Quote:
Originally Posted by texboy
Word in the construction industry is this guy likes to come up with these pie in the sky proposals that are huge just to get his name in the news. Everyone does know T. Stacy's name! Hes very well known with all the construction science profs here at A&M! lol
At any rate, if this project gets built (which I highly doubt even 50% of it will come to fruition) it would be an incredible boost to the downtown skyline. With the market the way it is, and office occupancy rates decreasing in Austin, this project would only hurt DT right now as far as saturating the market with office and residential space it doesn't need.
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Let's remember a one thing...he's not proposing to build these towers tomorrow.
If built, he's 18-24 months away from securing the financing necessary to build the office tower (~32 stories) and at least 24-36 months away from trying to secure construction financing on the hotel/condo tower. Therefore, delivery of the office tower will not take place for 42-48 months from now; plenty of time for the economy, and market, to change one way or another.
What might be more valuable to him is to take this project through the city - get the entitlements to construct what he's currently proposing and sell the land to a developer who will end up constructing it!?!