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  #201  
Old Posted Feb 26, 2007, 4:01 PM
AustinGuy AustinGuy is offline
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AustinGuy,

Yes, that is B3 - I think it is underpriced compared to the others. The kitchen layout might be the worst, but we are buying the views, not the kitchens...
Thanks Kevin. Congrats on getting a unit. The B3 views were partly why I asked my earlier question as to whether there were any plans for developing the lot with the electrical substation next to Seaholm. If my understanding of Google Maps & the placement of the 360 are correct, major development in the electrical substation lot could impact the views out of B3.

As far as I can tell, there is no development on the table at this time for that area, but who knows given how dense they want to make downtown.
     
     
  #202  
Old Posted Feb 26, 2007, 4:12 PM
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What's the problem Greg? You don't like math?
Everyone knows that lies equal math, goshdang bubba. Did i spell everything correctly? So i did speak to a sales agent this weekend and yes everyone contrary to King Deception (classic) there are many units priced below $200,000. Too bad i didnt get a coveted appt for this phase. Next time i am all over it. We need more supply
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  #203  
Old Posted Feb 26, 2007, 4:26 PM
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I'm crazy about the B6. If the unit on the 17th floor is still available we will snatch it up. AustinGuy with the creek being where it is and with the planned extension of 3rd you should be ok in a B3. We all know that views arent guaranteed. I understand your concern, you should be fine.
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  #204  
Old Posted Feb 26, 2007, 4:33 PM
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I'm crazy about the B6. If the unit on the 17th floor is still available we will snatch it up. AustinGuy with the creek being where it is and with the planned extension of 3rd you should be ok in a B3. We all know that views arent guaranteed. I understand your concern, you should be fine.
Thanks Gallup. B6 is a cool floor plan, but in case you haven't heard the prices yet, the 17th floor has huge upcharges for all the units. When I left on Saturday, the 17th floor was still completely available. The terrace off of the 17th floor is only available for 17th floor residents so they tack on $$ to each unit on that floor.

EDITED: Gallup, I just looked and B6 doesn't start until the 18th floor. There is no B6 on 17.
     
     
  #205  
Old Posted Feb 26, 2007, 5:01 PM
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No, thank you AustinGuy. You are right no B6. It is the A15 that we are after. I hope there is a way to get to the terrace from our terrace directly. If not then the B2 might beckon me. Any word of the retail we will have. Look at me acting as if i'm sure to get an appt in the next round. If i don't then i will move into the courthouse I'm happy to hear that the 17th is still available. Damn happy
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  #206  
Old Posted Feb 26, 2007, 5:23 PM
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The 17th floor had about a $50K premium. Only the residents of that floor can access that terrace.

I asked about retailers, they weren't releasing any info. They HOA docs do include a site plan that indicates six different retail spaces on the ground floor.

As far as views, there is certainly some risk. I was more concerned about the green water treatment plant directly to the South. It WILL be relocated, approvals are in place to move it to the Bull Creek station. The city will develop that land, and we know they love density. The current favorite for that site is the relocated Austin Public library. It won't be too tall.

Either way, I think spending the $ to go up in the building is the biggest bargain, and reduces your risk of losing views...
     
     
  #207  
Old Posted Feb 26, 2007, 6:09 PM
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Either way, I think spending the $ to go up in the building is the biggest bargain, and reduces your risk of losing views...
Thanks Kevin. I think I might have made a tactical mistake going for one of the units at the top of the first 1/3, but going higher was out of my budgetary comfort range. My unit clocks in at approx $335/interior sq ft.

Still deciding if I want to keep it or walk away.
     
     
  #208  
Old Posted Feb 26, 2007, 6:20 PM
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Thanks for the update on that, Kevin. I was doing a little more hunting for project details and came across an interesting map of stores going into the Domain.

