AUSTIN | Projects & Construction II

[DTAustin]

Originally Posted by crewer

I'm curious here now. With so many units going up in downtown and existing units remaining on the market for so long that price reductions are necessary, how much do investors think they'll gain from buying into downtown Austin? And I do mean investors! I've already heard of several people who have contracts on multiple units in the 360 with the intent to flip them.

As you know, investors are instrumental in distorting true housing demands.

I think that as more condos are built downtown, the more in demand downtown condos become. It is somewhat exponential right now. Look on MLS for the older buildings that have been around for a while. The Railyard is getting over $300 per sq foot for smaller condos (600-700 sq ft). One recently listed in MLS sold for $318 per sq ft, and it was only on the market for about 20 days. I don't think that would have ever happened if the new condos had not come into the area to drive awareness and demand. The people that buy these older places are either going to live there or rent them out. They usually aren't looking to flip.

I wonder how the people you know were able to get multiple contracts. 360 had very tight control on the initial sales process and had a take it or leave it attitude. They were not negotiating. You had to call a phone number to get an appointment. Both my girlfriend and I spent 4 hours in the morning hitting redial until she was able to get through. You couldn't enter the sales floor without an appointment, and I don't know if you could buy more than one condo at an appointment.

The prices on the upper floors of 360 have gone up about $30-50K since they first went on the market and they are selling at a rate of about 8 per week.

Finally, even in downtown location matters. The area west of Congress is fast becoming the central residential district of downtown. The problem with Malago is that the building is too far from the main activity of downtown. That area will build up, but right now it is too sleepy for most people's tastes. With the exception of new construction, Milago is the only building with a large number of condos for sale.

[JACKinBeantown]

Great shots, Ivanwolf. That's what I've been waiting for.

[Strayone]

Originally Posted by Mopacs

The building you're referring to is the "Tower of the Hills" high-rise at the SE corner of US 183 and SH 45 (RM 620). Originally known as the "Bank of the Hills" tower (now Chase), it was built in 1987 and man it stood out, especially 20 years ago! I grew up in this area, so I was always impressed. Aspen Properties purchased the tower, along with several surrounding acres, will be developing into an office park over the next few years (aka. The Park at Aspen Lake.... which will include a small lake). The new SH45 corridor through southern Williamson County is on the verge of booming, from 183 to Parmer and especially Round Rock.

http://www.emporis.com/en/wm/bu/?id=towerofstreethills-austin-tx-usa

This photo was taken over 5 years ago. You wouldnt recognize the area now (massive 5-level interchange would be blocking this view today)

I remember watching this building as it was being built. I thiught it was originally a Norwest Bank.

[crewer]

Originally Posted by DTAustin

I think that as more condos are built downtown, the more in demand downtown condos become. It is somewhat exponential right now. ... The people that buy these older places are either going to live there or rent them out. They usually aren't looking to flip.

I wonder how the people you know were able to get multiple contracts. 360 had very tight control on the initial sales process and had a take it or leave it attitude. They were not negotiating. You had to call a phone number to get an appointment.

The prices on the upper floors of 360 have gone up about $30-50K since they first went on the market and they are selling at a rate of about 8 per week.

Finally, even in downtown location matters. The area west of Congress is fast becoming the central residential district of downtown. The problem with Malago is that the building is too far from the main activity of downtown. That area will build up, but right now it is too sleepy for most people's tastes. With the exception of new construction, Milago is the only building with a large number of condos for sale.

Demands rise and fall. Period. I'm glad you stated that it's exponential "right now", because you're implying it may not always be. And it won't. It can turn on a dime, and people buying into downtown need to realize that. The preconstruction property you bought for $250,000 could very well sell for $350,000 by the time construction is complete. Or, it could also sell for $190,000. There are no guarantees simply because there are too many variables that influence markets.

Regarding the people who bought multiple units, why would that be a surprise? People with a lot of money have clout, can easily drop 20% or more on multiple units, and are connected in such a way that they don't have to call the sales office multiple times to schedule appointments. With buyers like that, why would 360 say no to them?

