AUSTIN | Projects & Construction II

[KevinFromTexas]

I think because they've dug down so far, about 65 feet, I think they may be dealing with water issues because of the river being so close by. Also any time a skyscraper digs down to any level, it's always the foundation work that takes the longest. Also, isn't Altavida's garage going to be linked to 100 Congress' garage? I'm not authority on the water thing, but I know skyscrapers have water tables to deal with in their foundations. The WTC for instance had a huge concrete barrier keeping out the water - The "Bathtub" as it was called. During 9/11 that structure was damaged and had to be repaired before any new construction could take place.

The Monarch also had a previous tower planned for its location. By a different developer of course. If you guys remember the old downtown Strait Music store was demolished to make way for a new 17-story residential tower. I think Post Properties was the developer, but they pulled out of Texas and sold the lot. I think it ended up not happening because of the tech-bust, it suffered the same fate as the original Four Seasons proposal.

[crewer]

Originally Posted by LiveattheOasis

I definitely agree with you Michael that it's unethical. I know I would be more likely to buy from someone who laid everything out in front of me first, especially when a little research will show what parts of downtown they "forgot" to tell you about.

My guess is that they were using stock photos in their rush to get everything up online. I doubt they were purposely trying to deceive people. But, who knows? Besides, anyone interested in buying will probably be doing site visits (or at least they should be) and will know, if they have a brain, what buildings are in downtown opposed to the image.

What I don't like about the positioning of this building is that it blocks The Four Seasons. I know the Four Seasons isn't a big skyscraper, but I happen to like it. I think it's a very tasteful hotel and the front, with all of the lush vegetation, is elegant and like an oasis in downtown. Now this building is going to slice it up and block much of the hotel from street view.

Pity the hotel guests who will be dealing with the view and sounds of that construction going on outside the windows....particularly beginning early in the morning AND at Four Seasons prices!

Michael, you brought up a point about the Spring and the possibility of blocked views from future projects. You're right about that. But anyone buying into downtown needs to realize that they will always stand a risk of views being blocked. It's a density issue and it's the reality of downtown living. Anyone looking into the Spring with all of that open space to the east better wise up that that is prime development land.

[MichaelB]

Originally Posted by KevinFromTexas

The Monarch also had a previous tower planned for its location. By a different developer of course. If you guys remember the old downtown Strait Music store was demolished to make way for a new 17-story residential tower. I think Post Properties was the developer, but they pulled out of Texas and sold the lot. I think it ended up not happening because of the tech-bust, it suffered the same fate as the original Four Seasons proposal.

As I recall, post property planned the tower where the Monarch is at the same time as the apartments accross the creek. Only the apartments were built. Then the remaining property was sold. Anyone else remember?

[MichaelB]

Originally Posted by crewer

Michael, you brought up a point about the Spring and the possibility of blocked views from future projects. You're right about that. But anyone buying into downtown needs to realize that they will always stand a risk of views being blocked. It's a density issue and it's the reality of downtown living. Anyone looking into the Spring with all of that open space to the east better wise up that that is prime development land.

I agree with you....playing view bingo is just a part of hightrise living. But you often buy understanding the risk of getting blocked and how long you may reasonably expect to keep your "view" (and sometimes value!) Personally, it would be silly not to investigate. But I am not sure it that most consumers understand the issue fully.... or how far they will go to find out the facts. I truly wish all sales folks and developers were more forthcoming in their info. I, unfortunately, would never trust/believe without an investigation. I recall distictly helping a friend look into a space at Austin City Lofts before the Monarch was being built..... he was told point blank by sales folks that nothing could be built on that block or the block to the west over 6 stories because of city codes!!!!!! I am not making this up. I pulled my friend out of the conversation quickly. I imagine there are many a less educated consumer that would not know how to (or would find the need to) investigate the matter further. While I understand this is not true of alll sales folks and developers (I count both amongst my friends), It is why I remain vigilant when it comes to the this matter.

[tildahat]

I am absolutely shocked, shocked!, that a salesperson would be dishonest and misleading.

[MichaelB]

Originally Posted by tildahat

I am absolutely shocked, shocked!, that a salesperson would be dishonest and misleading.

I know, I am so sorry to have to tell you.

[DTAustin]

I have a few questions about 360.

Does anyone know what the 'rooms' on the south side of the building on approximately the 6th-8th floors are for? They are adjacent to the parking area, but appears to be segregated from the garage.

Does anyone know what retailers/restaurants will occupy the ground floor?

