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  #221  
Old Posted Feb 27, 2007, 4:03 PM
AustinGuy AustinGuy is offline
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Quote:
Originally Posted by LookingUp View Post
I think the prices are about the same. Novare hasn't published prices like Spring. Therefore, they can say things like "starting at $190,000" and there's no way to check if that's true.

They are beginning to clear the tenants at the site for Spring. By the time they get started, they'll be at least a year behind 360. 360 certainly has more amenities than Spring. Both have small units, especially the kitchens and baths.
If those Spring prices are correct, 360 prices are much cheaper. I'm not sure how Spring can justify the premium, although their interior mockups do look a little nicer than the 360 model.
     
     
  #222  
Old Posted Feb 27, 2007, 4:25 PM
StoOgE StoOgE is offline
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Originally Posted by AustinGuy View Post
I doubt the city will make that mistake twice with these new condos. Most of the press you see about why the city is so excited about the high-rises is for the large property tax $$ they can collect in such a small area.

I have a unit on hold at the 360, and unfortunately, I expect to be taxed at the full retail price for it.

its very possible the newer condos are going to be taxed higher and they may put more imphasis on the sales price/value of the building. Plus, I would imagine land value where Spring, 360 and the Austonian are being built is MUCH MUCH higher than Milago.
     
     
  #223  
Old Posted Feb 27, 2007, 8:08 PM
crewer crewer is offline
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Originally Posted by StoOgE View Post
RE the Milago tax assesment:
...The good news is, the county can't just magically double property value.. they are capped on how much they can raise it year to year and over a 5 year period. So while my condos property value has been increasing over the years it will likely never catch up (my tax value is about 60% of what these units sell for).. even if the county maxes out the increases and the actual property value stays the same it will take them 20 years to catch up.
But does that hold true in a resale case? Realtors here in DC warned me to not look at the property taxes on the property stat sheets when I was looking for a place to buy. They said that it was based on earlier assessments, and that it would be re-assessed to reflect the current market when a property changed hands.
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  #224  
Old Posted Feb 27, 2007, 9:03 PM
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If you haven't seen it yet, the Seaholm District master plan is quite interesting regarding potential future development in that area. The 360 condos are located on the map labeled "Intel garage".

http://www.ci.austin.tx.us/planning/seaholmdraft.htm
     
     
  #225  
Old Posted Feb 27, 2007, 10:01 PM
AustinGuy AustinGuy is offline
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Originally Posted by Kevinb View Post
If you haven't seen it yet, the Seaholm District master plan is quite interesting regarding potential future development in that area. The 360 condos are located on the map labeled "Intel garage".

http://www.ci.austin.tx.us/planning/seaholmdraft.htm
If all of the Seaholm redevelopment gets completed, it will be a great addition to the area and put the 360 right in the heart of everything. I'm still concerned about the possible redevelopment of the electrical substation, but nothing in the Seaholm plan addresses it.
     
     
  #226  
Old Posted Feb 28, 2007, 2:15 AM
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AustinGuy,

If it helps ease your concerns, a Capitol View Corridor runs right through that site.

360 is shaped the way it is because of the corridor, it continues SouthWest from 360 - directly across the electrical substation site.

Go for the B3

Kevin
     
     
  #227  
Old Posted Feb 28, 2007, 2:59 AM
AustinGuy AustinGuy is offline
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Quote:
Originally Posted by Kevinb View Post
If it helps ease your concerns, a Capitol View Corridor runs right through that site.

360 is shaped the way it is because of the corridor, it continues SouthWest from 360 - directly across the electrical substation site.

Go for the B3
Awesome! That's good to hear.

After seeing how high these other projects are pricing, I think I will stick with the 360 since I love the location and the views are probably the best I'll be able to get at that price.

It's going to be a long year waiting for it to be ready!
     
     
  #228  
Old Posted Feb 28, 2007, 3:45 AM
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Yep, I think the only worries we have on resale are the Novare towers at the post office site. They won't have the location or views though - So, assuming they are met by the same challenges with cost of construction (if not worse) we will be sitting pretty.
     
     
  #229  
Old Posted Feb 28, 2007, 7:09 AM
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Possible highrise here. It should be with 250,000 square feet. Also courthouses tend to have high ceilings.

From the Austin American-Statesman
http://www.statesman.com/news/content/news/stories/local/02/27/27courthouse.html

County wants new civil courthouse
Commissioners say current building is too old and too small.

