AUSTIN | Waterline | 1,034 Feet | 73 Floors | T/O

[We vs us]

Oh wow!

[KevinFromTexas]

That would be huge. The Block 16 Tower is ~600 feet with 731,737 square feet in 40 floors. That comes out to 18,293.425 square feet per floor. Assuming the footprint was similar, it could be another 14 to 15 floors taller. For a 55-story office tower that would be at least an upper 700 foot tower, and that's without thinking about whatever kind of crown it might have. It might even be another 800 footer.

[GoldenBoot]

Originally Posted by KevinFromTexas

That would be huge. The Block 16 Tower is ~600 feet with 731,737 square feet in 40 floors. That comes out to 18,293.425 square feet per floor. Assuming the footprint was similar, it could be another 14 to 15 floors taller. For a 55-story office tower that would be at least an upper 700 foot tower, and that's without thinking about whatever kind of crown it might have. It might even be another 800 footer.

Nope. Block 16's floor plates are about 30,000 SF. The 731,737 SF is for total rentable SF, not total floor area (which would include, what, 18 levels of parking - or something like that).

[H2O]

This lot is also larger than the south 1/2 of Block 16. However, if the City requires the extension of Rainey Street to Cesar Chavez, as has been recommended by multiple studies, they would become the same size.

[KevinFromTexas]

Originally Posted by GoldenBoot

Nope. Block 16's floor plates are about 30,000 SF. The 731,737 SF is for total rentable SF, not total floor area (which would include, what, 18 levels of parking - or something like that).

You're right. I wasn't looking at the floorplate numbers for Block 16. Using that, we'd probably see 9 more floors. Office levels are usually around 14 feet slab to slab, so we could probably expect to see another 126 feet, which would put it around 738 feet.

The gross square foot number is listed as 742,656 square feet on page 9 of the PDF, but it also lists 700,427 under gross square feet on that same page. It also lists 731,737 square feet as the "building fire area".

Measuring the actual lots, this one is about 62,400 square feet or about 1 and 1/3 of an acre. The Block 16 Tower site is just 34,776 square feet. The Republic block is 76,176 square feet, but the tower doesn't occupy the whole block. The plaza on the north side will take up about 20,000 square feet, so its footprint will be around 56,000 square feet.

[The ATX]

This is going to be big - over 900,000 Sq. Ft. WeWork is still going through with this, Their NYC HQ address is listed as the property owner in the filing. From the zoning change filing:


https://abc.austintexas.gov/web/perm...rtyrsn=1136308

[Jdawgboy]

I think I'll wait before getting too excited about this one. My question is if they are having problems, how are they going to have the funds and resources to build something like this? Makes me nervous. Don't get me wrong, I'd love to see a tower that size on this lot, I just hope it actually happens.

[The ATX]

Caution would be wise with anything proposed by the We Company right now.

They still have money and Investors. But they have to reduce their cash burn significantly in order to get support for their next IPO attempt. If WeWork, Soft Bank, etc, really believe in the project, they could move forward on it. But I don't see them developing all four towers any time soon. They could sell the former WPP project to raise cash and just build Block 190. Or they could sit on it for a few years until they have better cash flow since they just got the site plan extension for five years.

Also, I was wondering why the ZC request listed the current zoning as CBD-Cure to proposed CBD-CURE in one spot and current CBD to proposed CBD in another. That doesn't sound like a change. But after reading through the attachment they are changing from one type of CBD-CURE to another type of CBD-CURE. The updated CBD-CURE would allow them to go to the Design Commission for the needed Density Bonus/FAR increase.

[Urbannizer]

So at the moment only one tower is planned correct? The floor and height counts in the title reflects the previous proposal?

[The ATX]

Originally Posted by Urbannizer

So at the moment only one tower is planned correct? The floor and height counts in the title reflects the previous proposal?

Four towers are planned as far as we know. Three have approval and the fourth one - Block 190 - is going through the approval process.