[Jdawgboy]

There is a website listed on the Signs for the Water Front District I was able to get a better look at them yesterday. There are two signs on the eastbound side of Cezar Chavez and one sign in the parking lot behind the convention center on the westbound side. The Website is http://www.Austinwaterfrontdistrict.com

[MichaelB]

Originally Posted by DTAustin

I have a few questions about 360.

Does anyone know what the 'rooms' on the south side of the building on approximately the 6th-8th floors are for? They are adjacent to the parking area, but appears to be segregated from the garage.

Does anyone know what retailers/restaurants will occupy the ground floor?

I was in there last week and the only info I got was an Italian restaurant (and I believe market) and a coffee house (of course!).

[Kevinb]

I also heard italian restaurant/market, Sushi restaurant, local coffee shop, andnational highend furnishings retailer.

[andrew.A..T..X]

i just saw the las manitas thing on T.V and all of the other resturaunts are pissed as shit. haha what bullshit

[urban_J]

Originally Posted by KevinFromTexas

Actually, according to the article, it says that the funds are generated by not using tax payer's money. But through a fee developers pay for certain things.



I think people are kind of jumping the gun here.

exactly. let us not murder this happening just because it violates some sort of capitalist rush to rip an austin institution out and replace it with a pretty bland and dead marriot store front. one poster said this would never happen in dallas or houston - and what i have to say is.... duh.

let's remember how much money goes through white lodging and marriot's pockets per day. if they want to profit from us (and for the most part, we'd just be losing a block of precious culture in exchange for nothing) then i think they owe the city more than just tax dollars. i'm sorry. these companies make WAY more money than that. especially at that location in a city with a bright future and ever increasingly vibrant downtown (hopefully). now, if it were coming straight from our pockets, then yes, that would be a big problem. now, if all we care about is putting a poorly planned tower up, no matter what the risk, then i understand. but that's just hurting ones self to have that view.

very courteous response, by the way, kevin.

has anyone had the sandia there? go have it. it's fabulous. i am impressed with the perez sisters. though it may have seemed they were in a really tight spot for a while, they stuck it out - and that had to be very difficult. put yourself in their shoes.

also, give it up for a minority women owned business right in the middle of downtown - that's a nod to austin if i've ever seen one!

respect what we have. please. it's what makes this city great in the first place. i've never known a marriot to do that for any city in any capacity. but that doesn't mean they shouldn't come in, and i'm glad this ended this way.

[crewer]

Originally Posted by MichaelB

...I recall distictly helping a friend look into a space at Austin City Lofts before the Monarch was being built..... he was told point blank by sales folks that nothing could be built on that block or the block to the west over 6 stories because of city codes!!!!!! I am not making this up. I pulled my friend out of the conversation quickly. I imagine there are many a less educated consumer that would not know how to (or would find the need to) investigate the matter further. While I understand this is not true of alll sales folks and developers (I count both amongst my friends), It is why I remain vigilant when it comes to the this matter.

LOL... I don't doubt this in the least. Sales people will say anything to make a sale. So will many mortgage brokers. "Yes, I know you only make $65,000 a year, but I'm going to show you how you can qualify for a $550,000 loan to get you in that new high rise condo." Geez!

[ivanwolf]

Originally Posted by DTAustin

I have a few questions about 360.

Does anyone know what the 'rooms' on the south side of the building on approximately the 6th-8th floors are for? They are adjacent to the parking area, but appears to be segregated from the garage.

Does anyone know what retailers/restaurants will occupy the ground floor?

looking at the plans on the city website I think you are talking about the rooms with smaller rooms in them with doors on each one. Most condo buildings have storage lockers/rooms available for all or some of the residences to store extra stuff like boxes, bikes ect. They seem like those kinds of rooms even though they are not labeled. There does not seem like there are going to be 400+ for all residences but maybe you can pay extra to have one in 360, just a guess on that.

[AustinGuy]

Originally Posted by ivanwolf

Most condo buildings have storage lockers/rooms available for all or some of the residences to store extra stuff like boxes, bikes ect. They seem like those kinds of rooms even though they are not labeled. There does not seem like there are going to be 400+ for all residences but maybe you can pay extra to have one in 360, just a guess on that.

You are right -- those are storage units. There were many different sizes available at different costs. They weren't that expensive compared to the condo price. I think mine was around $5k for 10x10.

[ivanwolf]

Originally Posted by AustinGuy

You are right -- those are storage units. There were many different sizes available at different costs. They weren't that expensive compared to the condo price. I think mine was around $5k for 10x10.

oh wow, I thought they would have been like monthly rentals, not a purchase. But then again I have not been in the market for a condo so I would not know. I just like the buildings/floor plans and the idea of owning one someday.

Do you have to sell it separate from your condo unit when you sell the condo and move, or is it sold with the condo? how does it work?