I agree that west of Congress is currently where much of the residential is developing. And I certainly agree that the Milago is sleepier in terms of the neighborhood's energy. But that's not necessarily a bad thing, and I wouldn't assume that most people would prefer otherwise. Spending every weekend in a condo listening to traffic noise and rowdy drunk college students on the streets below could make one yearn for a sleepier environment.

[MichaelB]

HOLLY S**T!!!!!!!

There is actually movement at the LaVista on Lavaca Site. I thought this was dead! Dirts moving and there is a construction sidewalk taking up the first lane of Lavava! OMG!

[Lextx97]

Yep. Looking out of my window from the Wells Fargo tower, there's a huge pile of dirt and lots of tractor trailer movement on the site. A covered walkway along the Lavaca street sidewalk is in also now in place.

[M1EK]

Originally Posted by MichaelB

HOLLY S**T!!!!!!!

There is actually movement at the LaVista on Lavaca Site. I thought this was dead! Dirts moving and there is a construction sidewalk taking up the first lane of Lavava! OMG!

I drove by twice recently and noted the lane-shift but didn't see any dirt-moving. Are you sure they're really starting this time? Picture, anybody?

[Mikey711MN]

Out of all the area projects that I was hoping wouldn't ever turn a spade, this one was it.

[crewer]

Originally Posted by MichaelB

HOLLY S**T!!!!!!!

There is actually movement at the LaVista on Lavaca Site. I thought this was dead! Dirts moving and there is a construction sidewalk taking up the first lane of Lavava! OMG!

Oh no. Of all the projects, that was the one I HOPED would die off. Hate that building!

Woops... sounds like a repeat of Mikey711MN's comment. Hadn't read that one yet. Glad to know I'm not the only one thinking it, though.

[MichaelB]

Originally Posted by crewer

Oh no. Of all the projects, that was the one I HOPED would die off. Hate that building!

Woops... sounds like a repeat of Mikey711MN's comment. Hadn't read that one yet. Glad to know I'm not the only one thinking it, though.

Yeah , I know.... bad design. I live nearby.... I am glad to have the building going on.... but The design does suck.... I mean, is not personally appealing to me. And yes, dirt is really moving..... no proof necessary. As progress occurs I will document from my balcony.

[rayfes]

Took a few shots from the Plaza Lofts rooftop you all might enjoy.

People gathering at Republic Square Park for movies in the park and you can really see how the Intel rubble is almost gone:



Monarch just after sunset:



A little later:


Let me know if the sizes are bad and I'll change it.

Rayfes

[OfCourse]

Nice shots, rayfes. Good to see that stuff from another angle.

And LaVista's design isn't exactly palatable.

I like that something is going up on that site, just not the design.

Oh well. Different strokes.

[Strayone]

Rayfes you poor soul, having to endure such a view. I kid! The last one was great, how about a little more of 360. Thanks.

[JACKinBeantown]

That 360 crane is way up there!

[KevinFromTexas]

I've been off the internet for almost 2 weeks, so bare with me folks! Since I've been off I haven't been able to update the list, (Twelve Domain! and other stuff), but I'm getting to it.

Originally Posted by Mopacs

http://images22.fotki.com/v837/photos/5/54967/4687436/P1290671-vi.jpg

I can see the crane for 360 now from here in South Austin from the William Cannon Bridge and Deaton Hill Street about 2 miles west of my house. I haven't noticed it from around my neighborhood, though, since it's a bit farther west than One American Center and Frost Bank Tower.

Originally Posted by crewer

There is one relatively tall building located way up on 183 near 620. It's not anything close to 28 stories, but I remember everyone was surprised at its height when it was first built. Does anyone recall what building I'm talking about and its height? I think it's a bank or something.

That would be Tower of the Hills, a 10-story office building. I think it's about 150 to 160 feet tall. Twelve Domain will be atleast twice its height.

Originally Posted by Goldenboot

Has anyone else noticed the small billboard CLB Partners has erected at the site of their proposed 7th & Rio Grande tower (it’s sitting atop the one-story office building)? If so, did you also notice that the sign mentions a "34-story” building and not the originally proposed 32-story structure?

