcements from groups like Spring that don't even have renderings or construction documents. They have no idea what their building will cost. Maybe it would have been better to find out that information before announcing, but this would have cost money. Nobody I know thinks their numbers can work.

As for your friends at Novare - they have done well copying their cookie-cutter "Spire" building. If they can make it fit in Austin, they may be the first to achieve prices around $325 PSF. Not sure if that's enough to make any real profit. It will probably cost Novare $180 PSF just in construction costs, so it's a tough deal. Novare has shrunk the average floorplan size and created a more apartment-style prodcut. Not suprisingly, many people in town refer to Novare's "small units." I'm certain they are referencing their small unit floorplans and not their willingness to try and make something work here.

I admire their confidence. Plus, they've done well in several cities. Hopefully, Austin is next.

GoldenBoot · #**747** Posted **Mar 20, 2006, 8:35 PM**

Quote:

Originally Posted by crewer

Hey thanks for sharing this, Mopacs! Is this a completely new project or is it just more of an update on the one that had been projected for that site for sometime?

It's merely an update...

LookingUp · #**748** Posted **Mar 20, 2006, 11:58 PM**

Quote:

Originally Posted by GoldenBoot

It's merely an update...

The project at the Hyatt was originally proposed by Kennedy-Wilson (a National RE Brokerage firm) - they sold it when they couldn't make the numbers work. Mostly because of the construction costs - reportedly +$180 SF and they had difficulty making the parking garage work. (Not sure if they have new architects and a new plan now).

That was a year ago and I think the new group believes they can get more than $300 PSF in sales prices. It's a great location, even if not downtown. They could setup sales in the Run-tex and get many of the people who enjoy Townlake to buy units. Well, condo-speak: "reserve units."

Jdawgboy · #**749** Posted **Mar 21, 2006, 3:33 AM**

Wow ZOM is now going to be 29 stories, each time I hear about it they seem to add more floors. Lets hope they really start in June.

I am confused about Novare, Why would they post up the signs and start marking out the lot if they couldn't build that high on that site. I thought that was why they made the changes from a 40 story building to a 44 story building in the first place. It would be really interesting if they did increase it to 50 stories, that would make it well over 600 feet tall.

It's almost April 1st wich is supposedly when the Metlife at 101 Colorado is to break ground. Lets hope its true and not an April Fools joke. Keep your fingers crossed

LookingUp · #**750** Posted **Mar 21, 2006, 4:14 AM**

Quote:

Originally Posted by Jdawgboy

Wow ZOM is now going to be 29 stories, each time I hear about it they seem to add more floors. Lets hope they really start in June.

It's almost April 1st wich is supposedly when the Metlife at 101 Colorado is to break ground. Lets hope its true and not an April Fools joke. Keep your fingers crossed

Fingers crossed. There is confusion about whether Zom (Monarch) will be rental or condo. Maybe someone here knows.

GoldenBoot · #**751** Posted **Mar 21, 2006, 5:15 PM**

Quote:

Originally Posted by LookingUp

Fingers crossed. There is confusion about whether Zom (Monarch) will be rental or condo. Maybe someone here knows.

Rental...

29-Stories
305 apartments
Slated to break ground in June (??!!??)

LookingUp · #**752** Posted **Mar 22, 2006, 5:41 PM**

Legacy at Town Lake?

30 stories across from the Milago Apartments - supposed to announce soon. Anybody know about this project?

KevinFromTexas · #**753** Posted **Mar 22, 2006, 5:51 PM**

Nope.

GoldenBoot · #**754** Posted **Mar 22, 2006, 6:11 PM**

Quote:

Originally Posted by LookingUp

Legacy at Town Lake?

30 stories across from the Milago Apartments - supposed to announce soon. Anybody know about this project?

Wasn't that the name of the former project proposed for the site located at the NE corner of IH-35 & E. Riverside Dr.? I remember it being “something at Town Lake.”

Do you mean "across the street" or "across the lake" from the Milagro condos?

The only projects in that area of central Austin, that I know of, are:
1) The Shore (602 Davis St.; 22-stories; 245 condos)
2) Kimpton's boutique hotel and residences next to The Shore (40-50 condos on top of a 254-room boutique hotel similar the to Hotel Solamar in San Diego; height of this building has yet determined)
3) Constellation Property Group's project at the NE corner of IH-35 & E. Riverside (details to be released soon - still in design; **This project has absolutely no relation to former proposed projects for this site)

LookingUp · #**755** Posted **Mar 22, 2006, 6:40 PM**

Quote:

Originally Posted by GoldenBoot

Do you mean "across the street" or "across the lake" from the Milagro condos?

No, there is a piece of land right across the street from Milago Apartments, on Rainey. I heard it was callled Legacy and would be about 30 stories -300 units.

Mopacs · #**756** Posted **Mar 22, 2006, 7:48 PM**

Looks like AMLI phase II (Block 22) has broken ground

http://www.austinhighrise.com/index.php?option=com_hotproperty&task=view&id=81&Itemid=0

GoldenBoot · #**757** Posted **Mar 22, 2006, 9:20 PM**

Quote:

Originally Posted by LookingUp

No, there is a piece of land right across the street from Milago Apartments, on Rainey. I heard it was callled Legacy and would be about 30 stories -300 units.

Wow! I have not heard about this project. Do you (or anyone else) know who is developing/proposing this project?

greenbelt · #**758** Posted **Mar 22, 2006, 10:30 PM**

Regarding the block 22 ground breaking, has anyone seen the latest rendering?
Last I recall it resembled the first AMLI but much taller right?

GoldenBoot · #**759** Posted **Mar 22, 2006, 10:48 PM**

Quote:

Originally Posted by greenbelt

Regarding the block 22 ground breaking, has anyone seen the latest rendering?
Last I recall it resembled the first AMLI but much taller right?

Actually, it more closely resembles the Austin City Lofts. The same architect (Page Southerland Page) designed all three of these structures: PRIME (AMLI) Block 20, Austin City Lofts and PRIME (AMLI) Block 22.

I too, cannot find the rendering. One was posted on the AAS website, but it's gone now.

greenbelt · #**760** Posted **Mar 22, 2006, 10:51 PM**

Quote:

Originally Posted by GoldenBoot

Actually, it more closely resembles the Austin City Lofts. The same architect designed all three of these structures: PRIME (AMLI) Block 20, Austin City Lofts and PRIME (AMLI) Block 22.

I too, cannot find the rendering. One was posted on the AAS website, but it's gone now.

That's good news because i really like Austin City Lofts, seems very Euro. Looking forward to the Monarch and 360 breaking in June.