By Marty Toohey
AMERICAN-STATESMAN STAFF


Tuesday, February 27, 2007

Barely a year after Travis County voters approved $150.9 million for a slew of land-buying and construction proposals, the county government is preparing its next pitch: a new courthouse that probably would cost tens of millions of dollars.

The courthouse would handle noncriminal matters, such as divorces and contract disputes. Several judges and lawyers say it is necessary because the old courthouse, at 1000 Guadalupe St., is too small and too old to handle modern judicial needs.

"It's just not suitable for 21st-century litigation," said state District Judge John Dietz, who is pushing for both a new courthouse and a renovation of the old one.

Although the county would not put the idea to voters until its next bond vote, in 2009 or 2010, preparations are under way. Today, county commissioners are scheduled to discuss how to proceed.

No opposition to the courthouse proposal has surfaced, although the case has not been made publicly.

Some questions are largely settled. The county staff says a building of about 250,000 square feet is needed, and the commissioners are leaning toward a downtown location. They are favoring two pieces of land that the county owns, both of which are adjacent to Wooldridge Park, at Ninth and Guadalupe streets, and near other courthouses.

The county has even hired a consultant, Broaddus and Associates, to decide which of the properties would work better. One is now a parking garage for county employees. The other, which is adjacent to the Governor's Mansion, has two small buildings and a parking lot.

A preliminary report from the consultant found that both have severe limitations.

Dietz said voters should support the plan because the old courthouse is 76 years old, more than two decades past its life expectancy.

He said the building is too small to accommodate the county's growing court needs. It held 11 courts in 1975. It now houses 18 courts. He said 26 courts will be needed by 2040 because of population growth.

Preliminary data gathered by the County Auditor's Office backs Dietz's assertion that more courts are needed.

The number of cases in the civil courts has been rising steadily, according to the county auditor's office, even after the Legislature in 2003 passed restrictions on how malpractice lawsuits could be filed.

In 2002, 25,026 cases were filed with the civil courts in Travis County; in 2005, 32,056 were filed.

But Mike Wichern, who is analyzing court needs for the auditor's office, said population growth and the number of cases filed are not the only factors to consider in determining how many courts Travis County needs.

For instance, most tax cases take only minutes to resolve. An increase in those cases would not put the same strain on the courts system as would a rise in the number of contested divorces, which can take days to resolve.

County Auditor Susan Spataro said her concern is that, if the numbers do show that a new courthouse is needed, the county won't spend the money for a large enough facility and will face a costlier problem of altering the building later.

"The worst thing we could do is go with (a new courthouse) and then underbuild," she said.

If the project is approved, it would add another layer of debt to taxpayers in Travis County. In the past three years, voters have approved more than $1 billion in bond projects among the City of Austin, the Austin school district and the county.

In the county's 2005 bond vote, voters approved $150.9 million for roads, parks and a jail expansion. Some county officials are saying the jail will need another infusion of cash soon.

The particulars of a new Travis County courthouse will not be settled for some time. The difficulties at the downtown properties that the county is favoring include height restrictions the Legislature has imposed on parts of downtown to preserve views of the Capitol.

The commissioners have been considering asking the Legislature for an exception to those restrictions but have been reluctant to follow through after several historical preservation societies objected.

Several alternatives were raised at a commissioners court hearing last week, including building part of the courthouse underground, which probably would add millions to the cost.

Building outside of downtown was also suggested because of potential savings, but that would separate the building from the lawyers' offices and courthouses downtown.
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  #230  
Old Posted Feb 28, 2007, 7:56 PM
LiveattheOasis LiveattheOasis is offline
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I read that there could be a 5 star hotel built where Concordia University is right now. Has anyone else heard this?
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  #231  
Old Posted Mar 1, 2007, 7:18 AM
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Yes, but I'd be pretty surprised if one lands there. It's a pretty bad location for a "5-Star" hotel!!
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  #232  
Old Posted Mar 1, 2007, 9:39 PM
AustinGuy AustinGuy is offline
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What's the status on the construction of "The Shore"? Is this project considered higher end than 360?

I wrote them and they said they have 8 units left starting at 350k for a 1 bedroom.
     
     
  #233  
Old Posted Mar 1, 2007, 9:52 PM
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Originally Posted by AustinGuy View Post
What's the status on the construction of "The Shore"? Is this project considered higher end than 360?

