AUSTIN | Waterline | 1,034 Feet | 73 Floors | T/O - Page 30

the Genral · #1 Posted **Jul 8, 2018, 12:58 AM**

So what happened to the 'Old' partners? And since when does someone mention the size of a hotel by reporting the square footage as opposed to the number of rooms? While I'm sort of glad this project is trying to gain traction again, the financial hurdle that shuttered it the first time doesn't seem to have gone away or he wouldn't be announcing he 's looking for partners. I just assume he give up and let someone else develop this parcel. Its lost its luster with me anyway and I'm not getting any younger.

The ATX · #2 Posted **Jul 8, 2018, 1:05 AM**

Quote:

Originally Posted by the Genral

So what happened to the 'Old' partners? And since when does someone mention the size of a hotel by reporting the square footage as opposed to the number of rooms?

The "Old" partner would be Sutton who was bought out last year as part of the contractual terms in the contract between Sutton and McCourt Global.

The number of hotel rooms has been mentioned before - just not this article. The number 110 stands out in my mind. But the actual number would be listed in released the site plan.

The ATX · #3 Posted **Jul 8, 2018, 1:25 AM**

Here's the released site plan from 2015:

https://abc.austintexas.gov/web/perm...ertyRSN=879326

The released site plan shows 200 hotel rooms, and the hotel portion is located in the tallest tower.

The ABJ article says they are seeking a 3-year extension. But notes by the City on the current extension application say they are only eligible for a one year extension at this point. But I believe they can apply for another three year extension after the one year extension is close to expiring.

austlar1 · #4 Posted **Jul 8, 2018, 7:04 PM**

What this probably means is that McCourt Global, which never really seems to build anything anywhere in spite of holding on to some prime real estate in major markets, is hoping to find a buyer for the land. Another possibility is that they want to gin up a little free publicity with press release about a moribund "project". This project never had any "deep pockets" associated with it except for those belonging to Frank McCourt. Maybe his famous divorce settlement emptied those pockets. Who knows, but I don't think McCourt will ever turn any dirt here in Austin or possibly anywhere else either.

The ATX · #5 Posted **Jul 8, 2018, 8:30 PM**

This is interesting. Just as Frank McCourt makes a push to jump start this project, he is doing the same thing to his Hudson Yards project in NYC.

https://therealdeal.com/2018/06/28/f...on-yards-site/

From the article:

Quote:

Frank McCourt, the former owner of the Los Angeles Dodgers, may finally be ready to move ahead with developing his long-languishing plot at a prime corner in Hudson Yards.

Quote:

The site, located between West 30th and 31st streets, has sat largely vacant and untouched for the four years it’s been under McCourt’s ownership.

MichaelB · #6 Posted **Jul 9, 2018, 4:30 PM**

What I truly "Hate" about this is another bad investor tore down a functioning part of the city ( Not talking about the quality of the businesses.... but that it was functioning and had life) And now we will sit with a big ass empty lot for years.
Same thing with the old Dog and Duck block..... and for what? Empty lots... ... .without concern of community.
Ugh. Horrible soul-less businesspeople.

chinchaaa · #7 Posted **Jul 9, 2018, 5:26 PM**

Quote:

Originally Posted by MichaelB

What I truly "Hate" about this is another bad investor tore down a functioning part of the city ( Not talking about the quality of the businesses.... but that it was functioning and had life) And now we will sit with a big ass empty lot for years.
Same thing with the old Dog and Duck block..... and for what? Empty lots... ... .without concern of community.
Ugh. Horrible soul-less businesspeople.

What was previously there?

austlar1 · #8 Posted **Jul 9, 2018, 5:39 PM**

Quote:

Originally Posted by chinchaaa

What was previously there?

Long running gay bar called The Chain Drive was back by the creek. Up on Red River there was a one story warehouse sort of structure that recently housed pedicab business and served for a while as a staging area for the horse and carriage operation downtown. Next door to that was a very run down fourplex apartment building. Across the street there was a plumbing supply business and some other small warehouse type business. It was not a very active area really, and folks here on SSP were eager for demolition to happen. Of course, everybody expected that construction would follow demolition. The only thing that followed was endless hype and press releases from so called developers.

