AUSTIN | Waterline | 1,034 Feet | 73 Floors | T/O - Page 39

The ATX · #1 Posted **Feb 29, 2020, 9:03 AM**

The City Council takes this up at the 03/12 meeting. It'll pass, and I suspect we'll see a site plan filing shortly after that.

Item 72.

Quote:

C14-2019-0138 - Block 190 - Conduct a public hearing and approve an ordinance amending
City Code Title 25 by rezoning property locally known as 97 Red River Street, 604 Driskill Street,
701, 705 East Cesar Chavez Street (Waller Creek Watershed). Applicant’s request: To rezone
from central business district - central urban redevelopment (CBD-CURE) combining district
zoning to central business district - central urban redevelopment (CBD-CURE) combining district
to change a condition of zoning. Staff Recommendation and Planning Commission
Recommendation: To grant central business district - central urban redevelopment (CBD-CURE)
combining district to change a condition of zoning. Owner/Applicant: Waller Creek Owners, LLC
(Tony Curp). Agent Armbrust & Brown, PLLC (Richard Suttle, Jr.). City Staff: Mark Graham,
512-974-3574.

District(s): District 9

https://www.austintexas.gov/edims/do....cfm?id=336568

The ATX · #2 Posted **Mar 13, 2020, 1:17 AM**

The Block 190 ZC was approved at today's CC meeting. We should see a site plan filed soon - unless that virus/economic meltdown thing gets in the way.

austlar1 · #3 Posted **Mar 13, 2020, 3:08 AM**

I think it is pretty silly to continue to refer to this proposal as the We Company project. We Company will never have a damn thing to do with anything that gets built on that land. We Company probably won't exist after we dig out from this current economic implosion, and they sure as hell won't have any financial stake in the property or project, if and when anything gets built.

The ATX · #4 Posted **Mar 13, 2020, 3:26 AM**

Quote:

Originally Posted by austlar1

I think it is pretty silly to continue to refer to this proposal as the We Company project. We Company will never have a damn thing to do with anything that gets built on that land. We Company probably won't exist after we dig out from this current economic implosion, and they sure as hell won't have any financial stake in the property or project, if and when anything gets built.

The We Company owns the project. So it will be a We Company project until they sell it.

enragedcamel · #5 Posted **Mar 13, 2020, 2:52 PM**

Quote:

Originally Posted by The ATX

The We Company owns the project. So it will be a We Company project until they sell it.

Or they themselves get sold for pennies on the dollar and rebranded.

paul78701 · #6 Posted **Mar 13, 2020, 10:48 PM**

Quote:

Originally Posted by austlar1

I think it is pretty silly to continue to refer to this proposal as the We Company project. We Company will never have a damn thing to do with anything that gets built on that land. We Company probably won't exist after we dig out from this current economic implosion, and they sure as hell won't have any financial stake in the property or project, if and when anything gets built.

I don't understand why y'all keep saying things like this. WeWork, WeCompany or whatever you want to call it is not going anywhere. SoftBank has taken a controlling stake in it. SoftBank has more than enough money to take care of all of the problems WeWork got themselves into. They can essentially fund WeWork in perpetuity..

SoftBank announces it will own 80% of WeWork and provide billions to keep it operating:
https://www.usatoday.com/story/money...rk/4067488002/

austlar1 · #7 Posted **Mar 14, 2020, 4:16 AM**

Quote:

Originally Posted by paul78701

I don't understand why y'all keep saying things like this. WeWork, WeCompany or whatever you want to call it is not going anywhere. SoftBank has taken a controlling stake in it. SoftBank has more than enough money to take care of all of the problems WeWork got themselves into. They can essentially fund WeWork in perpetuity..

SoftBank announces it will own 80% of WeWork and provide billions to keep it operating:
https://www.usatoday.com/story/money...rk/4067488002/

USA Today story is from October. Things have likely changed fundamentally since then.

clubtokyo · #8 Posted **Mar 14, 2020, 3:21 AM**

Agree! WeWork is funded by SoftBank now!!

austlar1 · #9 Posted **Mar 14, 2020, 4:12 AM**

Opinion is divided on the fiscal health of SoftBank, but the founding family is doubling down with a big stock buyback now that the stock is tanking. Look for SoftBank to unwind We Company real estate assets as soon as they can to fatten their balance sheet and operating capital. https://www.bloomberg.com/opinion/ar...y-than-elliott

austlar1 · #10 Posted **Mar 18, 2020, 6:05 AM**

SoftBank is looking pretty soft. It is getting hammered in the downturn. “We think no other company in Japan is as indebted and as exposed to the economic downturn as SoftBank,” Amir Anvarzadeh, market strategist at Asymmetric Advisors, wrote in a note. https://www.reuters.com/article/us-s...KBN2150KU?il=0

deerhoof · #11 Posted **Mar 18, 2020, 2:41 PM**

SoftBank Backs Away From Part of Planned WeWork Bailout
https://www.wsj.com/articles/softban...ut-11584479235