It's interesting how the place is lacking a grocery store for its residents. There's a lot of upscale shopping and fine dining there, but how many times will the "locals" be eating at McCormick and Schmicks? Perhaps they should squeeze in a Dean and Deluca for all those gourmet food shoppers, or a Trader Joe's for the poor folk like me.
Good catch crewer. I actually receive a copy of the print edition of this paper...great info each month. FYI... the mall plan published in that article is not a complete listing. For some reason, they left out at least 20% of the stores, including Macy's, Border's Books, and the aformentioned Oakville Grocery. Those stores are just off the left side of their map, oriented in a perpendicular E-W wing.

Simon has the complete floor plans here: http://www.simon.com/mall/images/floorplans/1207The_DomainMall.gif & Store Listing: http://www.simon.com/mall/directory.aspx?ID=1207

Article from Community Impact Paper:


Downtown living moves north
Upscale shops and urban living replace landmark

By Rachel Youens


To shoppers, The Domain means trying on rings at Tiffany’s. To Endeavor Real Estate, the Domain means defining the urban Austin lifestyle for the next 100 years.

As the city has expanded, Northwest Austin has largely been regarded as a suburb, but recently new attention has been focused on the area. When The Domain opens March 9, it will create a new model for Austin growth.

“Endeavor envisioned The Domain as a dense, urban, transit-oriented development, with a vertical mixed-use element,” said Chad Marsh Endeavor Principal in charge of The Domain. “It will take a lot of cars off the roads and have all the things people want close by.”

Boom and Bust
In 1999, at the peak of the tech boom, IBM stopped manufacturing operations and sold the 2.8 million sq. ft. of property wedged between MoPac and Burnet Road. Endeavor bought the land intending to capitalize on the boom by building a business park named The Domain.
Today, Endeavor displays a near-magic ability to forecast an area’s worth, brokering landmark property deals opening the way for retail centers such as IKEA and Gateway. But in 1999 Endeavor was just getting started, and The Domain was supposed to be their first success story.

Then, in 2001, the technology boom went bust, leaving The Domain’s future up in the air.

Rebirth
Four years later, Endeavor decided to pick up the pieces and reinvent The Domain. When they first pitched a large-scale multi-use complex to the Austin City Council in 2003, council member Betty Dunkerly complimented Endeavor Real Estate Group for being “willing to take a risk, to step out and do something unique in a community that’s in a downturn.”

Converting The Domain to retail was an opportunity to capture the shopping dollars being spent outside of Austin in places like Round Rock and San Marcos.

Simon Properties
In 2005, Simon Property Group came on board as a partner. If Endeavor is king of Austin real estate, then Simon is the king of retail. To the north, Simon owns Round Rock’s new Premium Outlets and to the south Barton Creek Square Mall. In between lies the Arboretum, Gateway Shopping Center and Highland Mall.

“What we particularly liked about The Domain location was that it had all of the general retail needs,” Simon spokesman Les Morris said. “It’s big and easily accessible, but it’s also got a real sense of place and a nice history.”

Beyond interesting architecture and high-end shopping, the new Domain has natural beauty. The land, formerly IBM’s Century Oaks recreation park, is dotted with 100 year-old trees, most of which were spared during The Domain’s construction, giving an historic presence to the new center.

Many of The Domain’s retailers are new to the Central Texas market. Barneys CO-OP, Tiffany & Co., Neiman Marcus, Intermix and Lacoste will all be opening their first Austin locations, while businesses like St. Thomas Boutique and J. Crew will be moving from their previous Austin locations.

“Most of the stores opening up in The Domain are the kind where there’s only one in a market,” Marsh said. “So if they’re here versus San Marcos or Georgetown, it creates good destination retail for the area.”

As a part of their agreement with the city, Endeavor earmarked $1 million to help local retailers, such as Bettysport, an Austin-owned sportswear store, set up shop and pay rent in The Domain.

“It’s important that we bring in new nationally-recognized retailers, but we also wanted to give a chance to local entrepreneurs who have a following in the community,” Morris said.

