Austin | Block 41 (Perennial Towers) | 628 & 691 Feet | 47 & 54 Floors | Cancelled

[clubtokyo]

Wow are we seriously talking about another tower over 800ft?? Is this still Austin?? :-p

[The ATX]

Originally Posted by clubtokyo

Wow are we seriously talking about another tower over 800ft?? Is this still Austin?? :-p

Ha. I would also add, aren't we also in a recession?

[mercury6]

I'm a simple guy...If you're over 800' I like you

[ahealy]

Wow, I actually really like this!!! It feels very 80's Japan to me for some reason. BUILD IIIIT!

[The ATX]

Originally Posted by ahealy

Wow, I actually really like this!!! It feels very 80's Japan to me for some reason. BUILD IIIIT!

The architect has a large portfolio of Chinese towers.

https://www.gpchicago.com/architectu...n=asia-oceania

[AustinGoesVertical]

Now that’s density. I like the use of the full block but then still creating a slender portion. And the cantilevered sections are interesting. This is pretty bold — rental AND office. You have to wonder if there’s an anchor tenant already lined up. I would be shocked if this was built purely on spec office given the uncertainty of offices. Aside from companies trimming fat and entering into hiring freezes, I also think the Work-From-Home (WFH) trend is going to get a sustained spark from this. I foresee a hybrid model. Some % if staff permanently WFH and then offices will be more efficient. It’ll be like a mix, maybe 3 days out of the office, 2 in the office or on an as-needed basis. Already people are talking about creative office, open floor plate plans not necessarily lending themselves to social distancing “habits” that may become more ingrained in society.

I picture offices being designed for conference rooms, C-suite execs, and then client-facing meeting areas. There’s also this idea that if WFH becomes more of an option and interest rates stay low, there could be more of an exodus to the suburbs or exurban regions. There‘s a lot of demand for that and shortening supply. Home builders are gearing up to fill the gap. Homes in the $150-$400K range. Starter homes to a degree. Maybe affluent millennials shift to down payments instead of throwing away rent in dense high-rises. It’s just a thesis among the RE community right now. We’ll see if it comes to fruition. A lot of it will depend on the temperature of people wanting to live downtown. This may not even apply to Austin either. But even higher rent cities like NYC and SF for sure.

Btw, who is the Chicago based developer? Is it Sterling Bay? I apologize if it’s stated somewhere in this thread already.

[The ATX]

Originally Posted by AustinGoesVertical

Btw, who is the Chicago based developer? Is it Sterling Bay? I apologize if it’s stated somewhere in this thread already.

CA Ventures

[StoOgE]

As someone who frequents Tokyo a lot, this easily easily could be going up in Shinjuku right now. Love it!

[We vs us]

I mean, holy crap. Just like that, another 6X-sized building. In the middle of a global recession/depression to boot. Our downtown is STILL on fire.

I'm meh on glass boxes with texture, but do sort of like what I'm seeing -- that it's clearly two towers with connecting tissue of sorts. If the Railyard ends up materializing, the density there could be kind of mind boggling.

[Echostatic]

Austin is the real deal.

[We vs us]

Originally Posted by Echostatic

Austin is the real deal.

It really is, and it's still amazing to me.

[gillynova]

The massing of this one is going to look CRAZY in the skyline. Those white lines on the buildings should light up during the night... oh my god drooling...

I can't really see but how tall will the lower portion of the tower be? I'm guessing it's around half of 823'?

[NYC2ATX]

Oh man this is cool. And, like, this is across the street from the Railyard Condos..which is still a thing that could be potentially huge..and all on that one block!!

Not to start anything or nutthin' but do we think Dallas could be butthurt if Austin surpasses it in both population and physical stature? Because I think that's an arguably reasonable question to ask at this point. I mean even Fort Worth is closing in on a million inhabitants. It's been fascinating to watch Texas boom in the last few decades.

[clubtokyo]

Originally Posted by NYC2ATX

Oh man this is cool. And, like, this is across the street from the Railyard Condos..which is still a thing that could be potentially huge..and all on that one block!!

Not to start anything or nutthin' but do we think Dallas could be butthurt if Austin surpasses it in both population and physical stature? Because I think that's an arguably reasonable question to ask at this point. I mean even Fort Worth is closing in on a million inhabitants. It's been fascinating to watch Texas boom in the last few decades.

I think in general Dallas folks hate on Austin’s development. Especially downtown inhabitants. We used to be the little brother in college, but now we are growing into our own.

[kingkirbythe....]

I want this built ASAP.

[Sigaven]

Outdoor spaces are of course becoming more popular in office buildings it's almost a requirement these days. I like how this building's outdoor spaces don't notch out of the main forms, but instead lightly bridge between the two. I'm already sick and tired of notches and have never really been a fan, so this is a nice deviation from that.

[zrx299]

Very nice. I am pleasantly surprised they decided to *not* go with staggered/random vertical lines. Really hope that awful trend is over.

Let's get some steel in the ground!

[GoldenBoot]

This baby has some similarities to Goettsch Partners' One Chicago tower (currently U/C in Chicago).

[We vs us]

So -- they have a demo permit for the existing structure, and they've submitted plans to the city for approval. Looks like all they need is someone to back the project!

Am I correct in assuming that that's their next steps? That most of this is to package it for a lender?

I'm wondering if we'll see the projects start to hit the wall at this point, given the economic uncertainty.

EDIT: and if that's the case, I'd put 5C, 84 East, both of the Rainey towers, and the BBVA tower on a watch list. And I'm sure there're others I'm not thinking of . . .

[ILUVSAT]

Originally Posted by We vs us

So -- they have a demo permit for the existing structure, and they've submitted plans to the city for approval. Looks like all they need is someone to back the project!

Am I correct in assuming that that's their next steps? That most of this is to package it for a lender?

I'm wondering if we'll see the projects start to hit the wall at this point, given the economic uncertainty.

EDIT: and if that's the case, I'd put 5C, 84 East, both of the Rainey towers, and the BBVA tower on a watch list. And I'm sure there're others I'm not thinking of . . .

Most projects of this size have a million things going on at once. I'm sure that while they were submitting demo and site plan permits, they were also seeking construction capital.

Where they are in obtaining that...I don't know.

Some things to watch: Construction capital is going to be difficult to obtain should the recession linger (more equity will be required). Construction costs are going to possibly increase due to several material items being generated in China. With that said, material shortages may occur. And should economic tensions remain - expect those prices to continue to climb and shortages to expand.

So, there will probably be some casualties. However, I would expect that most of Austin's projects will get built at some point and to some degree versus their original plan.

With regard to Tower 5C, BBVA and 44 East Avenue - I believe all of those have already secured construction financing.