Austin Projects & Construction

[crewer]

Originally Posted by Jdawgboy

Actually Im not astonished at all that the market is holding up. Austin continues to be in a good position as far as the economy goes, and demand will be strong for downtown housing for a while longer.

I'm not astonished either, but I sure see red flags flying. Here in DC, our economy remains one of the strongest in the US. Average salaries here far surpass those of Austin salaries, and, for the most part, DC is recession resistant. But despite all that, the froth over real estate peaked early in 2006 when sellers and developers pushed prices into the totally insane category, and buyers finally said, "no more". Trust me, the Austin market could flip on a dime!

I don't doubt that many of those pricey condos in downtown Austin will sell. But what I would be looking at is how many buyers must resort to creative financing just to get into them. How many buyers can cough up 20% down on a $300,000+ unit without having to take out an 80/20 interest only, negative amortization loan? (Those types of mortgages might be fine if a buyer can be guaranteed 25% appreciation per year, but will that happen in Austin? Doubtful.)

I wager that if most condo purchases are done through creative financing, then you can expect to see the condo frenzy abruptly coming to an end, and the rate of foreclosures rising sharply. I also bet that outsider investing will dry up quickly when investors find that Austin, unlike San Diego, Miami, DC, and Las Vegas, is not a city where they can name whatever price for their condos and get it. Those days are over!

[LookingUp]

Originally Posted by crewer

I'm not astonished either, but I sure see red flags flying. Here in DC, our economy remains one of the strongest in the US. Average salaries here far surpass those of Austin salaries, and, for the most part, DC is recession resistant. But despite all that, the froth over real estate peaked early in 2006 when sellers and developers pushed prices into the totally insane category, and buyers finally said, "no more". Trust me, the Austin market could flip on a dime!

We'll actually know when one of these projects actually sells something. I think people will be surprised by the size of the Units, and 10 ft by 11 ft Bedrooms and cheap 3-piece bathrooms at both projects. The Quality of Milago is actually better than both Spring and 360. Remember, Milago was admitedly not a luxury condo - more of an apartment product, but nonetheless successful. It was the price.

Both Spring and 360 hope to sell condos at $350-$450 PSF. Nobody knows if those buyers exist - especially after they see what they're getting (or not getting). Maybe we'll know by March or April. I still hear the rumor that 360 may swith to a rental property (seems appropriate). Spring opened a cheap Marketing Center behind Katz's, but they're not selling yet. They did add some amenities to their project and increased the prices.

I suppose Milago did well because the units were priced around $200-$300 PSF - the new projects need to get $350-450 to be profitable. That's $300,000 to $400,000 for a small 1-bedroom (1,000 SF). Where are the buyers? Are they dependent on Investors or real buyers?

[crewer]

Originally Posted by LookingUp

We'll actually know when one of these projects actually sells something. I think people will be surprised by the size of the Units, and 10 ft by 11 ft Bedrooms and cheap 3-piece bathrooms at both projects. The Quality of Milago is actually better than both Spring and 360. Remember, Milago was admitedly not a luxury condo - more of an apartment product, but nonetheless successful. It was the price.

Well, that could be, but what will probably happen is that if units aren't selling, the developers will begin throwing in incentives, rather than lowering the price. People who wait to buy may find that their buck gets them higher grade finishes than those buying now. Time will tell, though.

[atx001]

BOKA Powell architecture has updated their website and includes information and renderings on three Austin projects:

-300 South Lamar

-San Jacinto residences

-Zilker Place

http://www.bokapowell.com/swf/index2.html
Click on the above link, go to portfolio, then click on "residential", and then take a look at numbers 5, 12 and 13.

[KevinFromTexas]

Ok, so here's a small update with something different at the end! We made two trips that day to take a dog to our vet to be neutered and we stopped off on the way back for some pics.

Dell Children's Medical Center. They were removing the crane that day.




On the return trip the 2nd time, the crane was already down.


Some sunset shots.






Anyone know what they're doing to the mechanical penthouse on the Westgate Tower? I saw they were removing it. Sorry for the blur, (highway shot).


I had planned on going up into the Whole Foods garage to get a better view of what they were doing to the Westgate Tower, of course, from that view it's blocked by the criminal justice center. No bother, the weather was beautiful, so was the sunset. I could have stayed there all night.



The skyline with the sunset that evening was absolutely beautiful. I ate it up.




The Monarch construction was really interesting. They were still working, (it was around 6 pm then), and the crane was moving around as was the concrete pumper.






AMLI II and 360 construction.


AMLI II construction.






Note the crane for The Shore.

[KevinFromTexas]

Scroll---->

[LiveattheOasis]

I couldn't find the San Jacinto pic, what did you think of it?

[KevinFromTexas]

Originally Posted by LiveattheOasis

I couldn't find the San Jacinto pic, what did you think of it?

When you go to the website, click on "Portfolio" at the top, then click on "Residential" at the top, then at the bottom there's numbers, click on number "12".

[crewer]

Originally Posted by KevinFromTexas

Ok, so here's a small update with something different at the end! We made two trips that day to take a dog to our vet to be neutered and we stopped off on the way back for some pics.

Dell Children's Medical Center. They were removing the crane that day.