I wrote them and they said they have 8 units left starting at 350k for a 1 bedroom.
What I would like to know is exactly what they mean when they say they have 8 left. The practice I've been seeing with condo developers is that they're holding back releasing units for sale in hopes that appreciations will rise, and they'll be able to release more condos at a higher price down the road. So are we talking there are literally 8 left out of the entire building, or 8 left out of a select number of units released for early sales. Any thoughts on this?
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  #234  
Old Posted Mar 1, 2007, 10:03 PM
AustinGuy AustinGuy is offline
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Originally Posted by crewer View Post
What I would like to know is exactly what they mean when they say they have 8 left. The practice I've been seeing with condo developers is that they're holding back releasing units for sale in hopes that appreciations will rise, and they'll be able to release more condos at a higher price down the road. So are we talking there are literally 8 left out of the entire building, or 8 left out of a select number of units released for early sales. Any thoughts on this?
Just found this quote about the Shore from the end of January:

"At the Shore, a 23-story condo project under construction at Red River and Davis streets, only 10 of the 192 units are left, with prices ranging from $350,000 to $765,000, said Ian Stonington, the project's sales manager."

http://www.statesman.com/search/content/business/stories/realestate/01/24/24downtown.html

So, if that number is correct, it looks like they only sold 2 additional units during the month of Feb.
     
     
  #235  
Old Posted Mar 1, 2007, 10:16 PM
AustinGuy AustinGuy is offline
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Ok, so it turns out that "The Shore"'s website is much more informative than the 360. You can actually see all of the units that have been sold and which ones are still available along with the price. I count 8 still available, just like I was told via email.

http://www.theshorecondos.com/residences/floorplans.html

As a potential buyer of a downtown condo, I'm still wondering what makes these condos cost more than the equiv size at the 360. Does anyone have insight? It is because Lance Armstrong's name is attached?
     
     
  #236  
Old Posted Mar 1, 2007, 11:41 PM
LookingUp LookingUp is offline
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Quote:
Originally Posted by AustinGuy View Post
What's the status on the construction of "The Shore"? Is this project considered higher end than 360?

I wrote them and they said they have 8 units left starting at 350k for a 1 bedroom.
The Shore is "supposed" to be high(er)-end than Novare 360 and Spring. Better finishes, bigger rooms, more amenities. You'd have to look a lot closer to know for sure - cabinets, flooring, etc.

I just looked at a 1-Bedroom on the 18th floor for $350,000 (882 SF) at $400 PSF. Didn't apear to be much better than Novare's finish/quality and it also had the same small 3-pc. bathroom.

I would worry about the exterior of the building. It looks like EFIS and not precast concrete or masonry. Maybe someone knows. Novare 360 and Spring use a concrete frame and "store-front" curtainwall. Not the best curtainwall, but still better than styrofoam (EFIS).

Last edited by LookingUp; Mar 1, 2007 at 11:46 PM. Reason: high(er) end.
     
     
  #237  
Old Posted Mar 2, 2007, 12:20 AM
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As requested by LookingUp, here's the article on the results of the East Riverside Drive projects zoning requests and the battles with the neighborhoods.

From the Austin American-Statesman
http://www.statesman.com/business/content/business/stories/realestate/03/01/1riverside.html

REAL ESTATE
East Riverside projects hit speed bumps
Developers may have to rethink, revise plans, after neighborhood opposition.

By Kate Miller Morton
AMERICAN-STATESMAN STAFF


Thursday, March 01, 2007

Neighborhood and community activists seeking to limit development along East Riverside Drive and on Town Lake scored two victories when the Planning Commission refused requests from developers to ease restrictions on two of the biggest proposed projects.

The developers might have to redesign or revise both projects, which are part of a string of proposed residential developments that would transform the Riverside corridor from Congress Avenue to east of Interstate 35.

In a meeting that lasted until 2:30 a.m. Wednesday, the commission recommended that Cypress Real Estate Advisors Inc. be limited to building 1,800 apartments and condominium units on South Lakeshore Boulevard, almost 30 percent fewer than the company requested.

The commission also recommended that the developers increase the com- mercial or retail part of the 50-acre project from 4 percent to 20 percent, and reduce impervious cover from the 80 percent Cypress wanted to 65 percent. Impervious cover is pavement, buildings or other structures that reduce natural drainage.

The City Council gets the final say. If the council adopts the commission's recommendations, Cypress would have to rethink the project, which would replace several aging apartment complexes.