Kudos for finding that Block 21 rendering, (beautiful design). And I'll have to send out a few emails. I wanted to send one to The Austonian folks, but I've been off the internet for almost 2 weeks, (computer troubles). I'm back now, though. I'll send the folks at CLB an email. I did after all model their tower for their presentation before council, so fingers crossed, I'll get some info back.

Originally Posted by JDawgboy

Okay got some big news, I just drove down by the waterfront district and noticed they have started work on the 31 story Legacy Tower.

Cool, thanks JDawg.

Originally Posted by austex

Does anyone know why Legacy @ Town Lake is not listed on Emporis? When does a building get listed on Emporis? Legacy was approved awhile ago. Wasn't it?
http://www.emporis.com/en/wm/ci/bu/s...t=2&ht=2&sro=1

I think I have seen it listed on Emporis before.

Also it would be great for someone to post a current list (with pics/drawings if possible) of all the buildings under construction. And a list of all the approved buildings with the latest date they might start construction. I am having a hard time keeping track of all this.

Yep, yep, I've added a compilation list to the first page of this thread. In my signature below each of my posts, you click on "Austin Boom" in red letters, and it'll take you to that page with the info. I'm planning on adding all the lowrises soon also. Also, yes, I am an editor at Emporis, too, and Legacy at Town Lake is listed.

Originally Posted by austex

Thanks Mopacs. I do not know if the first listing is static or if the first listing an active list that will change? That listing is really great. Thanks for the info.

I update the list everytime a new building is announced. I wasn't able to do it this past week and a half since I've been off the internet, but I'll get Twelve Domain added, and a few renderings also updated for other buildings, (Block 21, thanks to Goldenboot for finding it). Whenever someone comes on the forum and reports on any progress on a building, groundbreaking, site clearing, or announcement, I go right away and add it to the list. So it's updated all the time.

Originally Posted by ATXboom

http://www.austinchronicle.com/gyrob...d=oid%3A473706

Interesting article in the Austin Chronicle discussing timeline, size and location of the new central library. Bascially located where green water treatment plant currently is... streets will be re-gridded and the plant moved. City hopes to have library complete by 2012.

Thanks, ATXboom, I'll check that out.

Originally Posted by Ivanwolf

Took some pics this weekend and I am not sure but I think no one has used this angle so here are a couple images. Check out all the cranes in the Panorama. I think there are 13 visable.
FYI - First image it really big.

Sorry that the image is kinda graining, but its a 3mp camera with an 8x zoom at quite a distance, and the hazy day did not help, I will try again on a better day.

Those are very nice. Where did you take those? I'm loving them! And holy smokes, look at the cranes, 16 of them, 14 tower cranes in all.

Originally Posted by Goldenboot

Kev,

I never said that the TWELVE would replace the Westin, or any other hotel in the Domain project!

Also, the TWELVE tower has not, nor will go before the council for approval. Proper zoning is already in place and the Planning Commission will be approving (or disapproving) the site plan. Also, I believe the new zoning designation for the Domain will allow for a building of 318'-320'. I’m pretty sure Novare will be pushing that limit with the TWELVE Domain project.

As for the other hotels, only the Aloft has stated it’s height in stories (6). The Westin (or should I say Starwood Hotels & Resorts) has never publicly stated how tall their Westin is going to be. As a mentioned before, when Starwood announced plans for a Westin at the Domain, the City Council had yet to approve the new zoning for the property (The Domain mixed-use development)! What you see in the rendering on the billboard at the Domain is a conceptual rendering and nothing more at this juncture. The hotel could end up looking similar to that particular rendering, but I believe it will be different.

Cool. Thanks for the clarification. I saw your post below, (quoted), and wasn't sure you had heard about the Westin's height or whatever. With all these projects being announced it's certainly easy to get them mixed up. That's why I've been working so hard on keeping the list updated so folks stay informed, (myself included!)

Originally Posted by Goldenboot

I wonder if this is in addition to, or in place of, the Westin??? Originally, Endeavor had planned for two full-service hotels in the Domain.

Cool News!!!

Originally Posted by MichaelB

HOLLY S**T!!!!!!!