[DTAustin]

Originally Posted by ivanwolf

looking at the plans on the city website I think you are talking about the rooms with smaller rooms in them with doors on each one. Most condo buildings have storage lockers/rooms available for all or some of the residences to store extra stuff like boxes, bikes ect. They seem like those kinds of rooms even though they are not labeled. There does not seem like there are going to be 400+ for all residences but maybe you can pay extra to have one in 360, just a guess on that.

Can you post the link to the city's website that shows the plans?

I didn't even think about the storage rooms when I looked at those spaces until you guys pointed that out. They have glass on the outside, which makes me think they may not be for storage. Of course, the glass could be to keep the facade uniform.

Thanks!

[GoldenBoot]

REAL ESTATE

Plans firm up for costlier Concordia site

Developer will show renderings and hold neighborhood party on Saturday.


By Shonda Novak
AUSTIN AMERICAN-STATESMAN
Friday, June 08, 2007

The vision is now complete for East Avenue, a major mixed-use project that has become bigger and more costly than initial estimates.

Plans call for 1,450 condominiums and apartments, 600,000 square feet of office space, 325,000 square feet of retail and a soon-to-be-announced 250-room luxury five-star hotel, said Andy Sarwal, head of East Avenue Investment Group LP.

East Avenue is leading the team behind the redevelopment of the Concordia University campus at Interstate 35 and 32nd Street, just north of downtown.

The price tag has grown from a reported $500 million to $750 million.

Envisioned as a dining, shopping and entertainment hub, the project would be one of the tallest and densest outside downtown.

Rents for apartment units will start at $1,350 a month, and the condos will start at $600,000, Sarwal said.

He said 80 of the condos will be atop the hotel.

Although the total square footage remains unchanged at 2.75 million, the current combined office and retail space, 925,000 square feet, has increased from earlier estimates, which varied from 545,000 square feet to 700,000 square feet.

Construction is expected to begin late this year, sooner than earlier estimates of mid-2008.

The project is expected to take three to five years to complete.

Sarwal will show renderings and offer the public a chance to learn more at an event he is billing as a "neighborhood appreciation party" from 11 a.m. to 2 p.m. Saturday at the site.

The party coincides with the kick-off of marketing efforts for the project, which aims to transform Concordia's 22-acre campus into a chic, pedestrian-oriented urban village.

Lehman Brothers funded the site-acquisition loan; the East Avenue Investment Group owns all of the equity in the project.

Concordia, a private Lutheran university, plans to relocate within two years to the former Schlumberger Ltd. business campus off RM 620 in far Northwest Austin.

Although Sarwal declines to identify the individual developers who make up East Avenue Investment Group, he said the team includes a diverse group of business people with more than 50 years of development experience, including in the hotel and apartment sectors.

The team is led by Sarwal, the former senior vice president of business development and real estate for San Marcos-based Grande Communications, who has a background in venture finance and real estate.

The initial vision for the project included a USA Swimming training center for Olympic hopefuls and other swimmers, but those plans never materialized.

East Avenue will feature "many forward-thinking land planning concepts, in addition to many of the latest 'green' technologies," Sarwal said.

They include green-building planning and architectural concepts to minimize land consumption, traffic, and energy and water use. The residences will be built within walking distance of the shops, stores and public transportation to prevent sprawl and minimize traffic, Sarwal said.

Walkways and public spaces, including a sun calendar plaza, are being designed to create a community-friendly environment. High-tech lighting will face downward to keep the night skies dark.

The Austin City Council approved new zoning for the project in late March, capping nearly a year of often tense talks between the developer and residents of the nearby Hancock and Eastwoods neighborhoods.

Residents were concerned with such issues as traffic and building heights of up to 20 stories. Negotiations ultimately yielded reduced heights, contributions for park improvements and requirements to provide some affordable housing units.

After the zoning passed, Bart Whatley, president of the Hancock Neighborhood Association, said the two sides were "light-years from where we began."

Sarwal said the party is his way of thanking the surrounding neighborhoods for their "constructive approach to tackling tough issues" and their ultimate support of the project.


[email protected]; 445-3856

[priller]

I found a few floorplans on the Four Seasons Residences web site, with dimensions, which helped me to make a better educated guess on the size of the building. It's a bit smaller than my initial guess, and not quite as imposing as it was previously, but still the building will be a major addition to the skyline. Also lowered it to around 440', which I think is more realistic given the number of floors.







I really need to get that Hilton textured, so it doesn't look like the big orange monster back there.

[Saddle Man]

I really like the limestone on the buildings in the East Avenue renderings. Looks good.