GoldenBoot · #9 Posted **Jul 10, 2018, 12:38 AM**

Quote:

Originally Posted by austlar1

...and folks here on SSP were eager for demolition to happen. Of course, everybody expected that construction would follow demolition. The only thing that followed was endless hype and press releases from so called developers.

Wrong, austlar1! I (for one) told this forum years ago that Sutton would not do anything with this site. I was right...and he is no longer part of the current "development" team.

In fact, the "hype" regarding this project started its steep decline just prior to the relatively small amount of demo preformed on the site.

austlar1 · #10 Posted **Jul 10, 2018, 3:53 AM**

Quote:

Originally Posted by GoldenBoot

Wrong, austlar1! I (for one) told this forum years ago that Sutton would not do anything with this site. I was right...and he is no longer part of the current "development" team.

In fact, the "hype" regarding this project started its steep decline just prior to the relatively small amount of demo preformed on the site.

Well, excuse my hyperbole, GoldenBoot. Let me rephrase my statement to read "Of course, many SSP forumers expected (or expressed hope, something that is never in short supply here on the Austin forum) that construction would follow demolition. The only thing that followed was the occasional press release or optimistic statement from the Sutton interests and/or the McCourt team."

the Genral · #11 Posted **Jul 10, 2018, 12:06 AM**

At least they didn't cut down any trees.....or...did...they??? asked the

drummer · #12 Posted **Oct 3, 2018, 2:54 AM**

I heard the parking podium would stay the same but they would initially build two floors of office on top to which more could be added at a later date.....

masonh2479 · #13 Posted **Oct 3, 2018, 3:04 AM**

Quote:

Originally Posted by drummer

I heard the parking podium would stay the same but they would initially build two floors of office on top to which more could be added at a later date.....

I heard they were gonna have ground level office space and then 29 levels of parking...it’s ok though because they will have some LED’s on it though. Oh and It’ll be 400ft.

The ATX · #14 Posted **Oct 5, 2018, 9:45 PM**

The site plan change permit was filed because a document showing a sidewalk easement was missing from the site plan. Yawn. So no change to the project. All is well again. Now we wait for the crickets on the site to stop chirping...

The ATX · #15 Posted **Oct 19, 2018, 10:46 PM**

The site plan extension for one year was approved and released. We now have until 10/07/19 to wait for nothing to happen.

We vs us · #16 Posted **Oct 20, 2018, 5:14 AM**

Quote:

Originally Posted by The ATX

The site plan extension for one year was approved and released. We now have until 10/07/19 to wait for nothing to happen.

Soooo.... what would’ve happened if they’d let the site plan lapse? If they truly didn’t intend on building on the land, why renew it again?

Geckos_Rule · #17 Posted **Nov 6, 2018, 4:08 AM**

https://therealdeal.com/2018/11/05/w...p-development/

WeWork is close to closing a deal to purchase the entire property from McCourt, and develop it themselves. Should be interesting, and seems like there’s a much better chance of something real happening with this site under them.

This is WeWorks first ever property development.

The ATX · #18 Posted **Nov 6, 2018, 8:07 PM**

Quote:

Originally Posted by Geckos_Rule

https://therealdeal.com/2018/11/05/w...p-development/

WeWork is close to closing a deal to purchase the entire property from McCourt, and develop it themselves. Should be interesting, and seems like there’s a much better chance of something real happening with this site under them.

This is WeWorks first ever property development.

Good find. If the deal goes through I would expect a major rework of the project. Office is a relatively small component of it now.

We vs us · #19 Posted **Nov 6, 2018, 4:15 AM**

Oh wow

AustinGoesVertical · #20 Posted **Nov 6, 2018, 4:32 AM**

This is huge. WeWork also operates WeLive, so we could see an interesting mix of office and residential under their brand. What a pivot, but an interesting one for WeWork, where their margin looks a lot better if they do flexible leasing on top of properties they own rather than are an umbrella tenant themselves. WeWork has been doing a lot in the tech space as well - buying up a variety of companies - so I wonder if they themselves might be a tenant creating their own satellite HQ. They’re well-funded, so this site has a much better chance of being developed now.