AUSTIN | Projects & Construction II - Page 94

G Lee · #**1861** Posted **Nov 12, 2007, 11:06 PM**

Quote:

Originally Posted by ATXboom

where did you get wind that CLB 7th/rio grand is dead???

The sign is still up...

Last week they re-striped the parking lot for pay parking and put up a collection box. The notice posted on the door says parking is available daily or monthly.
On the other building (Clements Paint Co.) workers were patching the roof.
On the billboard they pasted over the phone number and the CLB logo.
Groundbreaking was supposed to be late October. That doesn't mean much. It is still on their web site. I hope I am wrong, I really want to see this built.

AustinGuy · #**1862** Posted **Nov 12, 2007, 11:07 PM**

Quote:

Originally Posted by WestAustinite

From today's Austin Business Journal:

Buyers of units in The Monarch residential tower downtown are being notified today that the project's developer is changing the apartment-turned-condo high-rise back into apartments.

Wow, I can't believe this! These guys are going to lose all credibility flip flopping back and forth between apartments/condos/and back to apartments.

AustinGuy · #**1863** Posted **Nov 12, 2007, 11:10 PM**

Quote:

Originally Posted by WestAustinite

Still, Warshaw says, ZOM may be looking at the extremely strong downtown apartment market. The opening in coming weeks of the new AMLI downtown property at Third and San Antonio streets will help alleviate some of the rental demand, but no other apartment properties downtown are close to completion.

Also wanted to point out that the 360 has already reached its investor cap which I think is 25% so in theory over 100+ units at the 360 should be coming on the market as rentals.

bigdogc · #**1864** Posted **Nov 12, 2007, 11:55 PM**

Wow, major news for the small population of DT austin enthusiasts!

What does everyone think about the impact Monarch converting to Apartments will have on recent highrise construction- namely 360 and Shore- to the market? Will dt condo demand go up from this?

360 · #**1865** Posted **Nov 13, 2007, 2:17 AM**

AustinGuy, How do you know 360 reached 25% cap?

AustinGuy · #**1866** Posted **Nov 13, 2007, 2:30 AM**

Quote:

Originally Posted by 360

AustinGuy, How do you know 360 reached 25% cap?

I asked them about it since I was interested in possibly buying a unit to rent out.

crewer · #**1867** Posted **Nov 13, 2007, 2:35 AM**

Quote:

Originally Posted by kingkirbythegreat

Remember, it's not actually light rail.

What do you mean? Why isn't it?

crewer · #**1868** Posted **Nov 13, 2007, 1:27 PM**

Quote:

Originally Posted by bigdogc

Wow, major news for the small population of DT austin enthusiasts!

What does everyone think about the impact Monarch converting to Apartments will have on recent highrise construction- namely 360 and Shore- to the market? Will dt condo demand go up from this?

I think it's a sign of the times, and I do not believe, in the least, that this will increase demand for downtown condos. That demand has been driven by the easy accessibility of financing. Now that the feds are putting the screws to the mortgage industry by tightening regulations, easy loan qualification is a thing of the past.

The Monarch conversion, though partly the fault of Zom for strange marketing, is a wake-up call.

Mopacs · #**1869** Posted **Nov 13, 2007, 1:35 PM**

Fox 7 has a week-long series on downtown issues (each night at 9pm)... Last night featured the issue of fire protection, and the strains of increasing downtown population and the hazards of fighting high-rise fires. You can watch the video here:

http://www.myfoxaustin.com/myfox/pages/H...ocale=EN-US&layoutCode=VSTY&pageId=1.1.1

It looks like they had access to the top of the 360 project (possibly from the tower crane 'cab'), with some fantastic views from downtown. Looks to be about eye-level to the top of Frost.

Kevinb · #**1870** Posted **Nov 13, 2007, 3:01 PM**

Keeping perspective: The Monarch had +/- 38 units which were priced more than the penthouses at 360. Thats 12.5% of the Monarch units that were over the mid $800's.

If you consider this, it's easy to see that the unit mix and time to market could have been a major influencing factor on the decision.

That computes to $35MM in inventory. The 360 had only four units price over $800K for a grand total of around $4MM.

DTAustin · #**1871** Posted **Nov 13, 2007, 3:08 PM**

Quote:

Originally Posted by kingkirbythegreat

Remember, it's not actually light rail.

It will be light rail cars running on a normal rail line. Cap Metro had to go through great lengths to ensure that freight trains will not be nor could be running on the line while commuter trains are in service. The floors of the trains are not at the same level. If they were to collide, the freight trains would decimate the commuter trains.

In fact, they build an over pass near at the crossing near McNeil road to ensure that the Union Pacific trains will never collide with commuter rail. I'll try to get pictures some time because this is very funny to look at. It almost looks like a roller coaster.

