Austin | The Republic | 710 Feet | 47 Floors | Complete - Page 71

valhalla · #**1401** Posted **Feb 10, 2022, 4:47 PM**

Quote:

Originally Posted by urbancore

curious, why make repairs if you planned to break ground soon?

yea i was thinking the same thing. this suggests to me that this project is still a ways off. either that or they must have fixed one hell of a pothole

texboy · #**1402** Posted **Feb 10, 2022, 4:47 PM**

Quote:

Originally Posted by urbancore

curious, why make repairs if you planned to break ground soon?

Admitted lurker here on this one, mainly bc I love the design of this tower and hope it moves forward. This is such a massive tower, so just wondering if this would make sense for the developer to move forward with it in its current form? I was just talking to a friend of mine that works in the development community the other day, and he was stating that alot of property owners in the commercial high rise space are starting to think about what they want to do with large portfolios of office towers that will be "vacant" once leases start expiring. He mentioned at least a few commercial property owners are actively looking at converting some of their commercial office portfolio into condos/apartments. Given the state of the WFH economy now... Its hard to wrap my head around a project like this NOT including a residential component.

StoOgE · #**1403** Posted **Feb 10, 2022, 5:28 PM**

Quote:

Originally Posted by urbancore

curious, why make repairs if you planned to break ground soon?

They are very likely going to rent this parking lot for a massive activation during SXSW. It could mean something but it could just mean they are about to get a payday.

Atom_Mirny · #**1404** Posted **Feb 10, 2022, 5:30 PM**

Quote:

Originally Posted by urbancore

curious, why make repairs if you planned to break ground soon?

Either they aren't about to break ground soon or the repairs will allow them to make more money in the interim than they would have made if they didn't do the repairs.

the Genral · #**1405** Posted **Feb 10, 2022, 5:42 PM**

I'll be the optimist here and say they needed to repair the parking lot in the interim to prevent any damage liabilities to vehicles, not because they intend to keep the lot open for an extended length of time. Again, just me being optimistic. I would really like to see this tower built in my lifetime.

We vs us · #**1406** Posted **Feb 10, 2022, 5:45 PM**

FWIW, the pothole wasn't huge, and clearly it was a single day's job. The money spent on repair was probably negligible from a total budget standpoint. And if SXSW drops a huge activation there -- it's probably definitely worth the upkeep.

Now if they decided to put fresh blacktop down on the whole block, I'd be much more concerned.

paul78701 · #**1407** Posted **Feb 10, 2022, 6:28 PM**

Quote:

Originally Posted by texboy

Admitted lurker here on this one, mainly bc I love the design of this tower and hope it moves forward. This is such a massive tower, so just wondering if this would make sense for the developer to move forward with it in its current form? I was just talking to a friend of mine that works in the development community the other day, and he was stating that alot of property owners in the commercial high rise space are starting to think about what they want to do with large portfolios of office towers that will be "vacant" once leases start expiring. He mentioned at least a few commercial property owners are actively looking at converting some of their commercial office portfolio into condos/apartments. Given the state of the WFH economy now... Its hard to wrap my head around a project like this NOT including a residential component.

Armageddon predictions rarely come true and are often short sighted. I'd say that Meta/Facebook recently signing a lease for all of the office space in 6XG bodes well for current and future office space wants and needs.

IMHO, any assumptions that the commercial office market will collapse are way overdone. Will there be a higher percentage of full time remote workers? Sure, of course. Will there be a high enough percentage to completely cause the bottom to drop out of the commercial office space market? I highly doubt that.

myBrain · #**1408** Posted **Feb 10, 2022, 7:07 PM**

Quote:

Originally Posted by paul78701

IMHO, any assumptions that the commercial office market will collapse are way overdone. Will there be a higher percentage of full time remote workers? Sure, of course. Will there be a high enough percentage to completely cause the bottom to drop out of the commercial office space market? I highly doubt that.

From my perspective too, as someone going through this evaluation at work right now:

I think a segment of the office market may take a permanent hit, but it's just going to be an acceleration of previous trends rather than anything completely new. Namely, I think that the type of aging suburban-office-complex type inventory that was already on the way out is going to be even harder to fill, but there will continue to be growing demand for space in mixed-use urban nodes like DT, the Domain, Mueller, East Austin etc.

I think that those who prefer remote work will be generally older, more likely to have kids and more likely to live in a suburb -- and will be more likely to work in a suburban office park in the first place. Now there's going to be some of this demographic that previously worked DT and will no longer now that remote is an option. But the demographics that will want to go back to the office -- largely younger people, IMO -- will want to do so in large part because their office location offers easy access to other amenities (lunch, gyms, happy hours, etc.) that an urban mixed-use setting provides.

Before going fully remote, my last office was out in a suburban office park, which many of my older coworkers loved. The lease is over at end of quarter and we're not renewing. Our older (I mean late 30s on

) are happy to work remotely permanently, while those who did want some kind of office space weren't keen on the original option in the first place, because it was out in the suburbs without anything walkable around. So the compromise we came up with is that we'll be renting WeWork space for the employees who want to use it.