Live, Work, Play
“Live, work, play” is the newest mantra in city planning. It is also the concept behind The Domain.
The phrase comes from the phenomenon that Austinites frequently live in one part of the city, while working and playing in others. By centralizing these activities, the city can ease sprawl and congestion.

“Cities want to contain urban sprawl, and the only way to do that is to go vertical,” Marsh said. “If Austin wants to be more efficient, it needs to densify.”

The city has already exercised a vote of confidence for the “live, work, play” ideal in the form of $37 million in property and sales tax rebates for The Domain. It turns out that all those features that make The Domain appealing to the city (green space, tall dense buildings, landscaping) also make it expensive. In 2003, Endeavor appealed to the city council for help offsetting the costs, and with Mayor Will Wynn’s support, Endeavor received rebates.

When The Domain opens, Simon has said there will be 390 residential units mixed with 60 different stores, 14 restaurants and 75,000 sq. ft. of office space. According to Domain spokesperson Lauren Harris, the Domain is Simon’s most complete and most upscale example of mixed-use development.

More to Come
What shoppers see when they enter The Domain occupies less than a quarter of the land Endeavor owns. The Domain’s phase two is slated to open in Spring 2008 and will add another 350,000 sq.ft. of retail.

Across The Domain’s main street, Domain Drive, Endeavor is demolishing IBM’s old manufacturing buildings to make way for new office space, a hotel and parking garages.

Within the next 12 years Endeavor expects the entire Domain area to house 3,400 residential units, 3 million sq. ft. of office space and 10 acres of park space.

“People are really going to be surprised by the beauty of The Domain and what we’ve been able to do with the architecture and location,” Morris said. “We’ve created a place where you want to spend a lot of time whether you’re living or shopping or just hanging out. It’s really a showpiece for Austin.”






-------------------------

This is the full plan from Simon's website

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  #209  
Old Posted Feb 27, 2007, 1:08 AM
JDSII JDSII is offline
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Correction to rail line

Actually, the rail line shown is Austin-San Antonio Intermunicipal Commuter Rail District's "proposed" regional commuter rail. The rail line described in the picture is on the left in the image.



Last edited by JDSII; Feb 27, 2007 at 1:15 AM.
     
     
  #210  
Old Posted Feb 27, 2007, 1:12 AM
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Pedestrians Only

I was wondering why the promenade between the buildings has a small roadway. I would have thought a pedestrian only zone would have been more appropriate. Does anyone else agree?

     
     
  #211  
Old Posted Feb 27, 2007, 1:33 AM
AustinGuy AustinGuy is offline
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I was wondering why the promenade between the buildings has a small roadway. I would have thought a pedestrian only zone would have been more appropriate. Does anyone else agree?
Yes, I totally agree. These type of faux city developments all seem to have interior roadways to enhance the "city" feel, but I would prefer pedestrian only zones since the cars seem to just get in the way. I've visited similar developments in Columbus, OH (Easton) and San Jose, CA, and both have interior roadways.
     
     
  #212  
Old Posted Feb 27, 2007, 4:10 AM
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Originally Posted by Gallup View Post
Everyone knows that lies equal math, goshdang bubba. Did i spell everything correctly? So i did speak to a sales agent this weekend and yes everyone contrary to King Deception (classic) there are many units priced below $200,000. Too bad i didnt get a coveted appt for this phase. Next time i am all over it. We need more supply
"there are many units priced below $200,000." How's that? Small units are 700 SF and the prices start at $300 PSF. That means $210,000. When I saw the list of units there were only four at the "prices beginning at $190,000."

So, I guess the "sales agent" wins over logic (math) again?
     
     
  #213  
Old Posted Feb 27, 2007, 5:24 AM
AustinGuy AustinGuy is offline
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Given all this talk about the 360, does anyone have an update on Spring? Why does it seem like this project is taking so long to get moving?

Does anyone know when sales will start for Spring?
     
