AUSTIN | Project Updates Thread Part II

[The ATX]

The developers never seemed to have a firm plan for the site, and no permits other than demo were filed. It seems like it would have been more beneficial to collect rent on the properties until they had firm plans as opposed to paying for demo and collecting parking revenue. This is definitely a "next cycle" project. The same goes for Intracorp on their former Conrad site. Now we we have an empty lot and an abandoned and deteriorating building next to the convention center.

[Urbannizer]

Originally Posted by Urbannizer

Cancelled

Land is now for sale.

https://www.crexi.com/properties/120...2-west-11th-st

This article gives some insight as to why Shoal Cycle was nixed. Their concept of renting toward workers Downtown per bedroom at Capital Quarters has not been well received. With prices starting at $1,200 and no parking also likely a negative factor for prospects, this has led to low occupancy numbers. Weaver Buildings has surrendered the building to its lender.

https://www.austinmonitor.com/storie...ing-to-lender/

“I really created this product for people who had to be downtown and wanted a lower price point. And then with work from home and hybrid, it’s not the same market that I’m going after as a landlord,” she said. “It seemed like there are a lot of employees that, even though this is kind of a niche option, they would appreciate that option to live a little bit cheaper than a studio to be able to walk to work. That was the thesis.”

[ILUVSAT]

I guess I missed something.

LV Collective - two towers at 24th & San Antonio rising over 400'?!?

https://www.bizjournals.com/austin/n...st-campus.html

[The ATX]

Originally Posted by ILUVSAT

I guess I missed something.

LV Collective - two towers at 24th & San Antonio rising over 400'?!?

https://www.bizjournals.com/austin/n...st-campus.html

Yeah, that was covered months ago when the ABJ first mis-reported the height. The elevations start of 100', not 0'.

[Armybrat]

Originally Posted by Urbannizer

This article gives some insight as to why Shoal Cycle was nixed. Their concept of renting toward workers Downtown per bedroom at Capital Quarters has not been well received. With prices starting at $1,200 and no parking also likely a negative factor for prospects, this has led to low occupancy numbers. Weaver Buildings has surrendered the building to its lender.

https://www.austinmonitor.com/storie...ing-to-lender/

Perfect place for the city to purchase at full price+ and use it to house the homeless.

[ILUVSAT]

Originally Posted by The ATX

Yeah, that was covered months ago when the ABJ first mis-reported the height. The elevations start of 100', not 0'.

Ah. Yep. That makes sense. Thanks.

[Urbannizer]

Busting Northeast Austin’s Sprawl With 1,000 New Homes in a Hotel Parking Lot

A redevelopment plan for a 1970s-era hotel site on the south edge of the St. Johns neighborhood in Northeast Austin could bring denser and taller development with up to 1,000 new homes at the northeast corner of the interchange of Highway 290 and Interstate 35, according to a rezoning application scheduled for a hearing at tomorrow’s meeting of the city’s Planning Commission.

The application, which is recommended by city staff and likely to secure approval from the commission due to its location away from single-family neighborhoods, would provide Planned Development Area zoning for the property at 6121 North I-35, a 7.91 acre tract occupied by a Radisson Hotel and its impressively large parking lot. The 298-room hotel, which was built in 1977 and before its change to the Radisson brand in 2021 was better known as the Crowne Plaza Hotel, was purchased last year by Pasadena-based hospitality investment firm ASAP Holdings, which is now seeking the PDA zoning change to unlock additional development potential at the site and refurbish the hotel into a more upmarket property under the Delta by Marriott brand.

[We vs us]

It's the Brodie Oaksification of everything, and I'm here for it. Erasing mid century sprawl one parking lot at a time!

[Urbannizer]

Financially Troubled StoryBuilt Looks To Unload $2B Portfolio In Receivership Sale

All of their projects under construction, including Ellie May near Airport and Bruno on South 1st, have stalled out.

An Austin, Texas-based infill housing developer is putting its 28-property project portfolio on the market in a receivership sale as it faces a series of financial challenges.

StoryBuilt has 28 projects in various stages of development throughout Austin, Dallas, Denver and Seattle, according to a news release.

Founded in 2009, StoryBuilt targeted “cool neighborhoods,” then built dense, contemporary projects to add more vibrancy, according to the release from A&G Real Estate Partners. A&G Real Estate Partners and Onyx Asset Advisors are handling the receivership sale.

The properties range from seven to more than 800 units. Seventeen of the projects are in Austin, including residential and mixed-use developments, according to the news release. Austin properties include Thornton Flats, an apartment complex in the South Lamar area, and George, a condo complex in Central Austin that plans to start closing sales in the fourth quarter, according to its website.

Trouble has been brewing for StoryBuilt since at least July, when the company sent a letter to investors noting a “lack of liquidity” and requesting $10M in rescue funds, the Austin Business Journal reported. Later that month, another letter notified investors that it was furloughing much of its staff and reorganizing its leadership.

[Urbannizer]

Originally Posted by Armybrat

Perfect place for the city to purchase at full price+ and use it to house the homeless.

It’s been restructured as your standard apartment building. All units are 3 bedrooms starting at $3,000

https://www.apartmentfinder.com/Texa...tments-5scz1km

[The ATX]

$3K to $3.6K per unit. Definitely a failed experiment in affordable housing.

[chinchaaa]

i want to know what went wrong here. why were they not able to rent it out? i really find it hard to believe parking is the reason.

[dilliam]

They took a funny approach to co-living that didn't seem to work out. Kind of a strange vibe. In the units.

[Sigaven]

Originally Posted by dilliam

They took a funny approach to co-living that didn't seem to work out. Kind of a strange vibe. In the units.

Yeah they look like college student housing apartments.

[dilliam]

Yea, the dorm vibes are very real. Didn't feel homey at all.

[bobbywest87]

They look alright to me, but yeah I get it. Pretty well hard-defined space, and not the type of layout you'd want with a family.

[bobbywest87]

It's been nearly 8 weeks, so here's another update. I made corrections to The Republic since last time because I made the mistake of reading the numbered elevator signs as opposed to counting the floors themselves (they skip floor #13 and I believe they are technically calling the 3rd above-ground floor the 4th floor). In any case, the construction of each tower has been on a roll these last several weeks (fingers crossed it continues that way)!

[randalls]

Great progress. Thank you for this!

[The ATX]

Excellent. I updated the sticky development thread with the update.

[gillynova]

Absolutely LOVE these updates bobbywest87! I'm sure we all always wonder how much more these buildings will go until they top off. Next update of this is I'm guessing before Christmas? I'm sure construction will slow down with everyone taking a holiday break + some rainy days

Really looking forward to Waterline shooting up from now on!