AUSTIN | Projects & Construction II

[StoOgE]

And look at cities like New York and Chicago. There are highrise skyscrapers but they aren't for middle class people. The middle class still live in dense neighborhoods but they are 8-9 story buildings at the most which are B&M.. Manhattan vs. Brooklyn. The Loop vs. Wrigleyville.

[ChicagoChicago]

Originally Posted by StoOgE

And look at cities like New York and Chicago. There are highrise skyscrapers but they aren't for middle class people. The middle class still live in dense neighborhoods but they are 8-9 story buildings at the most which are B&M.. Manhattan vs. Brooklyn. The Loop vs. Wrigleyville.

Define middle class. There are plenty of people that live in the Loop, River North, West Loop, South Loop etc that are middle class. A couple I'm friends with lives on the 38th floor of an apt building in River North, pays right at $2,000 a month for a 1 bedroom, 800 sq ft.

[AustinSkyscrapers]

Originally Posted by WAustinResident

At 250-300 a ft minimum, It seems unlikely anything new is going up anytime soon.

I would expect a major hotel before another condo project.

I definitely agree with you. W Austin AKA Block 21 is probably the last project 350 feet plus for this year. My forecast shows the next time something like that will be going up is 2012 or 2013. Otherwise, if nothing goes up by 2015, this boom is over, and projects will pop here and pop there.

The only approved project that is probably go up this year or next is the St. David's North Austin Medical Center Women's Hospital, which is a year late than planned to be built.

The next soaring skyscraper in the proposed and visionized field should be 21c, probably soaring in 2013, 2014, or with luck, 2010. 21c plans to go up this year-hopefully.

Let's hope our boom will continue till 2015, which probably won't happen, not to hurt anyone's hope though.

Let's keep it rolling-the thread and the boom.

[wwmiv]

Nah, I think we'll see a few more than just 21c over the next few years. 7Rio recently returned to the drawing board, as well as the post office redevelopment. The shoal creek project will probably rise within three years (this is one of the few projects that seems more-than-likely to happen). Though you may not be as optimistic as me about Green and Seaholm, I'm sure we can agree that the project will proceed in the next couple of years.

[WAustinResident]

Originally Posted by wwmiv

Nah, I think we'll see a few more than just 21c over the next few years. 7Rio recently returned to the drawing board, as well as the post office redevelopment. The shoal creek project will probably rise within three years (this is one of the few projects that seems more-than-likely to happen). Though you may not be as optimistic as me about Green and Seaholm, I'm sure we can agree that the project will proceed in the next couple of years.

I agree on the post office, and shoal creek, both those projects should get financing because of their structure. Although with mail possibly going to 5 days a week and volume down is the post office really needed?

as far as 7Rio, Green and Seaholm I just can't see the financing coming together for these projects anytime soon. If I were the lender I would be looking for them to do a major revision down or present the project in parts like 21c did. (this makes 21c the most likely to happen because they adjusted to the new market realities.) I just hope with Green and Seaholm they make it an open green space or parking lot or something somewhat useful other than a roped off construction area for however many years it takes to complete.

My most optimistic view is that 7Rio gets off the ground in 2012. I think until all the excess inventory is sold lenders will be skittish to lend to large projects and Seaholm and Green are both very large I think they will be the leading projects in the next boom that at best starts around 2013-2015. Its just going to be that long until lenders feel like making 100 million + condo construction loans. 7Rio has a budget of just 50 million so it is more likely to get off the ground sooner.

[OU812]

a new convention center hotel will probably rise soon. supposedly it'll be financed the same way the Hilton was.
http://austin.bizjournals.com/austin/stories/2010/03/22/daily59.html?surround=lfn

[LoneStarMike]

Regarding the lights on 100 Congress

Originally Posted by jowens

I think it was lit for SXSW. I don't remember it being lit since last years SXSW. I've been out of town this week. Has anyone noticed it being lit this Week?

I think you're right. It must have only been lit for SXSW.

From tonight:

[gardensoul]

Originally Posted by LoneStarMike

Regarding the lights on 100 Congress



I think you're right. It must have only been lit for SXSW.

From tonight:

Whoa. Awesome shot! Thanks for posting this!

[LoneStarMike]

Thanks. That full moon took me by surprise. I didn't even know there was a full moon last night and when I initially got to Lou Neff Point it was still behind the buildings. All of a sudden, I started seeing this bright light above 100 Congress and I kept thinking "What is that light?" It finally rose enough for me to tell it was the moon.

[WAustinResident]

what a great picture, The Austonian from a ascetics points of view is still my favorite building in the city.

[AustinSkyscrapers]

Great pic Lone Star Mike. The Austonian looks cool. Are they done with the lighting though? And yet...the Moon looks like the Sun!

[actham]

Originally Posted by OU812

a new convention center hotel will probably rise soon. supposedly it'll be financed the same way the Hilton was.
http://austin.bizjournals.com/austin/stories/2010/03/22/daily59.html?surround=lfn

How was the Hilton financed?

[StoOgE]

Originally Posted by actham

How was the Hilton financed?

public private partnership. Pretty common for convention center hotels.

I wish they could do something to the East side of the convention center to open it up a bit more... would make developing the property on the other side of the convention center worth it. A ton of eateries and bars have gone in to the North and West of the convention center.. the East side of the convention center being a giant fucking wall has really limited its impact to parts of downtown.

I would assume that this hotel would include even more convention space?

[Samwill89]

Something I have been wondering about. Is Austin the only major American city (besides the obvious Miami and Las Vegas) in which most of the tallest buildings are residential/non office? I know Chicago and San Francisco have a few of their tallest being residential.

Looking at the SSP diagram page for Austin, 4/5 tallest and 7/10 tallest buildings (or 6/9 buildings over 30 floors) are residential. This isn't even counting the unfinished but topped out W Hotel and Residences, which will clock in at 4th tallest.

[StoOgE]

Vancouver is in a similar situation. Probably a ton of beach resort towns.

[austin242]

Austin doesn't have the beach tho but I still love the way downtown is.

[AustinSkyscrapers]

Originally Posted by Samwill89

Something I have been wondering about. Is Austin the only major American city (besides the obvious Miami and Las Vegas) in which most of the tallest buildings are residential/non office? I know Chicago and San Francisco have a few of their tallest being residential.

Looking at the SSP diagram page for Austin, 4/5 tallest and 7/10 tallest buildings (or 6/9 buildings over 30 floors) are residential. This isn't even counting the unfinished but topped out W Hotel and Residences, which will clock in at 4th tallest.

Very interesting question, Samwill. I think it may be the only major American city excluding Miami and Las Vegas to have more residential buildings than office in the top 10. There may be more cities with more residential than office someplace else, but we may have more. 8/10 with the W. Cool find.
Hmm, actually on the SSP diagram page, 5 of Austin's 10 tallest buildings are residential, and 4 out of the 5 tallest are residential. 11 of Austin's 25 tallest are residential. So, I think we have the most.

[wwmiv]

San Diego is up there. 7 of their top ten are residential/hotel. However, they have three buildings tied at tenth (all three are residential).

[WAustinResident]

I love that all the tallest buildings in Austin and especially in downtown are residential. Coming from Houston where I think the first residential tower is the 27th tallest building, downtown is just horrible at night. Its gotten better over the years, but without residential towers that bring in tons of residents it will always be a culturally dead area.

Obviously the next building boom in Austin will contain more office towers one would suspect.

[eburress]

I think balance between residential and commercial is key because among other things, you end up with reverse commuting which somewhat defeats the purpose of in-town housing - like here in San Diego, where so many people live downtown or close-in but work out in the 'burbs.