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Posted May 23, 2019, 4:32 PM
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Registered User
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Join Date: Sep 2015
Location: Austin, TX
Posts: 3,601
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Here's a great article from ABJ -- asking some local development luminaries some basic questions about what's to come in Austin's near future. A very satisfying thing: most of what the pros are discussing tracks our own discussions very closely. Cool to be part of such a knowledgeable community.
Copying this one in its entirety, since it's worth it:
Quote:
An expanded downtown & more mixed-use towers: Visionaries weigh in on Austin's urban future
Looking at a development crystal ball with experts from Page, Gensler, Beck Group, Hitchcock DesignBy Erin Edgemon – Staff Writer, Austin Business Journal
May 23, 2019, 8:18am CDT
Rapid change and redevelopment are the norm in Austin these days.
Last week I wrote a cover story focused on a complicated deal that helped preserve two pillars of downtown Austin — the Paramount and State theaters on Congress Avenue — while creating an opportunity for progressive development. Beginning this summer, a very contemporary 31-story Hyatt Centric hotel will be built on a tiny parcel next door.
As the number of available development sites in the Central Business District continues to shrink, Austin Business Journal reached out to several prominent architecture firms to ask their thoughts on where and how Austin will develop in the coming years.
Todd Runkle, co-managing director of Gensler in Austin
What are the downtown sites prime for redevelopment, especially high-density?
I believe one of the next prime areas for redevelopment in the city of Austin will focus on innovation and technology, health care, sports and entertainment. Real estate and architecture, in Austin and globally, can have a dramatic effect on our lives and this opportunity will be evident with the dramatic changes in health care and the fundamental shift from “health care” to “health and wellness.” The convergence of the state of Texas Innovation Zone, redevelopment of the Brackenridge campus, UT Athletics' new basketball arena, UT Dell Medical School and the Waller Creek Conservancy’s Waterloo Park provides a unique opportunity to lead the disruption and be on the forefront of technology plus health care and innovation. If we can develop a symbiotic master plan that leverages the real estate assets, programmatic uses, outdoor spaces and create inspirational architecture and technology, we can further develop the city of Austin into one of the truly global smart cities. Similar projects include the University of San Francisco Mission Bay campus and the new Chase Center, home to the Golden State Warriors NBA team.
What’s the most valuable, underdeveloped property downtown?
All properties along the north and south shore of Lady Bird Lake in downtown Austin. It is interesting we have not integrated the hike and bike trail, food, beverage and cultural amenities along the lake. Specific properties include the Austin American-Statesman site, city of Austin intake building and Austin High School.
What are going to be the development trends in downtown in the next cycle?
• Vertically integrated, mixed-use towers that include multiple programmatic uses
• Convertible parking strategies that allow parking structures to be converted to other uses
• Impact of autonomous vehicles on development
• Corporate headquarter relocations to Austin located in the CBD and the surrounding areas, which will also create growth of submarkets like the Domain, North Austin and East Austin.
Trent Rush, senior principal at Hitchcock Design Group
What are the downtown sites prime for redevelopment, especially high-density?
The area from 15th to 19th streets between Lavaca and Rio Grande streets is perfect for high density residential, student housing and market-rate deals – 1615 Guadalupe is a perfect example. (Editor's note: Reger Holdings is developing a 27-story condo tower at this site).
There are a lot of small single-lot parcels that are vacant — one at 16th and Nueces streets that can be picked up, combined into half/full blocks and redeveloped, for example.
North Campus and West Campus have gotten very dense and congested. I can see developers looking south of Martin Luther King Jr. Boulevard.
Once 1801 and 1601 Congress Ave. [office buildings] get finished and the new garage and Texas Mall are open as part of the massive Texas Capitol Complex building project, the area around the Capitol will most likely start redevelopment.
What’s the most valuable, underdeveloped property downtown?
Every downtown property owned by [Nate Paul’s] World Class Capital Group. Nate keeps acquiring sites and now needs to start redeveloping them to create more value for himself and the CBD.
What are going to be the development trends in the next cycle?
I think we are going to see more projects like Music Lane on South Congress Avenue and Satillo in East Austin, speaking of the architectural style of those buildings. I think the local architects have started to create an architectural style that is all Austin.