While visiting Austin recently, I made a point to drive all around the new Children's Hospital, and, I have to say, "NOT my favorite building." I'm big into GOOD architecture, but this building looks like a collage of styles and materials, and a far cry from good architecture. They made the same mistake as the convention center by overusing that horizontal sheeting (reminds me of mobile home skirting). And that tower thing with the stretched canvas tent thing on top? Oh come on! Is there a point to this?

I think the big box stores going up to the west of it (structures that I opposed) are more attractive than the hospital.

[Mopacs]

Originally Posted by crewer

While visiting Austin recently, I made a point to drive all around the new Children's Hospital, and, I have to say, "NOT my favorite building." I'm big into GOOD architecture, but this building looks like a collage of styles and materials, and a far cry from good architecture. They made the same mistake as the convention center by overusing that horizontal sheeting (reminds me of mobile home skirting). And that tower thing with the stretched canvas tent thing on top? Oh come on! Is there a point to this?

I think the big box stores going up to the west of it (structures that I opposed) are more attractive than the hospital.

I agree, the Hospital is a bit odd in design(s), though I may eventually get used to it. I wish it had been a little taller too. Nevertheless, I think the medical center has contributed significantly to the economic success of the Mueller project, providing an anchor project, with day and night employment.

Here are some updated shots I took of the Mueller redevelopment from last Thursday.



^^medical office building adjacent to the hospital



The Hospital, with this "Flying Nun" wayfinding tower









Main entrance



The 'wings' of the hospital





Wide view of the hospital, from the south. New streets are going in, and the location you see here will be home to additional office and residential buildings



A wider view from across Interstate 35. The retail project can be seen in the right foreground. The stores face inward, away from I-35







Old faithful



The new visitor's center is almost complete (along Airport Blvd)



View of downtown (taken a few months ago, from just S of the Hospital)



Here's the first phase of the retail center. The store closest to the camera will be a Best Buy, with a Marshall's and Bed Bath and Beyond...beyond. Many additional retailers, as yet unanounced, will occupy the remainder (including a rumored Kohl's)



Retail facing the street, just W of the hosptial



Excuse the quality, but here you can see the hospital rising beyond I-35, just south of 290E





Also from a few months ago...

[crewer]

Originally Posted by Mopacs

I agree, the Hospital is a bit odd in design(s), though I may eventually get used to it. I wish it had been a little taller too. Nevertheless, I think the medical center has contributed significantly to the economic success of the Mueller project, providing an anchor project, with day and night employment.

Thanks for the pics, Mopacs. You've convinced me even more, however. I just keep looking at the structure with this big question mark thought bubble hanging over my head. I'm reminded of Karen's line when she looked at Grace's hair and said, "Honey, what's going on with your hair? It looks like you have mousse and squirrel in there."

In looking at the different angles, I'm trying to see how it all pulls together. The "bubble wings" seem really out of place, and man, that tower thing with the canvas top looks like an afterthought. Is there a purpose to the tower that I don't know about?

I agree with you that the project, for being an "urban" rather than suburban project, should have had more height and far less land consumption.

[MichaelB]

Originally Posted by crewer

Thanks for the pics, Mopacs. You've convinced me even more, however. I just keep looking at the structure with this big question mark thought bubble hanging over my head. I'm reminded of Karen's line when she looked at Grace's hair. "Honey, what's going on with your hair? It looks like you have mousse and squirrel in there."

In looking at the different angles, I'm trying to see how it all pulls together. The "bubble wings" seem really out of place, and man, that tower thing with the canvas top looks like an afterthought. Is there a purpose to the tower that I don't know about?

I agree with you that the project, for being an "urban" rather than suburban project, should have had more height and far less land consumption.

Alas, I am forced to agree with you. I say, forced.... because I have been waiting...... hoping something would pull the project together. But "alas" there does not seem to be that magic element coming forth! I really wanted to like this building. I wonder if it suffered from "committe and patron" syndrome? I have also been bothered by it's rambling, yet urban, approach. I have tried to see it thru the eyes of a child having to come to the site. I do think that is important. A tall building would be more frightening.... ok... I get it..... the curvey forms are fun.... and the tower.... ummmm, castle???? Repunzel? Just a landmark? NOt sure. But I do agree that is does not all seem to hang. I have also assumed that the MASSIVE amounts of surface parking are indeed meant to be eventual expanssion space.... parking decks to be build later, etc. All speculation.... again, trying to have a sympathetic eye..... just not seeing how it all hangs yet!

[Trae]

Austin Projects and Construction II should be coming up soon. We are almost at 2,000 posts in this one.

[KevinFromTexas]

Just a heads up, guys, late tomorrow I'm going to start the new thread and send this one to the archive. I'm planning on moving all The Austonian related posts to the new thread to help get it started. Plus I know we'll be wanting to see those renderings in the new thread, rather than locked away in the archive.

[crewer]

Originally Posted by KevinFromTexas

Just a heads up, guys, late tomorrow I'm going to start the new thread and send this one to the archive. I'm planning on moving all The Austonian related posts to the new thread to help get it started. Plus I know we'll be wanting to see those renderings in the new thread, rather than locked away in the archive.

Speaking of which, Kevin, I just wanted to tell you how much I appreciate the work you've put into the AustinForum. I enjoy this forum as well, but I especially like the organization of the AustinForum. I use it for a quick reference all the time.

Hats Off!!

[Saddle Man]

2000! Thread Closed!

[ATLtransplant]

!

[Trae]

Let's get thread 2 up there!