Former Concordia University Site Redevelopment

[digger]

The article said the theater will be in a new apartment building. With the new sound effect systems in theaters I can't imagine living there. That on top of the real sound effects of the double decker interstate.

[KevinFromTexas]

Economy improves, development resumes
Construction on former Concordia campus picks ups

Updated: Friday, 22 Jan 2010, 5:52 AM CST
Published : Friday, 22 Jan 2010, 5:44 AM CST

Kate Weidaw

There's another sign the economy is starting to recover in Austin. Development on the former Concordia campus in Central Austin is expected to pick up again within the next few weeks under a new name.

Late last year construction on one office building wrapped up. Texas Monthly has already moved in and soon a grocery store and Aveda hair school will set up shop as well. Within the next few months construction is expected to begin on a movie theater.

Apartments will be constructed on top of the theater. There's also a luxury hotel.

...

http://www.kxan.com/dpp/news/busines...opment-resumes

[JAM]

The developer of the mixed-use University Park project on the former Concordia University campus north of downtown has sold most of the undeveloped land on the site to Cypress Real Estate Advisors, an Austin-based real estate investment firm, Cypress Chairman Steve Clark said today.

Clark and Andy Sarwal, lead developer for the 23-acre project, would not reveal the purchase price.

Clark said Cypress intends to develop the land once the economy turns around.

“We wouldn’t have bought it if we didn’t think it was really good land,” Clark said. “We think it’s a great site, a great location.”
The sale includes the land where a movie theater and 340 apartments are planned, as well as the site where Onair Development plans to build a 120,000-square foot medical office building. The sale of the medical office tract is subject to the contract Sarwal had with Onair, Clark said.

http://www.statesman.com/blogs/conte...universit.html

[Jdawgboy]

Hmmm this puts a bit of a twist on the project. So any guesses of what in the world is going on?

[austlar1]

Originally Posted by Jdawgboy

Hmmm this puts a bit of a twist on the project. So any guesses of what in the world is going on?

Yes, the economy sucks, and there is no money being loaned to do spec projects like this at the present time.

[paulsjv]

Well crap.. I live in Mueller and was looking forward to the theater! Guess I'll see it and the town center in Mueller in say oh 10 to 15 years.

[Scottolini]

10 or 15 years? I highly doubt you'll have to wait until 2020 or 2025 before those projects are complete.

[paulsjv]

Originally Posted by Scottolini

10 or 15 years? I highly doubt you'll have to wait until 2020 or 2025 before those projects are complete.

With the way the economy, government, and the commercial real estate market is it wouldn't surprise me if it took 10 years.

[Scottolini]

Anything's possible, but things change really quickly. In 2000, when the economy was high-flying, who would have thought how bad it would be in 2002 after 9/11 and the tech bust.

Then again in 2002, while it was all doom and gloom, who would have thought the job growth, and construction boom that occurred just a couple of years later would have happened.

And in 2007, with job openings galore, and being in the midst of an epic building boom, who would have thought we'd be where we are in 2010?

And that was just in one 10 year period. No one can predict the future, but I do know for certain that 10 or 15 years is a long time, and I doubt the developer bought this land with the intent to not develop it for a decade or more.

If things stay that bad for a decade or more, I believe worrying about going to this theater, or that town center will be the least of our worries.

[paulsjv]

Originally Posted by Scottolini

Anything's possible, but things change really quickly. In 2000, when the economy was high-flying, who would have thought how bad it would be in 2002 after 9/11 and the tech bust.

Then again in 2002, while it was all doom and gloom, who would have thought the job growth, and construction boom that occurred just a couple of years later would have happened.

And in 2007, with job openings galore, and being in the midst of an epic building boom, who would have thought we'd be where we are in 2010?

And that was just in one 10 year period. No one can predict the future, but I do know for certain that 10 or 15 years is a long time, and I doubt the developer bought this land with the intent to not develop it for a decade or more.

If things stay that bad for a decade or more, I believe worrying about going to this theater, or that town center will be the least of our worries.

Well I don't know how the national economy is going to affect Austin but I do know that there is a pending commercial real estate collapse coming this year, if not early next year. Everything I have read said it's going to be really bad like it was for the sub prime stuff.

Also, there are several states that are probably not going to make it the next few years. So something is going to have to happen to remove the last biggest bubble we have ever had. So IMO either inflation is going to get really bad or a ton of states and banks are going to go bankrupt.

