AUSTIN | Projects & Construction II

[JGFrisco]

Hmmm....sure would be nice if someone ACCIDENTALLY took some photos of downtown after dark tonight to show how a lighted 360 changes the appearance of the skyline.

Wouldn't that be a really NICE thing for someone to do?

[Aiphanes]

Originally Posted by austin242

this is an out of the blue question but how is austin going to do ok if we expect a 6.5 million pop by 2050. what is going to happen to edwards aquiffer and what about all the trees.

The current San Antonio metro area is about 2 million people..
http://en.wikipedia.org/wiki/San_antonio_texas

The current Austin metro area is about 1.6 million people..
http://en.wikipedia.org/wiki/Austin_texas

So that is 3.6 million as of 2007......so 6.5 million for both San Antonio and Austin...is with in reach by 2050....

[Aiphanes]

Originally Posted by ATXboom

^^^ in a complete vacuum or static environment that should be true...

however ask Dallas and Houston. They will double and are much larger. Cities like those and Phoenix and Atlanta are like magnets... or black holes. As they get bigger the raw numbers of people moving in grow. Its exponential.

At the same time there are plenty of big metros growing slowly or even losing population.

I think Austin trends more toward the magnet model of Houston or Dallas than that of say Cleveland or St. Louis. I can easily see Austin's growth rate grow exponentially in the urban core once this first wave of downtown residential development is filled in and proves to be the first "true" urban neighborhood in the southern US with the exception of Miami beach and arguably parts of New Orleans. Lots of businesses and people outside of the US have never even heard about Austin.... wait until publicity goes international.

I agree with your and San Antonio is doing the same thing as Austin...but on a smaller scale..


There are only 4 residental high rises being build in downtown San Antonio at this time...but more will come after these are successful...and the south flo area with its loft renonvations....it will have an urban core simular to Austin....at least the traffic will be better in San Antonio....eventually the two cities will meet and be like Dallas and Fort Worth.....probably by that 2050 year....when the population of the area will be over 6.5 million...

[JGFrisco]

Like I said, 6.5 million for combined AUS-SA is certainly a reasonable 2050 projection.

One thing to keep in mind, though. Much (not all) of the population increase in Texas is from the Hispanic population, and a lot of that is driven by illegal immigration. Will their numbers continue to increase?

The pattern in Texas is that Latinos move into older white neighborhoods, including the older suburbs, and also into some black neighborhoods, and the whites move farther out. Now, in Austin and Dallas especially, higher-income whites are moving to the downcore, in denser housing.

Will this trend continue? Depends on a LOT of factors.

[Raining Inside]

Finally!

http://www.statesman.com/business/content/business/stories/realestate/05/03/0503block21.html

Block 21 construction to start Monday
$295 million project in downtown Austin to have W hotel, 165 condos, 'Austin City Limits' venue.

By Shonda Novak
AMERICAN-STATESMAN STAFF
Saturday, May 03, 2008

With financing in place, construction is finally ready to begin Monday on a high-profile downtown development with a 36-story W hotel, condominiums and a new "Austin City Limits" venue.

Joint-venture partner Stratus Properties Inc. closed Friday on financing for its Block 21 project, which will cost $295 million, up from an earlier estimate of $260 million.

The higher costs are related to 70,000 square feet being added to the original project and a "modest increase" in building costs, Stratus chairman and CEO Beau Armstrong said.

The financing paves the way for crews to arrive Monday to start excavation work for three levels of underground parking, Armstrong said. The entire project is expected to be completed in three years.

The project officially kicked off seven months ago with much fanfare and an appearance by NBA superstar-turned-businessman Earvin "Magic" Johnson.

Johnson's private equity fund, Canyon-Johnson Urban Funds LLC, is Stratus' joint venture partner in the project, planned for the block just north of City Hall.

Canyon-Johnson will contribute $74 million in equity for the development, with Stratus putting in $49 million. Los Angeles-based Canyon-Johnson, which just raised another $1 billion in capital, focuses on major urban redevelopment and revitalization projects in growing areas, such as Central Texas, as well as in ethnically diverse neighborhoods in densely populated metro areas.

In addition to the Canyon-Johnson financing, Stratus also closed Friday on a $170 million construction loan with the publicly traded Corus Bank in Chicago, Armstrong said.

In May 2007, Stratus expected to start construction on Block 21 the following September.

But Armstrong said the "sheer magnitude of the project" and a highly challenging lending market altered the timetable. The city had the right to repurchase the property if Stratus didn't start construction by April 15 but gave Stratus an extension, he said.

"It's a tough time to borrow money now, no matter who you are," Armstrong said. And though, typically, construction loans aren't the hardest part of a deal to land, "because of the turmoil in the credit markets, it became a more difficult proposition," he said.