I think we are going to see some big moves to the suburbs with new mixed-use development hubs. The Domain is the most well-known and established but with EastVillage, Northpointe, Indigo Ridge, the District, Eightfold and 3M’s old campus all in development, it will be interesting to watch how these change where people live and work. It will definitely improve traffic — with more people living and working within these developments it can hopefully reduce the need for everyone in Austin to drive downtown.
Ryan Therrell, director of business development at The Beck Group
What are the downtown sites prime for redevelopment, especially high-density?
Downtown boasts some great sites for high-density redevelopment. The areas that come to mind are the Statesman tract, Crockett tract, Rainey/East Avenue, and Riverside, east of Congress Avenue. Other areas to consider are 6 X Guadalupe and the Republic (308 Guadalupe). At one point in time, the Austin Independent School District campus west of Lamar Boulevard was for sale and a hot item. (The sale of AISD headquarters on West Sixth Street to Schlosser Development Co. is expected to close in late summer or early fall.)
What sites will enter the pipeline next?
What we traditionally think of as “downtown” is expanding. New boundaries beyond the “core” like East Sixth and Seventh, East Cesar Chavez, South Congress, the South Central Waterfront area, the area northwest of the Capitol, and Red River south of the medical school are on track to becoming part of Austin’s “new downtown.”
What’s the most valuable, underdeveloped property downtown?
Given the evolving nature of Austin, the most valuable areas are those that can go vertical and dense without corridor view issues, and/or are not currently developed at max potential. A few areas that come to mind include:
• Any of the properties along Waller Creek
• The state of Texas parking garages near the Dell Medical School
• Surface parking lots, for example the area across the street from the Westin Hotel between Fifth and Sixth streets (where a 32-story hotel and residential tower is now under construction). There are also several surface lots in the heart of the Congress corridor.
What’s the biggest roadblock to developing the underutilized property?
The biggest challenges we are aware of involve access to building permits and trying to develop properties that have historic designations.
What are going to be the development trends in downtown in the next cycle?
Downtown’s residential community continues to grow. To support that growth, expect to see more meaningful mixed-use developments with robust retail options. Another trend on the horizon is adding new green space or the re-programming of existing green spaces, parks and plazas to support the people living and working in downtown.
Lawrence Speck, senior principal at Page Southerland Page Inc.
What are the downtown sites prime for redevelopment, especially high-density?
I think most of the prime sites for high density development in downtown Austin — like the Post Office block at West Sixth and Guadalupe streets or the parking lot to the south of Republic Square — have long been explored by developers and have had design schemes done by architects, sometimes several different schemes over time). Large urban projects are extremely difficult to develop and require a great deal of knowledge, sophistication, savvy and perseverance. Just because a site looks prime for development does not mean it can be done with current conditions — ownership, land costs, entitlements, etc. — in place.
What are the biggest roadblocks to developing underutilized property downtown?
There are many sites downtown that may look like they would be a prime spot for redevelopment but are not likely to see any action because they are beneath extremely limiting capitol view corridors. Height limitations imposed by the view corridor mean you cannot get sufficient density to do much there, so they are likely to remain undeveloped. For example, two very valuable blocks between Guadalupe and Lavaca and between Ninth and 11th streets currently have open parking lots on them. This seems like almost criminal underdevelopment, but much of those two blocks are limited by capitol view corridors to only a one-story building. Not much is ever going to happen there with such severe restrictions. Landowners can get more income from them as a parking lot.
Another big roadblock sometimes comes from site ownership by an entity that feels the need to own the land in an underutilized state. The drive-thru banks downtown are a good example of this. The bank wants a drive-thru downtown even though it might not get much use and it is very low density development. This is a real pity since it is seriously detracting from the pedestrian character of the city in several parts of downtown. A good example is West Fifth Street between Rio Grande and San Antonio streets.
What are going to be the development trends in downtown in the next cycle?
I hope the development trends in the next cycle will continue to value density and mixed use —maybe even more than in the present cycle. This should encourage better transit development, which we sorely need, and would hopefully lead to lower numbers of parking spaces in new buildings downtown. If we could reduce the very high level of investment in parking downtown we would make it a lot more affordable.
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https://www.bizjournals.com/austin/n...se-towers.html
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