[AusTxDevelopment]

Originally Posted by The ATX

Four towers are planned as far as we know. Three have approval and the fourth one - Block 190 - is going through the approval process.

They are wrapping up the entitlements to increase the value when they sell this. It is doubtful they can do anything with this property in the short term, and they need cash. There is significant money locked up in this property. If all four sites are fully entitled, the price goes up.

Personally I hope they sell this site sooner rather than later, to a competent developer, because that will accelerate the development of the site. If WeWork sits on it while they sort out their current mess, it could be years before anything happens with the site and we might be in a downturn by then.

[We vs us]

Originally Posted by AusTxDevelopment

They are wrapping up the entitlements to increase the value when they sell this. It is doubtful they can do anything with this property in the short term, and they need cash. There is significant money locked up in this property. If all four sites are fully entitled, the price goes up.

Personally I hope they sell this site sooner rather than later, to a competent developer, because that will accelerate the development of the site. If WeWork sits on it while they sort out their current mess, it could be years before anything happens with the site and we might be in a downturn by then.

Thank you. That's a much better explanation than I was imagining.

[We vs us]

Is it possible this is a zombie submission? Meaning . . . could this just be the process finishing itself, having started some time ago? Like, prior to the failure of the IPO, etc?

Trying to measure their intent here is really hard . . . because if they're continuing with permitting during this rightsizing process, it means that whatever's happening with this Austin parcel is hugely important to them. I've always thought that the WPP purchase meant that they were going to bring a significant management team to the city -- or maybe have an HQ2 of sorts. That they're core drilling through massive layoffs means that something big's still happening.

[The ATX]

Originally Posted by We vs us

Is it possible this is a zombie submission? Meaning . . . could this just be the process finishing itself, having started some time ago? Like, prior to the failure of the IPO, etc?

Trying to measure their intent here is really hard . . . because if they're continuing with permitting during this rightsizing process, it means that whatever's happening with this Austin parcel is hugely important to them. I've always thought that the WPP purchase meant that they were going to bring a significant management team to the city -- or maybe have an HQ2 of sorts. That they're core drilling through massive layoffs means that something big's still happening.

We probably have a long wait and see on this project. They could also be packaging the site with entitlements for sale. Phase I of this project (and the thread) go back to 2013. Phase II (Block 190) joined it in 2015 or 2016. And we still have a ways to go.

[Jdawgboy]

It's a little curious as to why they are pushing this one for approval when they already have the other sites approved. Why not focus on those lots? This makes me even less enthusiastic about this latest update simply because if they are planning to build anytime soon, then why bother to start the approval process for the IHop site, why not move forward with development on the approved sites?

[The ATX]

Originally Posted by Jdawgboy

It's a little curious as to why they are pushing this one for approval when they already have the other sites approved. Why not focus on those lots? This makes me even less enthusiastic about this latest update simply because if they are planning to build anytime soon, then why bother to start the approval process for the IHop site, why not move forward with development on the approved sites?

This isn't the IHOP site. This is the parking lot next door. I'm not that excited about this one either. Just like I can't really care about the Block 16 project with CC expansion looming.

EDIT. World Class Capital Group owns the IHOP site. That means it's worse off than a site owned by WeWork.

[Billy Cannon]

I have a feeling the we work component will be significantly downsized and a totally new concept for these sites is in the works

[zrx299]

It won't happen, but that lot really needs bisected and Rainey St extended to Chavez.

[freerover]

Originally Posted by zrx299

It won't happen, but that lot really needs bisected and Rainey St extended to Chavez.

Cesar doesn’t need another traffic light.

[The ATX]

Originally Posted by freerover

Cesar doesn’t need another traffic light.

...especially so close to Red River and the frontage road. The City's plans to upgrade the RR & CC intersection should be helpful. This project had to give up some right of way IIRC in order to get the site plan extended for the three towers formerly known as WPP.