There is actually movement at the LaVista on Lavaca Site. I thought this was dead! Dirts moving and there is a construction sidewalk taking up the first lane of Lavava! OMG!

Fantastic! It's about time huh? I do hope they tweaked the design, though. That's really my only gripe with it. It does have retail, atleast that's what they had originally planned, mixed with office and residential, (condos). The height isn't anything to write home about, but it's about as good as we can hope for being that close to the Capitol. It could have been worse I suppose, atleast it's another highrise. One thing we can hope for is that the rendering is off. I always thought the rendering for it looked a bit amateur.

And, beautiful pictures from the Plaza Lofts there, rayfes. Those sunset pictures are stunning. Darn, I see we missed out on a Movies on the Park viewing. Those are fun to go to if you've never been by the way.

[GoldenBoot]

Originally Posted by KevinFromTexas

...Cool. Thanks for the clarification. I saw your post below, (quoted), and wasn't sure you had heard about the Westin's height or whatever. With all these projects being announced it's certainly easy to get them mixed up. That's why I've been working so hard on keeping the list updated so folks stay informed, (myself included!)...

RE: Originally Posted by Goldenboot
I wonder if this is in addition to, or in place of, the Westin??? Originally, Endeavor had planned for two full-service hotels in the Domain.

Cool News!!!

Oops. I forgot I said that. However, at that time, I was under the assumption that Endeavor had only planned for two hotel developments at The Domain.

Also...Welcome back to CyberSpace!

[AusTex]

KevinFromTexas,

Thanks for the info and the effort.

The Legacy may have a listing on Emporis, however, it does not get listed when I pull up "All Buildings" under Austin. Is that because the height is not in the listing? Do you have a trick to pull the Legacy@TownLake up in the "All Buildings" list? An inquiring mind wants to know.

[KevinFromTexas]

Originally Posted by austex

KevinFromTexas,

Thanks for the info and the effort.

The Legacy may have a listing on Emporis, however, it does not get listed when I pull up "All Buildings" under Austin. Is that because the height is not in the listing? Do you have a trick to pull the Legacy@TownLake up in the "All Buildings" list? An inquiring mind wants to know.

It does show up in the 'All Buildings' listing. But because it doesn't have a height listed for it yet it's not being listed at the top. You have to go to the 4th page of 'All Buildings'. At the bottom right of the page it'll say 'Next Page', click on that to get to the 4th page. Legacy at Town Lake is number 94 on the list.

Also here on the forum on the first page of this thread, the compilation list, to help clear up any confusion in the future about the updates, I'll post the date that each update was made at the top of the list. When new information comes out through the media and by info here on the forum, I'll update it as it comes.

And also don't forget, you can always click on my signature below 'Austin Boom' to get to that listing.

[ivanwolf]

from Kevin "Those are very nice. Where did you take those? I'm loving them! And holy smokes, look at the cranes, 16 of them, 14 tower cranes in all."


Thanks for the compliment KevinfromTexas,

I took these pics from the parking garage behind the Texas Land and Cattle and Ihop off Mopac and Bee Caves near Zilker Park. Its the highest clearest shot of downtown I can think of.

[KevinFromTexas]

Cool. I was thinking it was from the Zilker Clubhouse, (just across Mopac and up the hill). I don't think that place is open all the time, though, but the view is really nice, and similar to your shots. I've noticed those lowrise office buildings in that area behind the IHOP, but never gave much thought to venturing into their garages since they're usually guarded.

Here's a little blurb about the Concordia redevelopment:

From the Austin American-Statesman
http://www.statesman.com/business/content/business/stories/other/05/17/17cbriefs.html

AT&T in East Avenue project

T&T Inc. will provide telecommunications services to the East Avenue development, a mixed-use project that will be built on the Concordia University campus in Austin.

Developers plan a $500 million redevelopment on the 22-acre site at Interstate 35 and 32nd Street with more than 1,400 housing units, offices, stores and a boutique hotel. Construction is expected to start in mid-2008 and be complete within three to five years.

Concordia is moving to a new campus in Northwest Austin.

Compiled from staff reports