Guess it just depends on what the government decides to do, which will determine what will happen in the next 5, 10, and even 15 years.

Personally I think it's going to take 10 to 15 years if the government keeps at it like they currently are.

[M1EK]

Originally Posted by Scottolini

Anything's possible, but things change really quickly. In 2000, when the economy was high-flying, who would have thought how bad it would be in 2002 after 9/11 and the tech bust.

Then again in 2002, while it was all doom and gloom, who would have thought the job growth, and construction boom that occurred just a couple of years later would have happened.

And in 2007, with job openings galore, and being in the midst of an epic building boom, who would have thought we'd be where we are in 2010?

And that was just in one 10 year period. No one can predict the future, but I do know for certain that 10 or 15 years is a long time, and I doubt the developer bought this land with the intent to not develop it for a decade or more.

If things stay that bad for a decade or more, I believe worrying about going to this theater, or that town center will be the least of our worries.

Actually, from "plan" to "open", 10 years isn't that pessimistic. You're forgetting that most of the stuff opening right now was planned back in the early part of the '00's. Problem is that the change in ownership likely (not sure, but likely) means a change in plans, too. And as far as Mueller goes, they have nothing but a nebulous sort-of land-use plan for the Town Center; no actual real building plans with permits and whatnot.

[KevinFromTexas]

http://www.statesman.com/blogs/conte...ate/index.html

University Park office building posted for foreclosure
By Shonda Novak | Thursday, May 13, 2010, 11:46 AM

Lenders have posted the office building at University Park, the former Concordia University campus, for the June 1 foreclosure auction.

The lenders on the original $39 million construction loan, U.S. Bank and Texas Capital Bank, joined in the filing against the owner, East Avenue Holdings LP, according to the foreclosure petition.

So far, the building has one tenant, Texas Monthly magazine. An Aveda Institute salon training school is scheduled to move into the building this summer.

The posting is for the eight-story, 215,000-square-foot office building and attached parking garage, Sarwal said.

...

[Syndic]

What's going on with this? Any updates?

[bluedogok]

I know the office building has turned into a complete mess ownership/leasing wise, new ownership has voided some of the new leases.

[JAM]

Originally Posted by bluedogok

I know the office building has turned into a complete mess ownership/leasing wise, new ownership has voided some of the new leases.

I'm curious why they would want to void leases (tenants can be hard to find) and how they could (I would think the lease has a sale clause put into it that prevents new owner from doing such a thing) ??

[Jdawgboy]

Something needs to be done with that area, it is an eyesore. You can see the entire mess from the upper deck of i-35 and it does not look flattering at all.

[bluedogok]

Originally Posted by JAM

I'm curious why they would want to void leases (tenants can be hard to find) and how they could (I would think the lease has a sale clause put into it that prevents new owner from doing such a thing) ??

I'm not sure as I am not working on that project, just some talk about the project dying again that I heard. I think the leases were signed when it was in receivership or something and the lenders that took the property back didn't like the terms of the lease and voided it soon after the announcement. I guess they think they can get more for the space for that large of a tenant. It had already been submitted for building permit.

[Armybrat]

In the meantime you can avail yourself of the best brisket BBQ in Texas at Franklin BBQ - on the corner of Concordia Ave. and the East Frontage road (behind the old gas station). Get in line before it opens at 11am as Aaron (the owner) usually is sold out by 1 or 1:30:

[KevinFromTexas]

Updated rendering for what I assume is the hotel. The original floor count was 17 floors, but this rendering shows 15 floors. The University Park office building (shown on the left) is 128 feet tall. So I would estimate the one on the right is ~170 feet tall.

I would guess it's still planned as a hotel. It looks like it with that line of cars near the entrance.


http://upaustin.com/photo/

[East7thStreet]

Originally Posted by KevinFromTexas

Updated rendering for what I assume is the hotel. The original floor count was 17 floors, but this rendering shows 15 floors. The University Park office building (shown on the left) is 128 feet tall. So I would estimate the one on the right is ~170 feet tall.

I would guess it's still planned as a hotel. It looks like it with that line of cars near the entrance.


http://upaustin.com/photo/

I'm pretty sure this property was broken up and sold in pieces. The land closest to St.Davids was sold to developer of medical offices. The land to the north I believe was sold to a luxury apartment developer.