AUSTIN | Waterline (98 Red River) | 1,022 Feet | 73 Floors | U/C

[futures]

This project just feels like it's years away in my opinion. I think they bought the additional lot because the price was right and it's a good investment. I'll be shocked to see any dirt moving on these lots in 2015.

[Jdawgboy]

This is all just speculation but I was txt chatting with a friend (another forum member) though he doesn't post a whole lot. We were discussing the possible outcomes and there's one that seems the most logical.

The origional 1.4 million sf project is supposed to be built all at once from what we have been told. For a project of that size with 3 towers going up at the same time they would need space for staging, equipment and materials and it's doubtful there's enough room on the site to do that. With the purchase of the second lot across Red River there would be plenty of room. It makes sense that they intend to use the new lot for staging while they build the origional project. Once they finish then they have the opportunity to build a second phase when market conditions are right.

Again it's speculation but it makes the most sense. Don't expect anything to go up on that lot anytime soon.

[IluvATX]

Originally Posted by Jdawgboy

This is all just speculation but I was txt chatting with a friend (another forum member) though he doesn't post a whole lot. We were discussing the possible outcomes and there's one that seems the most logical.

The origional 1.4 million sf project is supposed to be built all at once from what we have been told. For a project of that size with 3 towers going up at the same time they would need space for staging, equipment and materials and it's doubtful there's enough room on the site to do that. With the purchase of the second lot across Red River there would be plenty of room. It makes sense that they intend to use the new lot for staging while they build the origional project. Once they finish then they have the opportunity to build a second phase when market conditions are right.

Again it's speculation but it makes the most sense. Don't expect anything to go up on that lot anytime soon.

I believe you and your friend are right. It's common for developers to buy nearby properties for laydown yards and parking.

[austlar1]

Originally Posted by GoldenBoot

Maybe they couldn't due to the change in the scale of the project and the negotiation process in securing the new tracts of land (I believe the "new" site is comprised of at least one or two tracts of land)?!?

Maybe, now that they have the land, they can focus on how the project will be designed and evolve?!? Thus, being able to provide a timeframe to the general public in the near future?!? With new renderings?!?

The fact that there is potential of a larger project should be taken as a positive sign.

Wow, GoldenBoot, we seem to have switched positions with regards to certain aspects of this project. I remember when it was first announced that you had very strong doubts about McCourt and his sincerity regarding this project. I was the one who came on like gangbusters with glowing reports about McCourt's vast wealth and his even wealthier Guggenheim partners. My take was that they could get this built if they wanted to build it. Now I am of the opinion that they are waiting to see what develops in terms of demand for office space, hotel rooms, and high end condos after the current wave of building subsides. The purchase of the additional land is a very safe long term investment. Since the property could probably be resold easily it could even be considered a fairly liquid investment. I will be surprised to see anything start here in 2015 or even in 2016. I sincerely hope I am wrong.

[Tech House]

Originally Posted by austlar1

I will be surprised to see anything start here in 2015 or even in 2016. I sincerely hope I am wrong.

The mg.com website hasn't backed off their original intention to start construction by the end of 2014: http://www.mg.com/our-work/

Who knows what's going on. Fifth and West seemed to come out of nowhere, maybe this one is making progress behind the scenes and we'll be pleasantly surprised as we were with the Fairmont, after a long period of hearing nothing.

However, I was a bit discouraged by one thing as I reviewed the McCourt website: all of their projects are proposed, they don't have anything in their portfolio other than vacant lots, concepts, and a lot of generic gloss.

Still, it's nice to see their mission statement about building high-profile projects in global gateway cities, with Austin being included alongside NY, Miami, and LA. And the slideshow on their homepage http://www.mg.com/ places Austin in some very elite company. Our skyline is quaint by comparison with the other 3 (which are...? Doha? Shanghai? and...?), but there's something very distinctive and appealing about it. No doubt the capitol view corridors contribute to the sense of spaciousness which helps to feature each building, and there is a lot of variety for such a small number of buildings. Waller Park Place will contribute very nicely to that variety, and to broadening the span of the skyline.

[austlar1]

Originally Posted by Tech House

The mg.com website hasn't backed off their original intention to start construction by the end of 2014: http://www.mg.com/our-work/

Who knows what's going on. Fifth and West seemed to come out of nowhere, maybe this one is making progress behind the scenes and we'll be pleasantly surprised as we were with the Fairmont, after a long period of hearing nothing.

However, I was a bit discouraged by one thing as I reviewed the McCourt website: all of their projects are proposed, they don't have anything in their portfolio other than vacant lots, concepts, and a lot of generic gloss.

Still, it's nice to see their mission statement about building high-profile projects in global gateway cities, with Austin being included alongside NY, Miami, and LA. And the slideshow on their homepage http://www.mg.com/ places Austin in some very elite company. Our skyline is quaint by comparison with the other 3 (which are...? Doha? Shanghai? and...?), but there's something very distinctive and appealing about it. No doubt the capitol view corridors contribute to the sense of spaciousness which helps to feature each building, and there is a lot of variety for such a small number of buildings. Waller Park Place will contribute very nicely to that variety, and to broadening the span of the skyline.