Armstrong said that it also took time to get the necessary building and other permits from the city but that those are now in hand.

Bobby Turner, managing partner of the Canyon-Johnson Urban Fund, said Armstrong's ability to obtain financing "in probably the worst financing market in the history of this country" is a testament to the quality of the project and "really reflects on the merits of Austin."

Canyon-Johnson also is teaming with Stratus to bid on the proposed redevelopment of the nearby Green Water Treatment Plan.

The Block 21 project will be on land bounded by Second, Third, Lavaca and Guadalupe streets that Stratus bought from the city for $15 million. Plans call for a W hotel with 250 rooms, 165 condominiums and a 2,480-capacity venue for KLRU's "Austin City Limits."

Armstrong said it will take 30 months to build the hotel, for an expected fall 2010 completion, and 36 months for the last condominium to be finished, by about May 2011.

The original plan for 196 condos has changed because some buyers are combining units. Armstrong said 85 of the current 165 units are under contract with nonrefundable deposits of 10 percent of the purchase price.

The average price of the units under contract is $1.1 million, he said. Prices range from the high $400,000s to more than $3 million.

Redevelopment of the block is expected to create more than 1,000 jobs over the length of the project, according to the general contractor, Austin Commercial, plus hundreds of permanent jobs when the project opens.

Stratus estimates that the development will generate, for the city alone, $18.9 million in hotel occupancy taxes, $12.3 million in property taxes and more than $3 million in retail sales taxes.

[Dale]

^ I didn't realize that it was so nip-and-tuck for awhile. In any case, glad to see it getting underway at long last. Should provide for a lot of synergy in downtown Austin.

[LoneStarMike]

Originally Posted by JGFrisco

Hmmm....sure would be nice if someone ACCIDENTALLY took some photos of downtown after dark tonight to show how a lighted 360 changes the appearance of the skyline.

Wouldn't that be a really NICE thing for someone to do?

It would've been nicer if someone (me) could take better night photos, but hey, it's the thought that counts, right?

[KevinFromTexas]

Very nice photos, Mike. That first one is gorgeous.

[JGFrisco]

Gorgeous photos....question...most of the south face of the building is lit with white lights, up to the spire, but there is a hole near the top. Do we think this will be filled in eventually? It would look really cool if it were.

[priller]

Photos from 5/3/08.


The Austonian. Still making good progress:







While walking around the Austonian a march to legalize marijuana came by.








Four Seasons Residences. Still digging out around the basement:














Legacy on the Lake:




Oh, btw, also went by the Shore, and they definitely have NOT started on the Hotel Van Zandt parking garage.

[Blakesalot!]

Altavida is looking QUITE massive and impressive. It's making a much bigger impact than I imagined.

[KevinFromTexas]

Great pics priller. Funny thing, that Cannabis march sort of terminated at Zilker Park this evening. I went over to Zilker to ride around a bit, and they had a concert going on right near Barton Springs Road. I stayed a few minutes to watch. You could clearly smell some marijuana being smoked. lol

[austin242]

Austin population to popStudy predicts metro area will be home to 7.8M residents in 2050


Flash back to 1950: Austin is a humble Texas town, a small city where politicians and college students converge. I-35 and other major roads have yet to be considered, and the town is an oasis for the 135,000 people who live here.

Now, flash forward to 2050: The Austin area is one of the largest metropolitan areas in the United States. It has outgrown San Antonio decades earlier, and its size and affluence rival the Boston area and eclipse the Detroit area. More than 7.8 million people now call Central Texas home.

In less than 50 years, the population of this high tech hub is projected to top 7.8 million, according to new population projections released this month by American City Business Journals Inc., the parent company of the Austin Business Journal.

The sobering projections, which mirror what others have projected in recent years, mean the Austin metro area's population in 2050 will equal the current population of Northern California's Bay Area, home to San Jose, San Francisco and Oakland.

Austin was among 729 metropolitan and micropolitan areas studied by American City Business Journals. The projection formula made the conservative assumption that areas would continue to expand or contract at roughly the same pace they have maintained since 1990.

Each area's projected growth rate was determined by averaging its 12 annualized growth rates between successive years and 2002, such as 1990-2002, 1991-2002 and 1992-2002. The formula assumed a constant rate of growth, although actual growth rates will vary.

The projection for Austin provides a staunch reality check for many of Austin's leaders, who are charged with preserving Austin for generations to come. But with an estimated population of 7.8 million in just 47 years, can Austin remain Austin?

"That's the fundamental question of our time," says Robin Rather, an Austin entrepreneur and longtime community activist.

Rather, who has helped turn several grassroots efforts into civic powerhouses, says residents and visitors have come to love Austin for its unique characteristics.