DTAustin · #**1872** Posted **Nov 13, 2007, 3:17 PM**

Quote:

Originally Posted by Kevinb

Keeping perspective: The Monarch had +/- 38 units which were priced more than the penthouses at 360. Thats 12.5% of the Monarch units that were over the mid $800's.

If you consider this, it's easy to see that the unit mix and time to market could have been a major influencing factor on the decision.

That computes to $35MM in inventory. The 360 had only four units price over $800K for a grand total of around $4MM.

I don't think it speaks for the demand of downtown as much as it speaks for the current price ceiling of downtown. We looked at a two bedroom at the Monarch. It was priced around $450K for about 1100 sq ft. The price per sq foot was fine. The problem is that it was a $450K condo on the second floor. At the time, there was a B8 on the 38th floor of 360 for about $418K. It's around 900 sq ft, but $30K less and 36 floors higher.

I think they just misjudged the pricing and sizing in this stage of the game. Like kevinb pointed out, the over all price was just too high for most of the condos.

I think this may increase demand for other projects because the people who put down money for the 20% of the unit that were sold will still probably want to live in or near downtown.

M1EK · #**1873** Posted **Nov 13, 2007, 5:23 PM**

Quote:

Originally Posted by DTAustin

It will be light rail cars running on a normal rail line. Cap Metro had to go through great lengths to ensure that freight trains will not be nor could be running on the line while commuter trains are in service. The floors of the trains are not at the same level. If they were to collide, the freight trains would decimate the commuter trains.

In fact, they build an over pass near at the crossing near McNeil road to ensure that the Union Pacific trains will never collide with commuter rail. I'll try to get pictures some time because this is very funny to look at. It almost looks like a roller coaster.

The vehicles they're using are more like heavy rail cars than light rail cars in the ways that matter: power source and turning radius. The commuter rail line can never, in other words, ever EVER run to UT or the Capitol, and can only run across 4th street to Congress or so before hitting a wall. These things can't turn corners in city streets, and we don't have a ready supply of abandoned real estate to bulldoze like they did in New Jersey on the other line they like to claim is "light" rail with DMUs.

bigdogc · #**1874** Posted **Nov 13, 2007, 6:45 PM**

All the upcoming condos seem to be very pricey. Take the W, Four seasons, and 21c. All of these are in the 500-750 $/sqft range. Austonian just "broke' ground, the cheapest unit is 550k! Spring may not be 500 $500/sqft, but it is a lot more expensive than 360 and monarch were advertising.
I think right now we are seeing the only condo project that will stay under 400 sq/ft and that is 360. Will we see any other projects like 360 with mass "sub-luxury" units that are moderately priced?
What about Altavida? This is a ~38story apartment tower in a GREAT location. Would the developers consider changing this to condos?

mars-man · #**1875** Posted **Nov 13, 2007, 7:43 PM**

Quote:

Originally Posted by bigdogc

Will we see any other projects like 360 with mass "sub-luxury" units that are moderately priced?

Novare/Andrews Urban's next projects, perhaps, if they continue to go after the same market segment they did with 360. I'll try to make it to the topping-out party tonight and will let y'all know if Taylor divulges any details on what's next. He recently told the Statesman they'd be starting on Ovation in Dec or Jan.

Kevinb · #**1876** Posted **Nov 13, 2007, 7:45 PM**

Ovation and Twelve should be able to deliver at similar price points as 360... They are a little further out though...

Do we have any renderings of these yet? (besides the captures from the planning meeting)

Mopacs · #**1877** Posted **Nov 14, 2007, 2:08 PM**

360 question....

From this morning's webcam, it appears that the assembly has begun for what will be the building's spire. Anyone know for sure? (See webcam captures below):

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

andrew.A..T..X · #**1878** Posted **Nov 14, 2007, 11:04 PM**

^Its going on the left side(south) right?

KevinFromTexas · #**1879** Posted **Nov 15, 2007, 3:34 AM**

Yes. It probably arrived at the site a day or so ago, and they're just storing it there while they get the base ready.

mello · #**1880** Posted **Nov 15, 2007, 5:49 AM**

Whats up guys, mello checking in from San Diego because there is a decent chance I'm going to be relocating to Austin soon. I really like what is going on there but I'm really anticipating the Austintonian, because right now the skyline is just hmmm don't know how to put it. A bit spread out I guess. I think Austintonian will help provide a focal point and make the skyline really "pop".

Anyhow, I wanted to see if you guys could kind of do a "mid thread update" on what is both under construction and approved and really looking realistic to start soon. The thread is on page 95 and I don't know if the stuff from the first page is still current.

I really appreciate it. Oh and are there any nice newer one bedroom rentals downtown in a mid to high rise for 1200 hundred or under? Thanks...