360 Tenth Ave in NYC is supposedly "under construction", but I don't think much has happened yet at the site. McCourt and his partners are involved in developing 360 10th Ave in the Hudson Yards redevelopment district over the Penn Station rail yards in Manhattan. 360 Tenth will cost close to $3 billion, which seems almost unbelievable to me. He and his Guggenheim partners brought in the Hines Group as co-developers. I think that McCourt and partners may be pretty leveraged at this point unless they are using a lot of OPM (Other People's Money) to build this project. That could be one reason why they are slow to get started here in Austin. They have everything to gain by waiting a year or so.

http://therealdeal.com/blog/2014/09/...h-ave-project/

[paul78701]

I dunno if anybody has posted this info from Urbanspace or not. But in case not, here it is:

http://www.urbanspacerealtors.com/bl...ark-place.html

Waller Park Place is a new office, hotel, apartment, and condominium tower coming to the corner of Red River and Cesar Chavez. The project is being developed by The Sutton Company in partnership with McCourt Global and Guggenheim Partners.

Located on the North side of the property, the office tower will reach 26 stories, offering 312,000 SF of leasable office space and 35,000 SF of leasable retail space. Nestled into the middle of the property at “the point,” 339 upscale apartment units will be housed in a 45-story tower. The South end of the property is reserved for a 53-story, 200+ room hotel and condo building. Inside the third tower, another four to five stories of restaurants, bars, and cafes will be available for lease. In addition to the towers, the project is also planning to offer several creek side walking trails and sky-bridges to cross the water.

The developers hope to stimulate interest by offering a close proximity to the revitalized Waller Creek, Lady Bird Lake, and all of the on-site amenities the mixed-use site will offer tenants. These include restaurants, outdoor terraces, upscale hotel/condo tower, apartments, a workout facility, plenty of parking, walking bridges and creek side trails.

In addition to the nearby Milago condos, Waller Park Place will also be in competition with a new development at 70 Rainey St. The Waller site is expected to break ground within the year, and the team hopes to complete the project in 2018.

[IluvATX]

Found these on the Sutton Company website.
http://suttoncompany.com

[drummer]

Originally Posted by IluvATX

Found these on the Sutton Company website.
http://suttoncompany.com

I know it's been said, but these renderings remind me so much of some of the old SimCity games. That said, I'm excited about the potential here.

[lzppjb]

4 or 5 levels of retail and restaurants? That will be pretty cool. I'd definitely check it out. Hope it happens.

[Tech House]

I can't think of another city where I've ever seen these massive multi-floor podiums for parking. They're absolutely hideous and they wreck the look from the ground. From a distance these will look amazing, especially with the podiums hidden by trees and lower buildings in the foreground of whatever vantage point one has.

[ahealy]

Originally Posted by Tech House

I can't think of another city where I've ever seen these massive multi-floor podiums for parking. They're absolutely hideous and they wreck the look from the ground. From a distance these will look amazing, especially with the podiums hidden by trees and lower buildings in the foreground of whatever vantage point one has.

Yeah, it always makes me think of urbanism on training wheels.

[Myomi]

Originally Posted by lzppjb

4 or 5 levels of retail and restaurants? That will be pretty cool. I'd definitely check it out. Hope it happens.

Yea...i can't wait for them to build a mall downtown

[arodela1]

I love Austin and though I live in Indiana, I'm always amazed to see the Austin skyline. Its so beautiful. But I, too, don't think the Waller project will take off anytime soon, and if it does, I hope they don't shorten the height as they've done with so many other projects.

[Spaceman]

Originally Posted by arodela1

i love austin and though i live in indiana, i'm always amazed to see the austin skyline. Its so beautiful. But i, too, don't think the waller project will take off anytime soon, and if it does, i hope they don't shorten the height as they've done with so many other projects.

bingo!!!

[The ATX]

This goes to the Planning Commission Tuesday.

http://www.austintexas.gov/edims/document.cfm?id=227084

[Tech House]

Originally Posted by Hill Country

This goes to the Planning Commission Tuesday.

http://www.austintexas.gov/edims/document.cfm?id=227084

Looks promising, with staff recommending approval. What's the usual procedure from here, and is this a very meaningful step forward or does this not provide any sense of a likely timeline? I'm not familiar with the process here.

[The ATX]

I believe this is it, but I'm not 100% certain. The project does not need a zoning variance, so the City Council's approval isn't needed. Although the Planning Commission will approve this, the developer will still have more to do to satisfy all of the city building requirements prior to approval of the site plan.

[corvairkeith]

Looks like the old Chain Drive burned down last night.

http://www.statesman.com/news/news/l...n-austi/nkTSn/

[jngreenlee]

Originally Posted by corvairkeith

Looks like the old Chain Drive burned down last night.

http://www.statesman.com/news/news/l...n-austi/nkTSn/

This was Sutton's plan all along...collecting the insurance claim on that building. Now the parcels get sold to T. Stacey for the next deal.