"But if the population estimates turn out to be accurate, will they still love it? That's a very, very serious question, and I don't think anyone has the answer," Rather says.

The answer, experts say, can be found only after Austin and surrounding communities come together first as a region to solve Central Texas' fundamental problems concerning water supplies and transportation.

Economists say Austin's business climate in 50 years -- or even 20 years from now -- is almost unimaginable. At the very least, it's unpredictable.

http://austin.bizjournals.com/austin/stories/2003/08/18/story2.html

[priller]

The average price of the units under contract is $1.1 million...

I was out with a friend on Friday night. We were walking near the area and I was telling him about the W finally starting construction. I said, "Guess what the average unit price is there?" He guessed half a million. I laughed at him, "Er no. 1.1 Mil. Starting price is $400K. Can you believe that?" He just stood there shocked for a moment.

Then we went to Malaga and were complaining about the high prices. My vodka martinis were $9.01 each. Yes, 9 dollars and a penny. My friend grumbled, "Damn rich condo people are driving up prices, and they're not even here yet!!"

[KevinFromTexas]

Guys, I moved all the highway/transportation posts to the Austin Transportation Thread over in the Texas section since the discussion was getting long (40 posts).

Go here to see them and feel free to keep the discussion going.
http://forum.skyscraperpage.com/showthread.php?t=137150&page=26

[Aiphanes]

Originally Posted by austin242

Austin population to popStudy predicts metro area will be home to 7.8M residents in 2050


Flash back to 1950: Austin is a humble Texas town, a small city where politicians and college students converge. I-35 and other major roads have yet to be considered, and the town is an oasis for the 135,000 people who live here.

Now, flash forward to 2050: The Austin area is one of the largest metropolitan areas in the United States. It has outgrown San Antonio decades earlier, and its size and affluence rival the Boston area and eclipse the Detroit area. More than 7.8 million people now call Central Texas home.

In less than 50 years, the population of this high tech hub is projected to top 7.8 million, according to new population projections released this month by American City Business Journals Inc., the parent company of the Austin Business Journal.

The sobering projections, which mirror what others have projected in recent years, mean the Austin metro area's population in 2050 will equal the current population of Northern California's Bay Area, home to San Jose, San Francisco and Oakland.

Austin was among 729 metropolitan and micropolitan areas studied by American City Business Journals. The projection formula made the conservative assumption that areas would continue to expand or contract at roughly the same pace they have maintained since 1990.

Each area's projected growth rate was determined by averaging its 12 annualized growth rates between successive years and 2002, such as 1990-2002, 1991-2002 and 1992-2002. The formula assumed a constant rate of growth, although actual growth rates will vary.

The projection for Austin provides a staunch reality check for many of Austin's leaders, who are charged with preserving Austin for generations to come. But with an estimated population of 7.8 million in just 47 years, can Austin remain Austin?

"That's the fundamental question of our time," says Robin Rather, an Austin entrepreneur and longtime community activist.

Rather, who has helped turn several grassroots efforts into civic powerhouses, says residents and visitors have come to love Austin for its unique characteristics.

"But if the population estimates turn out to be accurate, will they still love it? That's a very, very serious question, and I don't think anyone has the answer," Rather says.

The answer, experts say, can be found only after Austin and surrounding communities come together first as a region to solve Central Texas' fundamental problems concerning water supplies and transportation.

Economists say Austin's business climate in 50 years -- or even 20 years from now -- is almost unimaginable. At the very least, it's unpredictable.

http://austin.bizjournals.com/austin/stories/2003/08/18/story2.html

Its time for me to buy a high rise condo in downtown Austin. I am in San Antonio right now...but both cities are going to be hot in the next 25 to 50 years!

7.8 million in Austin? And San Antonio will be around that number also. I feel real sorry for people who live outside of downtown austin though since there is no good freeway infrastructure like there is in San antonio.

[Greggklar]

Was down there today showing condos to a buyer, still no activity on the "W" site? Was surprised, paper said Monday (today) was the start date. Maybe the rain delayed them?

[KevinFromTexas]

Some more 360 "light porn" as I've been calling it. Photos are from this past Saturday.

My first glimpse as I rode down Barton Springs Road.






















Click for larger version - You can see that there's still a step ladder inside the spire. I'd say they're still working on it. I was also looking for some light fixtures below the base of the needle part of the spire. I don't really see any though.








Zoomed in on the area that is still dark.








The view was REALLY cool.

[KevinFromTexas]

>>>>Scroll>>>>

[LoneStarMike]

Those are so awesome, Kevin. You may call them "light" porn. I call them "night" porn. Those are the kind of night photos I can only dream of taking. I'm good up through twilight, then it's kinda downhill from there for me.

Great job!