"I think it would be fairly difficult for us to move forward with the project with the entire list of requests as they described, but the fact is we are going to dive into them to the extent that we can," Cypress Chairman Steve Clark said.

If the company is limited to 1,800 units, he said, it would develop the site under current zoning. That would mean scrapping plans for several high-rises, building more low-rise buildings and eliminating a proposed park along Lakeshore.

The South River City Citizens neigh- borhood group has opposed large projects that would add significantly more traffic and people to the already-dense and congested East Riverside area.

"We've already been asked to tolerate the bulk of density of the city," said South River City Co-Vice President Gayle Goff. "We need to solve the problems here now before we add density" to the area.

Planning Commissioner Cid Galindo said he voted for the recommendations out of concern that the area already has more people than the roads, parks and other public facilities can support.

"The point behind the entire action was to encourage the applicant to move toward more of a town center, mixed-use town center concept, and away from a strictly residential project," Galindo said.

The commission also turned down a request by Constellation Property Group to exceed city limits on impervious cover for its condominium project at Riverside and Interstate 35.

Constellation is planning to build 245 upscale condominiums on the site, which had been occupied by an extended-stay motel.

Constellation unsuccessfully argued that the impervious cover limit should be waived because it plans to use landscaped roofs on the four towers and build an underground garage with a landscaped courtyard on top.

Chris White, a senior associate with Constellation, said the group was disappointed by the decision but that it would not significantly affect the project.

The company said that it will have to move the garage to beneath the condominium towers, the tallest of which will be 11 stories.

Commissioner Chris Riley voted in favor of granting the variance, saying it would have "provided enough green space and environmental protection on-site to meet the intent of the impervious cover require- ments."

Galindo said he voted against the variance because he feared it would set a precedent.

"The minute we allow one variance . . . it makes it that much easier for the next developer to point to that and say, 'If they got a variance, why can't I get a variance?' And that's a legitimate point for them to make," he said. "I think we need to hold the line."

A third project, a proposed high-rise apartment and condominium community on Riverside Drive east of Congress, also has drawn opposition because the developers want to build closer to Town Lake than city rules allow.

On Tuesday night, the Parks and Recreation Board tabled the request from CWS Capital Partners LLC, which said it will review its plans and consult with neighborhood groups that have balked at allowing exceptions to the setback rule.

The project won't go before the Planning Commission until after the parks board votes.
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  #238  
Old Posted Mar 2, 2007, 12:51 AM
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First time post here.

It looks like the City of Austin has updated their Emerging Projects poster today. There is not much new information on it, but it's a handy way of looking up what's on the horizon for downtown.

As a quiet bystander of this forum, I'd just like to say thanks for posting all the information, Kevin. I found this site a couple of weeks ago and have been reading through all the archived information.

The poster can be found at the following link:

http://www.ci.austin.tx.us/downtown/default.htm
     
     
  #239  
Old Posted Mar 2, 2007, 1:33 AM
evergreen1 evergreen1 is offline
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Prices

Quote:
Originally Posted by meljoe View Post
Spring will have its first selection event on March 10th for people numbered 0-150 on their reservation list. No further word on pricing yet beyond what was released earlier this year.........

Unit Size Price Range Price/sq.ft
A 576 $235,000 $310,000 $408-$538
B 699 $315,000 $385,000 $451-$551
C 995 $445,000 $540,000 $447-$543
D 1039 $465,000 $540,000 $448-$520
E 1616 $790,000 $920,000 $489-$569
F 1720 $825,000 $950,000 $480-$552

By my quick calculation (on unit D in Spring vs. unit B4 in 360), this puts Spring about 20% higher per square foot than 360. Any thoughts/opinions on why Spring is so much better???


___________________________________
Spring is not "better" just different. The point tower concept puts every two bedroom on a corner. More windows and floor plan versatility.
     
     
  #240  
Old Posted Mar 2, 2007, 2:30 AM
AustinGuy AustinGuy is offline
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Originally Posted by LookingUp View Post
I just looked at a 1-Bedroom on the 18th floor for $350,000 (882 SF) at $400 PSF. Didn't apear to be much better than Novare's finish/quality and it also had the same small 3-pc. bathroom.
Thanks for the info. I'm never over in the part of town where The Shore is. Is the building already complete or near completion? Did you look at a model unit or the actual unit in the building?

If anyone makes it down there, can they try to take some interior & exterior photos to post on the forum?
     
     
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