AUSTIN | Waterline | 1,034 Feet | 73 Floors | T/O - Page 26

GoldenBoot · #**501** Posted **May 28, 2015, 5:52 PM**

Almost June...site plan approved and released...still no word on a hotel operator. Worrisome?!?

AusTxDevelopment · #**502** Posted **May 29, 2015, 1:55 PM**

Quote:

Originally Posted by GoldenBoot

Almost June...site plan approved and released...still no word on a hotel operator. Worrisome?!?

A colleague of mine talked to Mac Pike who said that this project is about 2 years out. Of course that could change if McCourt or their new equity partner decide to push it up, or push it back.

loonytoony · #**503** Posted **May 29, 2015, 3:06 PM**

Quote:

Originally Posted by AusTxDevelopment

A colleague of mine talked to Mac Pike who said that this project is about 2 years out. Of course that could change if McCourt or their new equity partner decide to push it up, or push it back.

Do you mean the project as a whole or just hotel element, and 2 years from breaking ground or completion?

Spaceman · #**504** Posted **May 29, 2015, 4:57 PM**

Quote:

Originally Posted by loonytoony

Do you mean the project as a whole or just hotel element, and 2 years from breaking ground or completion?

This project has been so much BS since it was first announced..

GoldenBoot · #**505** Posted **May 29, 2015, 5:40 PM**

Quote:

Originally Posted by Spaceman

This project has been so much BS since it was first announced..

Yes. I second that. I could have sworn that they said construction was slated to begin later this year on the project.

Tom Stacy "grand plan" number two??? We will see.

Then again, as loonytoony inquired, what did Pike mean by saying: "two years out?" If they start construction this year, it will be roughly two years before the product is delivered. Hummmm...

Spaceman · #**506** Posted **May 29, 2015, 7:47 PM**

Quote:

Originally Posted by GoldenBoot

Yes. I second that. I could have sworn that they said construction was slated to begin later this year on the project.

Tom Stacy "grand plan" number two??? We will see.

Then again, as loonytoony inquired, what did Pike mean by saying: "two years out?" If they start construction this year, it will be roughly two years before the product is delivered. Hummmm...

As I stated earlier, if a developer sends out numerous press releases on a project and doesn't do squat, then some sort of penalty should be imposed. Maybe raise the tax assessment.

ILUVSAT · #**507** Posted **May 29, 2015, 8:15 PM**

Quote:

Originally Posted by Spaceman

As I stated earlier, if a developer sends out numerous press releases on a project and doesn't do squat, then some sort of penalty should be imposed. Maybe raise the tax assessment.

Press releases have nothing to do with this. The word of this development would have come out anyway and I believe that early releases were to stay ahead of the press - to tell their own story rather than having it be told to them. Also, it helps the developer in understanding how much demand may be out there for his project. Punishing a developer for doing so is, imo, ridiculous.

Even if it was the goal of Sutton Co. & McCourt Global to purchase the land, obtain the maximum entitlements for the site, and pay for the approval of a site plan, it is not against any law to then go and sell the site. It's a part of the commercial real estate business (maybe not going as far as obtaining site plan approval).

Furthermore, by obtaining entitlements which expand the possible use of a site, the value of the land will inevitably increase with it...so will the taxes owed.

The only way I would be in favor of "punishing" a developer is if another Intel building situation were to reoccur.

If it was the plan to Tom Stacy the Waller site, yes, I would be very disappointed. However, it is apart of the game. The aim of this game is to maximize your profit margin (in what ever way the developer is comfortable in achieving this goal).

Jdawgboy · #**508** Posted **May 29, 2015, 11:22 PM**

If its 2 years out from breaking ground then this project has about a 30% chance of happening. First of all how will the market be like at that time? How many other projects proposed will have started construction or have been completed making it more difficult to attempt such a large endevor? Sure we could easily be continuing our high growth but then again 2 years is a long time when planning to build a multi highrise development.

Tyrone Shoes · #**509** Posted **May 29, 2015, 11:26 PM**

Quote:

Originally Posted by Jdawgboy

If its 2 years out from breaking ground then this project has about a 30% chance of happening. First of all how will the market be like at that time? How many other projects proposed will have started construction or have been completed making it more difficult to attempt such a large endevor? Sure we could easily be continuing our high growth but then again 2 years is a long time when planning to build a multi highrise development.

