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

[zrx299]

No need for an extra light. Just hold the existing ones an extra 10 seconds or so. Don't allow left turns onto Chavez from Rainey-extended. Westbound Chavez turning onto Rainey-extended would be able to complete their turns during the short period the other lights are red. Access is increased to Rainey. You move the rideshares in/out quicker from the area and the hotels, not to mention better access for emergency services.

No one wants a massive elongated block-sized building taking up that entire rectangle shaped parcel anyway, so why not chop it up and solve a lot of the connectivity problems. 2 birds 1 stone. Seems like a fairly obvious and logical solution to me, strictly from a design perspective.

[kingkirbythe....]

https://qz.com/1726403/wework-is-running-out-of-cash/

More bad news for this spot.

[txtriathlete]

https://atxrealestatenews.com/2019/1...trict-project/

Nice little update here

[The ATX]

That was a nice update. Jan's referencing the same zoning file that we got the proposed uses from, but she recognized names on the paperwork as Lincoln and Kairoi Reps. Lincoln really has a huge investment in Austin.

[austlar1]

Originally Posted by txtriathlete

https://atxrealestatenews.com/2019/1...trict-project/

Nice little update here

Seems like Lincoln has it's hands full already developing other mega projects downtown. If they have gained full control of this land, I have a feeling they'll be sitting on it for a few years going forward. They already have plans to bring well over a million square feet of office space to downtown in the next three years. I don't think their pockets are deep enough to take on more at this point.

[The ATX]

Soft Bank is on the verge of taking complete control of the We Company with a multi-billion dollar investment that would remove the last of Adam Neumann's control over the company. This is up there with the Enron and Worldcom stories.

https://www.cnbc.com/2019/10/13/soft...ework-wsj.html

[The ATX]

The ABJ has a new article about the project, and Lincoln confirms they have partnered with Kairoi and WeWork to develop this project. But the Rep didn't have a comment about how WeWork's current situation affects the project.

[ATXboom]

Originally Posted by The ATX

The ABJ has a new article about the project, and Lincoln confirms they have partnered with Kairoi and WeWork to develop this project. But the Rep didn't have a comment about how WeWork's current situation affects the project.

"Two well-known real estate development companies, Lincoln Property Co. and Kairoi Residential, have partnered with WeWork to develop a massive mixed-use project at Red River and East Cesar Chavez streets in downtown Austin.

“The day-to-day development and entitlement process are being led jointly by LPC and Kairoi,” said Seth Johnston, senior vice president at Lincoln. “The project is still in the early design stage but is moving forward as planned. These are important parcels to the continued development of the Rainey District and we are being diligent in the design process.”

Johnston said the project is a joint venture between Lincoln, Kairoi and The We Company — the broader brand set up by WeWork earlier this year.

Johnston declined to comment on how WeWork’s uncertain financial future could impact the project, and if the development project is capitalized.

It’s unclear how WeWork’s failed initial public offering will impact the project and future leases in Austin."

https://www.bizjournals.com/austin/n..._news_headline

[GoldenBoot]

I'm eager to see what they come up with regarding design.

[We vs us]

And coincidentally -- SoftBank to buy out WeWork completely.

https://www.cnbc.com/2019/10/21/soft...k-sources.html

[paul78701]

Originally Posted by We vs us

And coincidentally -- SoftBank to buy out WeWork completely.

https://www.cnbc.com/2019/10/21/soft...k-sources.html

Sounds like WeWork isn't going away then. SoftBank has basically unlimited funds. It will be interesting to see how they manage the company's real estate portfolio going forward.

[The ATX]

This is somewhat positive. From Jan:

My confidential sources tell me that We Company has very little skin in the game. The big player is PSP, the Public Sector Pension Investment Board headquartered in Ottawa, Canada. With $168 billion in assets under its management, PSP is a financial heavyweight that can carry this through to completion. In its most recent annual report, PSP states that “the strategy behind a number of acquisitions in North America and emerging markets was value-add and opportunistic.” It lists seven projects, including “Waller Creek Center, a development project in Austin, Texas.” So there you have the under-the-radar information.

https://atxrealestatenews.com/2019/1...019/#more-2147

[The ATX]

Here's PSP's annual report for investors. They very briefly mention their "acquisition" of Waller Creek Center in Austin on page 48. Something may finally happen with this project.

https://www.investpsp.com/media/file...-report-en.pdf

[Austin1971]

SoftBank to take control of WeWork

https://www.bizjournals.com/austin/n..._news_headline

"Like elsewhere, it was growing rapidly in the Texas capital before it apparently halted all new lease agreements last month, according to reports, but there are signs that the company is proceeding with a massive tower-building project in downtown Austin."

[austlar1]

Originally Posted by Austin1971

SoftBank to take control of WeWork

https://www.bizjournals.com/austin/n..._news_headline

"Like elsewhere, it was growing rapidly in the Texas capital before it apparently halted all new lease agreements last month, according to reports, but there are signs that the company is proceeding with a massive tower-building project in downtown Austin."

Probably proceeding to maximize permitting and consequent land value. Soft Bank is very reluctantly taking over We Company. It was the best option for them in order to try to save their investment. I doubt that they will pursue aggressive real estate development plans at this point. They will be too busy trying to unwind multi billion dollar lease obligations around the country. If Lincoln and Kairoi(tell again, who or what is Kairoi?) have any spare development dollars (which I kind of doubt given Lincoln's commitments elsewhere in Austin), maybe this project will move forward under their helm. My guess is that it all hinges on the strength of the local and national economy going forward.

[The ATX]

Originally Posted by austlar1

If Lincoln and Kirol have any spare development dollars (which I kind of doubt given their commitments elsewhere in Austin), maybe this project will move forward under their helm. My guess is that is all hinges on the strength of the local and national economy going forward.

PSP (Two & three posts up) may be the money. They are at least part of it.

[The ATX]

Core sampling going on right now on the SW corner of RR & CC.


https://app.oxblue.com/open/endeavor/redrivertower

[austlar1]

Originally Posted by The ATX

PSP (Two & three posts up) may be the money. They are at least part of it.

Interesting. Wish they provided more details. They mention their investment almost in passing. Maybe Austin Towers or somebody will do some fishing for more info. What does core sampling usually indicate? Is it related to construction only or is it required for permitting as well?

[The ATX]

A good article from CoStar:

WeWork Pushes Forward With Skyscraper Plans in Fast-Growing Texas Capital

https://product.costar.com/home/news...utm_content=p7

WeWork is "moving forward with us on this particular project," Mike Lynd, CEO of Kairoi Residential, said in a phone interview. "We’re super excited."

Lincoln and Kairoi are running day-to-day operations for the Austin project at the corner of Red River Street and East Cesar Chavez and have selected an architect but Lynd with Kairoi declined to say which company.

[We vs us]

Core sampling ongoing in the dusty parking lot.