AUSTIN | Waterline | 1,034 Feet | 73 Floors | T/O - Page 45

The ATX · #**881** Posted **Oct 4, 2019, 2:37 PM**

After everything that has been going on with WeWork, the 5-year site plan extension for the former WPP towers was just approved. It was actually approved by the PC in July, but it didn't go into affect until the last site plan expired this week.

https://abc.austintexas.gov/web/perm...ertyrsn=879326

The ATX · #**882** Posted **Oct 8, 2019, 7:46 PM**

This has the potential to be a big tower. It's for Block 190, 97 Red River - the site of the parking lot next to IHOP. I'll post it in this thread because last we heard was that this site is part of the WeWork project - the rumored 1,000,000 Sq. Ft. office tower.

This is a zoning change request from CBD-CURE to CBD:

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

We vs us · #**883** Posted **Oct 8, 2019, 7:58 PM**

Oh wow!

KevinFromTexas · #**884** Posted **Oct 8, 2019, 8:25 PM**

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.

Austin1971 · #**885** Posted **Oct 8, 2019, 10:48 PM**

Quote:

Originally Posted by The ATX

This has the potential to be a big tower. It's for Block 190, 97 Red River - the site of the parking lot next to IHOP. I'll post it in this thread because last we heard was that this site is part of the WeWork project - the rumored 1,000,000 Sq. Ft. office tower.

This is a zoning change request from CBD-CURE to CBD:

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

Looks like they might have been taking soil samples today. You can zoom in on the Red River Tower webcam.

https://app.oxblue.com/open/endeavor/redrivertower

paul78701 · #**886** Posted **Oct 8, 2019, 10:50 PM**

Quote:

Originally Posted by The ATX

This has the potential to be a big tower. It's for Block 190, 97 Red River - the site of the parking lot next to IHOP. I'll post it in this thread because last we heard was that this site is part of the WeWork project - the rumored 1,000,000 Sq. Ft. office tower.

This is a zoning change request from CBD-CURE to CBD:

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

The predictions of the demise of WeWork may prove to be a bit premature.

The ATX · #**887** Posted **Oct 8, 2019, 11:05 PM**

Quote:

Originally Posted by Austin1971

Looks like they might have been taking soil samples today. You can zoom in on the Red River Tower webcam.

https://app.oxblue.com/open/endeavor/redrivertower

Kudos to you for that observation.

We vs us · #**888** Posted **Oct 9, 2019, 12:19 AM**

Quote:

Originally Posted by paul78701

The predictions of the demise of WeWork may prove to be a bit premature.

Do we actually know this is in the WeWork property bundle? I know they took over the Waller Park Place lots because of that one article but can’t remember whether this additional lot was part of it.

The ATX · #**889** Posted **Oct 9, 2019, 12:40 AM**

Quote:

Originally Posted by We vs us

Do we actually know this is in the WeWork property bundle? I know they took over the Waller Park Place lots because of that one article but can’t remember whether this additional lot was part of it.

Yes, WeWork bought the site as well as the WPP site. Sutton bought the parking lot in 2016 I believe, and it has been part of the WPP project ever since. Before Sutton sold both sites to McCourt Global, the parking lot was describes as WPP Phase II.

GoldenBoot · #**890** Posted **Oct 9, 2019, 3:12 AM**

Quote:

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 · #**891** Posted **Oct 9, 2019, 10:33 AM**

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 · #**892** Posted **Oct 9, 2019, 12:37 PM**

Quote:

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 · #**893** Posted **Oct 9, 2019, 8:26 PM**

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 · #**894** Posted **Oct 9, 2019, 8:59 PM**

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 · #**895** Posted **Oct 9, 2019, 9:19 PM**

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 · #**896** Posted **Oct 9, 2019, 9:38 PM**

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

The ATX · #**897** Posted **Oct 9, 2019, 9:42 PM**

Quote:

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.

We vs us · #**898** Posted **Oct 9, 2019, 9:52 PM**

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 · #**899** Posted **Oct 9, 2019, 10:00 PM**

Quote:

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 · #**900** Posted **Oct 9, 2019, 11:29 PM**

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?