     
  #214  
Old Posted Feb 27, 2007, 6:29 AM
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Originally Posted by AustinGuy View Post

Does anyone know when sales will start for Spring?
Soon, very soon. From what I hear, I would give it around a month or two. I can't wait to see it rise in that corner of downtown. It is such a pretty tower.
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  #215  
Old Posted Feb 27, 2007, 12:13 PM
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Tax Assessments

I know I asked this question before, but could someone explain the ridiculously low tax assessments on the Milago units? Check it out: Tax Assessments

I looked up one of the highest units currently on the market: PH18. It's listed at $772,000. Yet the county's assessment of it is at $114,993. Others in the building are as low as $48,500. Why so low? Can owners there expect some big shocks in the near future when their units are re-assessed? Or, are people buying from previous owners going to be whalloped with one mother lode of a tax adjustment?
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  #216  
Old Posted Feb 27, 2007, 1:37 PM
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Spring vs. 360

Spring will have its first selection event on March 10th for people numbered 0-150 on their reservation list. No further word on pricing yet beyond what was released earlier this year.........

Unit Size Price Range Price/sq.ft
A 576 $235,000 $310,000 $408-$538
B 699 $315,000 $385,000 $451-$551
C 995 $445,000 $540,000 $447-$543
D 1039 $465,000 $540,000 $448-$520
E 1616 $790,000 $920,000 $489-$569
F 1720 $825,000 $950,000 $480-$552

By my quick calculation (on unit D in Spring vs. unit B4 in 360), this puts Spring about 20% higher per square foot than 360. Any thoughts/opinions on why Spring is so much better???
     
     
  #217  
Old Posted Feb 27, 2007, 1:46 PM
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Another article in today's Austin American-Statesman highlights the upscale residential component above and alongside The Domain's high-end retail establishments. The rents will NOT be cheap! Pictures included...

http://www.statesman.com/business/content/business/stories/other/02/27/27domain.html


Domain dwellings have an upscale address
Luxury apartments are above world-class shops and within walking distance of restaurants.




By Shonda Novak
AMERICAN-STATESMAN STAFF
Tuesday, February 27, 2007

Breakfast at Tiffany's won't be out of the question for residents at the Domain, where 390 luxury apartments are side-by-side with the most upscale retail in Central Texas.

Domain dwellers will be able to live upstairs from the famous jeweler and down the street from Neiman Marcus and Macy's. They'll be able to window-shop after hours at other new-to-Austin stores including Louis Vuitton and Barney's Co-Op. They will be able to walk to the Oakville Grocery to pick up a gallon of milk or a $200 bottle of wine, or grab a late-night dinner at restaurants including McCormick & Schmick's, Jasper's and Kona Grill.

Such high-style living comes at a price: Rents start at $1,030 a month for a one-bedroom apartment with 678 square feet.
The highest-priced units are in the block next to Neiman Marcus. One unit in that section, above Tiffany, with 1,164 square feet plus a balcony, will rent for $2,285 a month. The most expensive unit is a one-bedroom, one-bathroom loft that will rent for $2,430 a month.

Open-air developments that blend retail, residential, office and other uses are cropping up across the country, but the Domain is the first in Central Texas, said Kent Collins, a partner with Centro Partners LLC, the local developer involved in the $30 million residential portion.

"This is by far the largest, most complex mixed-use project in Austin with residences on top of retail," Collins said. "Nowhere else is there 700,000 square feet of world-class retail with innovative apartments above."
Indianapolis-based Simon Property Group Inc. and Austin-based Endeavor Real Estate Group are developing the retail part of the Domain, which opens March 9. The $245 million center is on North MoPac Boulevard (Loop 1) between Braker Lane and Burnet Road.

The apartments and townhouses are in six buildings with brick, limestone, and sage- and butter-yellow stucco exteriors; the tallest building has four floors of apartments above two levels of shops.