So...if there are 3 towers and a 30% chance of this project getting built then does this mean that there is only a 10% chance for each tower?

AustinGoesVertical · #**510** Posted **May 30, 2015, 1:32 AM**

Quote:

Originally Posted by AusTxDevelopment

A colleague of mine talked to Mac Pike who said that this project is about 2 years out. Of course that could change if McCourt or their new equity partner decide to push it up, or push it back.

But Mac Pike has no direct connection to this project. He has his own slowed development (99 Trinity). It could be wishful thinking on his part that Waller Park Place is "2 years out" because that bodes well for his condo project which will suck up the initial demand in that area.

This one feels too hyped to just be a scam. I wasn't around for T. Stacy, but it would be really strange if this was all a ploy to sell the land for a profit. I mean, why buy that other lot right next to it then?

the Genral · #**511** Posted **May 30, 2015, 2:14 AM**

To me this feels like a couple who announced their engagement but not a wedding date. It green lights the planning, but not the commitment until the viability factor is secured. Then if and when that happens, its full speed ahead. I don't think this project is at all like our infamous Stacyroidism letdown, but I'm betting residents of the Independant will be celebrating house warming parties before it breaks ground.

AustinGoesVertical · #**512** Posted **May 30, 2015, 2:22 AM**

My bad guys. I got Mac Pike confused with Nate Paul. That's strange that it would be two years out. Didn't he make public comments that it would be breaking ground this year. I don't understand why a developer would want to hurt their credibility like that.

loonytoony · #**513** Posted **May 30, 2015, 6:40 PM**

Quote:

Originally Posted by AustinGoesVertical

My bad guys. I got Mac Pike confused with Nate Paul. That's strange that it would be two years out. Didn't he make public comments that it would be breaking ground this year. I don't understand why a developer would want to hurt their credibility like that.

Nate Paul, king of the storage unit

Jdawgboy · #**514** Posted **May 31, 2015, 3:44 AM**

Quote:

Originally Posted by Tyrone Shoes

So...if there are 3 towers and a 30% chance of this project getting built then does this mean that there is only a 10% chance for each tower?

All 3 towers are supposed to go up simultaneously for this project. So what I mean is the whole project has about a 30% chance of happening.

Spaceman · #**515** Posted **Jun 1, 2015, 5:17 AM**

Quote:

Originally Posted by Jdawgboy

All 3 towers are supposed to go up simultaneously for this project. So what I mean is the whole project has about a 30% chance of happening.

Thirty percent at best....

The ATX · #**516** Posted **Jun 11, 2015, 5:57 AM**

Progress? A demo permit for the warehouse at 96 Red River:

https://www.austintexas.gov/devrevie...erRSN=11368129

AusTxDevelopment · #**517** Posted **Jun 16, 2015, 3:52 PM**

Quote:

Originally Posted by Hill Country

Progress? A demo permit for the warehouse at 96 Red River:

https://www.austintexas.gov/devrevie...erRSN=11368129

Jude at Austin Towers Blog has a post about the demo, actually its more of a pictorial:

http://austintowers.net/make-way-for...reet-district/

Tech House · #**518** Posted **Aug 10, 2015, 10:01 PM**

I'm starting to have anxiety attacks about this project due to the lack of activity in this thread. Someone post something encouraging, or get me a bottle of Xanax. Seriously, y'all. This is the biggest game in town, we can't lose it!!!

the Genral · #**519** Posted **Aug 11, 2015, 3:35 AM**

Don't worry, if Waller Park Place doesn't happen, another project will happen...perhaps Millennium Waller.

The ATX · #**520** Posted **Aug 11, 2015, 3:45 AM**

Quote:

Originally Posted by the Genral

Don't worry, if Waller Park Place doesn't happen, another project will happen...perhaps Millennium Waller.

Right now I give that as much of a chance of happening as this project based on Sutton's history.
It appears (to me at least) that Sutton missed the boat with Downtown rental projects, and are close to missing it with office space and condo units as well since those market appear close to peaking in the current cycle.