"Investor told office-sharing company it may not buy $3 billion of shares from existing investors as planned"

The ATX · #12 Posted **Apr 10, 2020, 8:31 PM**

The site plan for Block 190 (99 Red River) AND the original Waller Park Place site (98 Red River) were posted for AULCC. But there are no building specifics.

ftp://ftp.ci.austin.tx.us/ATD_AULCC/.../200423/PLANS/

We vs us · #13 Posted **Apr 10, 2020, 9:40 PM**

Just incredible that this thing keeps chugging along.

EDIT: though . . . I guess maybe this is the part that can continue on automatic pilot, regardless of WeWork's solvency or Softbank's waxing/waning interest, or general funding, or pandemic, or . . . whatever else. I guess I keep expecting the headwinds to eventually pause this one, and yet . . . it continues on.

The ATX · #14 Posted **Apr 10, 2020, 9:49 PM**

Quote:

Originally Posted by We vs us

Just incredible that this thing keeps chugging along.

I know. Never mind the Sutton/McCourt Global history. The WeWork/Soft Bank/Virus Recession saga is a mess in itself.

The ATX · #15 Posted **Apr 28, 2020, 7:03 PM**

I didn't notice this tidbit in one of the PC Block 190 zoning change documents until now:

Quote:

CASE MANAGER COMMENTS
While the subject 1.4 acre (60,844 square foot) tract, locally known as 97 Red River Street, currently
provides parking in the Rainey Street District, the applicant seeks zoning for an office or hotel building
that with density bonuses could exceed 900,000 square feet. The rezoning application also lists a mix of
accessory uses including a grocery and other retail and restaurant tenants.

So they either don't have specific plans or they changed them because originally office was the only identified use.

https://abc.austintexas.gov/public-s...rtyrsn=1136308

The ATX · #16 Posted **Nov 4, 2020, 6:27 PM**

Someone posted this in the Austin section on HAIF. The source was not given, but here's the post:

Quote:

Lincoln Property Company / Kairoi Residential are developing Waller Creek, a 74 story MIXED-USE project located near Lady Bird Lake in downtown Austin, Texas. The project consists of a parking structure with 3 levels below grade and 12 above, a 240 key 5 star hotel, 25 levels of office tower, and 34 levels/363 units of residential space.

Kohn Pederson Fox Associates has been selected as the Design Architect along with HKS Architects as the architect of record. WALLER CREEK will be developed by a joint venture of LPC and Kairoi on approximately 3 acres of land at the Southwest corner of West Cesar Chavez Street and Red River Street.

The current program consists of:
a) +/- 2,582,413 GSF as defined by BOMA of mixed use, corporate office, hotel, and residential located in one (1) 74 story building.
b) The first and second floor of the seventy-four ( 74 ) story tower will include an office lobby, a hotel lobby, and retail space (fit out by others).
c) Levels 14 and 15 features an office amenity space.
d) Levels 41,42,43, and 74 features a residential amenity space.
e) +/- 1,780 space parking structure +/- 909,968 GSF as defined by BOMA on three levels below grade and twelve levels above grade.
f) Levels 01 thru 16 podium include a 240 key 4 star hotel.
g) Parking structure features exterior screened walls and office/residential tower features.

https://www.houstonarchitecture.com/...ls_627103_menu

N90 · #17 Posted **Nov 4, 2020, 6:32 PM**

Build that shit immediately!

N90 · #18 Posted **Nov 4, 2020, 6:34 PM**

BTW Paco Jones on HAIF is VERY CREDIBLE.

He’s one of HAIF’s 2 incredible dependable insiders on all things development. His track record is 100% golden on HAIF. He hasn’t been wrong even once.

This is HUGE!!! First Props A and B, now this baby...

The ATX · #19 Posted **Nov 4, 2020, 6:40 PM**

This may just eek out supertall status.

The ATX · #20 Posted **Nov 4, 2020, 6:47 PM**

A couple more from the same HAIF link:

This would be built on the entire former WPP site. We would get one large tower instead of three shorter towers.