AUSTIN | Projects & Construction II

[crewer]

You know, with this whole mortgage sector mess going on, I can't believe that it will not have some affect on developments in downtown Austin. I'm wondering how many condo investors are going to find that they can't close their deals in the end. Pre-approved loans do not translate to a guaranteed closing. There have been numerous articles in the Wash. Post over the past few weeks about people who are literally finding out minutes before closing that the mortgage companies are denying their loans. It's a mess, it will be a long while before it's cleaned up, and it's having an affect on most buyers, not just those with bad credit histories.

What we are going to start seeing is a return to substantial down-payments, far fewer 100% financing options, and less flexibility in the debt to income ratio* (Post quote). I suspect that will influence the buying power in downtown.

The days of immediate gratification in real estate are ending. Some buyers may find that they'll actually have to cough up 10 to 20% for down payments on their $500,000 condos. Ain't that a bitch?

[crewer]

Originally Posted by KevinFromTexas

I totally agree to both of those comments. Imagine sitting out on your balcony with a few beers in you, although I suppose 360 folks might prefer wine over beer. I'd want to feel secure on my balcony if I was a little buzzed.

No kidding! A few brewskies, and it's amazing how stupid people can be on a balcony. You know, like the, "I wonder what will happen when I drop this beer bottle from the 40th floor?" Sadly to say, it's pretty inevitable that someone will be killed at some point. Someone will get drunk and sit on the balcony ledge and will topple over.

Tall buildings and drunkenness are not a good mix. A buddy of mine in Toronto was telling me of a recent happy-hour in an office tower in downtown Toronto. Young stockbrokers were drunk and thinking it would be fun(?) to body-slam into the big floor to ceiling office windows on the 67th floor. One dude hit the window so hard that it popped out, along with him. It's amazing how creative drunk people can get at finding ways to kill themselves.

[KevinFromTexas]

^ There was a guy that fell off the 4th or 5th floor balcony of one of the University Towers in West Campus overnight/early one morning. He died of course. Supposedly he was in a fraternity, and he and his frat buddies had been drinking. Somehow he fell off the balcony and was found dead next to building by a pedestrian.

[Jdawgboy]

I was wondering if anybody knows when they will put up the crane at the Legacy Site???

[priller]

They're building something on the W Hotel lot. I suppose it's not part of the hotel.

[crewer]

Originally Posted by priller

They're building something on the W Hotel lot. I suppose it's not part of the hotel.

Not part of the hotel. I heard it was the sales office, or at least part of it is.

[Saddle Man]

Originally Posted by MichaelB

Got it.... that is an interesting part that I missed. From everything in their statement and the article in the paper it looks as though While Lodging does need their permission. Do you know any source that can confirm one way or another?

I don't know of a source either way. Sorry.

[austin242]

I don't know what is going on at w site but in dallas when they started building they demolished a historical building because they started to early. they could be starting to early again.

By the way i have been looking at this thread for a while and just now decided to say something and make it official.

[priller]

I took this shot of one corner of the AMLI on 2nd building yesterday. I was under the impression that the dark exterior portion of the building was going to be much darker that this.

[crewer]

Originally Posted by priller

I took this shot of one corner of the AMLI on 2nd building yesterday. I was under the impression that the dark exterior portion of the building was going to be much darker that this.

Oh, no. It looks like they're using the same type of panels used on the convention center, which I always thought looked mobile home foundation skirting.

I think going darker would have given a better contrast, but I guess we'll have to wait and see.

[MichaelB]

Originally Posted by crewer

Oh, no. It looks like they're using the same type of panels used on the convention center, which I always thought looked mobile home foundation skirting.

I think going darker would have given a better contrast, but I guess we'll have to wait and see.

Like the tiles..... They are a lite gold..... metalic. THere was a bit darker one they tested I did like a bit better.... but,eh, I still think it is going to make a handsome building.

[andrew.A..T..X]

Originally Posted by crewer

No kidding! A few brewskies, and it's amazing how stupid people can be on a balcony.

Yes, it will take a few people to fall off then they might have to change them. So the deck is has no railing or anything? Thats crazy

[Northcrossed]

Originally Posted by andrew.A..T..X

Yes, it will take a few people to fall off then they might have to change them. So the deck is has no railing or anything? Thats crazy

Since the Austin building code won't allow you to build a deck in your backyard higher than 36 inches without a railing, I doubt they'd let you have a 36th floor balcony with no railing.

[crewer]

Originally Posted by andrew.A..T..X

Yes, it will take a few people to fall off then they might have to change them. So the deck is has no railing or anything? Thats crazy

They'll have railings for sure, but that doesn't mean anything. Stupid people can still fall over them. I was at a party last year in a Toronto high rise when the host freaked and ran out onto the balcony to pull a guest off the balcony's ledge. Seems the drunk guest thought the balcony's ledge was suitable for sitting, despite the fact that we were on the 37th floor. The guest admitted that he was oblivious to how high we were.

Like I said, drinking and balconies don't mix.

[Mopacs]

The 360 webcam page has been upgraded. Included now is a timelapse feature, which goes back as far as the camera has been live.

http://novare.oxblue.com/austin360/index.html

FYI...up to the 33rd floor now.

[priller]

The time-lapse is great. You can also see the Intel shell get blown up and cleaned up at the same time.

[andrew.A..T..X]

With all these buildings going up there is only one thing im woried about. The Frost Bank tower is a really cool looking building, and its a shame they couldn't of made it mabye 600 ft or so, because it may dissapear here after all of the buildings are done. i dont know what do yall think

[Mopacs]

Originally Posted by andrew.A..T..X

With all these buildings going up there is only one thing im woried about. The Frost Bank tower is a really cool looking building, and its a shame they couldn't of made it mabye 600 ft or so, because it may dissapear here after all of the buildings are done. i dont know what do yall think

100% agreed. Architecturally one of the most significant high-rises built over the past few years (IMHO), and I love it. However, from the early days I found it proportionally too 'squat' and should have been at least 100ft taller. Much like the Chrysler Building in NYC, it won't lose its significance, but will be overshadowed in height by others buildings.

Can't really complain though... the developers took a big risk starting construction when they did (just weeks after 9/11 and during the ongoing dot-com bust).

[swild]

I know this building is not a favorite among the posters on this site, but the crane went up for La Vista on Lavaca earlier this week.

[hookem]

As they finish up the 34th floor in the next few days, is this an Austin milestone? The first 34th floor? I know Frost is 33, and I think there are some 30-32 floor buildings...

I know 360 still has a way to go til it reaches Frost height, and I'm very curious how it will look with the mainroof below the crown of Frost. I'm thinking it won't appear taller from some distant angles.