AUSTIN | Projects & Construction II

[TXLove]

Great shots as always Priller!

[Scottolini]

Originally Posted by priller

Actually the big hole right next to the Texas Monthly building is not for the Hotel Andaz. The Andaz will be built to the west of the office building, across the street. The area adjacent to (and south of) the office building is for "The Residences at University Park".

Here's a simple map showing the layout:

http://universityparkaustin.com/leasing-plan/

Also on the page is a link to a .pdf file showing office and retail space, who's already signed up, what's available, etc.

BTW, the roads in that area are almost done. You can drive on about half of them now.

October 21, 2009
Onair Development to Build Medical Offices

A new medical office will be the next new component to the redevelopment project transforming the former Concordia University site.

Previously called East Avenue, the 23-acre project recently changed its name to University Park. Now, it has agreed to sell the southwestern tract of land to Onair Development, which intends to build a 120,000-square-foot medical office building.

“With St. David’s literally across the street, and a dearth of nearby medical office space, we anticipate the ratio of demand to supply to be very strong here,” said Kerry Angus, president and CEO of Onair. “The demand is there today for the project we envision, and will continue to be bolstered by University Park’s increasing momentum.”

By focusing on tenant-driven development projects and making those tenants material equity participants in the deal, risks are reduced, returns are enhanced, and the long-term viability and value of each deal is ensured, Angus says of Onair’s business model.

http://universityparkaustin.com/2009/10/onair-development-to-build-medical-offices/


http://austinmce.com/Austin_Medical_Center_of_Excellence/University_Park__Home.html

[Scottolini]

...

[Aiphanes]

Its good to see more palm trees in Austin, especially downtown!

[nixcity]

Too bad that's only four stories but you got to love the green roof. Also, thanks for the visual updates everyone.

[austin242]

Its cool that they finally have a finished plan

[austin242]

And at 311,000 sq ft of retail, or at least what they say it should be a pretty cool area. with a theatre, bookstore, and small grocery store (probaly more like a corner store) the east avenu project should be a good adition to austin.

[OU812]

4 story low rise! ack!

[JoninATX]

4 stories not bad, its better than nothing.

[Jdawgboy]

hmmm, I don't know. Honestly it seems to me like they have pretty much scaled back this project. It no longer being called East Avenue is news to me. They sold part of the property and a 4 story lowrise will be built there. I am alittle worried of what the finished product will be. As far as nothing going on there as far as building construction, it seems to me that they are working on the roads and Im sure they are doing pipes and electric lines underground. There is definatly something going on there just not full building construction yet.

[AustinExPat]

Originally Posted by Scottolini

October 21, 2009

http://austinmce.com/Austin_Medical_Center_of_Excellence/University_Park__Home.html

Shouldn't the Upper Deck be in the foreground? Or is this supposed to be the view of it from the Upper Deck?

[WAustinResident]

I recently got a email from the development office of the four seasons talking about the downtown austin market and specifically the sales of the building and its main 2 competitors. I figured I'd share.
"
There has been a lot of speculation that the Downtown Austin Condominium Market is overbuilt. The facts and figures do not appear to support this. Currently, there are three luxury condominium towers under construction in the Austin CBD totaling 491 units: Four Seasons Residences, The Austonian and W Austin Hotel and Residences.



491 units x 38% sold (under contract) = 186 units sold which leaves a balance of 305 units to sell. It’s also important to note that the completion of construction of the three projects is staggered over a two year period. Each project has underwritten approximately a two to three year sellout AFTER completion of construction.

In 2008 alone, the Austin CBD absorbed nearly 600 condominiums. With approximately 300 units left to sell over the next three to four years (say 100 units per year), if future demand is even a fraction of past performance it may be reasonable to conclude that the Downtown Austin Condominium Market is in fact not overbuilt and residences currently under construction will be absorbed in an orderly fashion.

It is also worth noting that there are no new high rise condominium projects slated to start construction for the next three to five years, primarily because construction lending for new condominium projects is difficult to obtain.

There seems to be a lot of misinformation in the marketplace, we think primarily because these buildings are so visible on the Austin skyline. The general consensus of the public is that Downtown has a supply of 2,000 to 5,000 units coming on line. The facts presented above don’t support this. Most of the buildings you see are either rental or condominium projects that are sold out. Since 2001, nearly 1,550 condominium units were delivered to the Downtown market. To date, nearly 95% of those units are sold/closed.

Additionally, lower to moderate priced projects and re-sales in and around downtown account for another +/- 500 units, but again they are primarily low rise, lower priced projects targeted to a broader segment of the market.

If we can answer any questions or provide further information, please let us know. We look forward to visiting with you soon."

[crewer]

Nice to have that quote on record. Let's visit it a year or two from now to see if it's panned out.

[OU812]

i can believe those stats. i think downtown austin residential is less than 1% of the available market in the city. which is obviously a very tiny amount. it just "looks" like a lot of housing because it's all vertical- something which is new here. i think it's funny reading the comment section of the statesman.com and other sites when any news of a condo project is mentioned. everyone seems bitter and envious. yet everyone cries for smart growth, density, and curbing sprawl. ahem.

[Scottolini]

I said it recently in another thread, but I'll say it again. Comment sections don't mean anything. It's a small group of people, many of them who post on a regular basis. Really just like here on SSP. It's the same small group of people posting on a regular basis.

[OU812]

yeah i know. it's always the same small group of whiners who are probably living with their parents and have most likely never seen a woman naked in person (not here of course;-))

[priller]

A few from today:










And from yesterday evening:

[Mopacs]

Here are a few photos taken yesterday in and around downtown. A cold front had just blown through, so the lighting made for some interesting shots.













The following were taken from the Riverside Drive corridor














Side-view mirror fun



From Festival Beach





Lamar Blvd bridge

[KevinFromTexas]

Great pics guys. The glass on the W is really looking nice. And everyday, the Austonian is looking better and better. That Riverside view is really impressive now.

[crewer]

I'm in Beijing now, and my drive in from the airport took me right by the burned out remains of the 44 story Mandarin Oriental Hotel. It burned last February, yet nothing's been done to it so far. It's really an ominous sight to see something that tall completely charred!