Columbus Realty Partners Ltd. is the lead developer on the residential portion; its partners are Simon and GE Asset Management, the investment arm of General Electric Co.
Leasing agent Lincoln Property Co. has signed up 17 tenants, and the first few have moved in.

Under a tax incentives package the city approved in 2003, the developers agreed to reserve 10 percent of the units at below-market rents for people in certain income ranges.
Rents will range from $630 to $747 a month for people who earn $27,000 to $32,000 a year.

That makes them affordable to people such as Mando Perez, who learned he was eligible when he started working in the Domain leasing office.
"I jumped on it," said Perez, whose commute will be an elevator ride down to the leasing office. "It allows you to live at a place you normally wouldn't be able to afford."

Perez is looking forward to living, working and shopping in one place.
"You can do it all in your own little area," he said. "It's like a city within a city."
Jason Pickard, who sells new homes for Gehan Homes in Round Rock, stopped by the leasing office last week to take a look. The Domain seems like "fine and fun living," he said.
His commute would be easier with the recent opening of the Texas 45 tollway.

The Domain also includes 90,000 square feet of offices and eventually is expected to have a hotel and movie theater.


[email protected]; 445-3856

------------------

More Photos:
http://www.statesman.com/business/content/business/photos/02/022707_domain.html
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  #218  
Old Posted Feb 27, 2007, 2:04 PM
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Spring Vs. Novare 360 Prices

Quote:
Originally Posted by meljoe View Post
Spring will have its first selection event on March 10th for people numbered 0-150 on their reservation list. No further word on pricing yet beyond what was released earlier this year.........

Unit Size Price Range Price/sq.ft
A 576 $235,000 $310,000 $408-$538
B 699 $315,000 $385,000 $451-$551
C 995 $445,000 $540,000 $447-$543
D 1039 $465,000 $540,000 $448-$520
E 1616 $790,000 $920,000 $489-$569
F 1720 $825,000 $950,000 $480-$552

By my quick calculation (on unit D in Spring vs. unit B4 in 360), this puts Spring about 20% higher per square foot than 360. Any thoughts/opinions on why Spring is so much better???
I think the prices are about the same. Novare hasn't published prices like Spring. Therefore, they can say things like "starting at $190,000" and there's no way to check if that's true.

They are beginning to clear the tenants at the site for Spring. By the time they get started, they'll be at least a year behind 360. 360 certainly has more amenities than Spring. Both have small units, especially the kitchens and baths.
     
     
  #219  
Old Posted Feb 27, 2007, 3:09 PM
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RE the Milago tax assesment:

My condos (one in Allandale, one in clarksville) are both way below the fair market value (and apraised value) on the counties tax assessment. on any property in central Austin land value is going to make up the vast majority of property value (in my case 70-80%).. because a property like Milago is splitting the property value between so many units and the city doesnt place alot of value on the "property improvements (i.e. buildings)" its going to lead to very low property value.

The good news is, the county cant just magically double property value.. they are capped on how much they can raise it year to year and over a 5 year period. So while my condos property value has been increasing over the years it will likely never catch up (my tax value is about 60% of what these units sell for).. even if the county maxes out the increases and the actual property value stays the same it will take them 20 years to catch up.
     
     
  #220  
Old Posted Feb 27, 2007, 3:50 PM
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Originally Posted by StoOgE View Post
RE the Milago tax assesment:

My condos (one in Allandale, one in clarksville) are both way below the fair market value (and apraised value) on the counties tax assessment. on any property in central Austin land value is going to make up the vast majority of property value (in my case 70-80%).. because a property like Milago is splitting the property value between so many units and the city doesnt place alot of value on the "property improvements (i.e. buildings)" its going to lead to very low property value.
I doubt the city will make that mistake twice with these new condos. Most of the press you see about why the city is so excited about the high-rises is for the large property tax $$ they can collect in such a small area.

I have a unit on hold at the 360, and unfortunately, I expect to be taxed at the full retail price for it.
     
     
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