If you're a place like Facebook or Indeed or Google and you employ a legion of fresh grads, I could see the ideal configuration being urban office spaces to woo new hires while offering flexible work configurations to employees who want it.

Jdawgboy · #**1409** Posted **Feb 10, 2022, 8:19 PM**

So I have a question regarding office space in DT. The new tower at 3rd and Colorado, the one with the lamp shade like lighting is basically sitting empty, it's easy to spot at night as there are no lights save the green exit signs that you can see. Does anybody know why that building is sitting empty especially with more office space in the works for DT. Suprised nobody has brought this up already.

The ATX · #**1410** Posted **Feb 10, 2022, 8:36 PM**

Quote:

Originally Posted by Jdawgboy

So I have a question regarding office space in DT. The new tower at 3rd and Colorado, the one with the lamp shade like lighting is basically sitting empty, it's easy to spot at night as there are no lights save the green exit signs that you can see. Does anybody know why that building is sitting empty especially with more office space in the works for DT. Suprised nobody has brought this up already.

It's 100% leased by the former Parsley Energy Co. (Now part of Pioneer.) So the rent is apparently still being paid until some other agreement is reached.

Urbannizer · #**1411** Posted **Feb 10, 2022, 9:03 PM**

Quote:

Originally Posted by The ATX

It's 100% leased by the former Parsley Energy Co. (Now part of Pioneer.) So the rent is apparently still being paid until some other agreement is reached.

I wonder if they regret not sticking to the initial plan for residential.

701 Rio Grande is another one- completed back in the Summer of last year yet still sits empty. Maybe developers who are proposing just office will wait till they land a tenant to move forward vs going spec..

GoldenBoot · #**1412** Posted **Feb 10, 2022, 9:42 PM**

Quote:

Originally Posted by Urbannizer

I wonder if they regret not sticking to the initial plan for residential.

701 Rio Grande is another one- completed back in the Summer of last year yet still sits empty. Maybe developers who are proposing just office will wait till they land a tenant to move forward vs going spec..

Capital partners are not going to finance an office tower without (at least) 25%-35% of the building leased. In some cases - over 50% pre-leased is as a requirement for construction funding. This is why we (Austin) is seeing a lot more mixed-use developments.

ATxponent · #**1413** Posted **Feb 10, 2022, 11:38 PM**

Today, more repairs were made to a different section of the parking lot.

The ATX · #**1414** Posted **Feb 10, 2022, 11:43 PM**

The licensing agreement for three tower cranes would not have been filed by the GC if this project was in doubt. But it doesn't mean a start is imminent.

jkconno · #**1415** Posted **Feb 11, 2022, 2:52 PM**

I keep getting ads on Instagram from Curlee Capital that show The Republic and The Modern, among others. Kind of interesting, not sure how they are involved though.

actham · #**1416** Posted **Feb 12, 2022, 12:27 AM**

Quote:

Originally Posted by ATxponent

Today, more repairs were made to a different section of the parking lot.

Yesterday I watched them pull a 3-4 foot diameter 10ish foot long pipe out of one of the spots. The places they are repairing do not seem to need fixing and the holes they are digging are way too deep for a simple asphalt repair. Maybe they are removing abandon pipes and such in preparation for starting the tower?

The ATX · #**1417** Posted **Feb 12, 2022, 3:36 AM**

Quote:

Originally Posted by jkconno

I keep getting ads on Instagram from Curlee Capital that show The Republic and The Modern, among others. Kind of interesting, not sure how they are involved though.

Curlee ripped off a previous post of mine in this thread and made it their own in their last Insty post about Modern Austin. They also took another poster's comment about 415 Colorado and made it their own.

clubtokyo · #**1418** Posted **Feb 12, 2022, 3:54 AM**

Quote:

Originally Posted by Jdawgboy

So I have a question regarding office space in DT. The new tower at 3rd and Colorado, the one with the lamp shade like lighting is basically sitting empty, it's easy to spot at night as there are no lights save the green exit signs that you can see. Does anybody know why that building is sitting empty especially with more office space in the works for DT. Suprised nobody has brought this up already.

Multiple sources have told Austin Business Journal that TikTok, the video-based social media platform, has signed a sizable lease at 300 Colorado. This article explains what we know and also includes our latest list of the largest office towers in Austin.

agsatx88 · #**1419** Posted **Feb 17, 2022, 8:30 PM**

Temporary Right of Way Use Permit filed for THE REPUBLIC!!!!!

Start date of 4/18/22

https://abc.austintexas.gov/public-s...rtyrsn=2018803

Edit: Read the start date wrong in my excitement.

The ATX · #**1420** Posted **Feb 17, 2022, 8:56 PM**

Quote:

Originally Posted by agsatx88

Temporary Right of Way Use Permit filed for THE REPUBLIC!!!!!

Start date of 4/18/22

https://abc.austintexas.gov/public-s...rtyrsn=2018803

Edit: Read the start date wrong in my excitement.

Nice! That's the permit we have been waiting for.