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  #121  
Old Posted Oct 27, 2022, 2:19 PM
ATX2030 ATX2030 is offline
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Kilroy halts construction on Stadium Tower in North Austin

https://www.bizjournals.com/austin/n...Pos=0#cxrecs_s

By Cody Baird – Staff Writer, Austin Business Journal
Oct 27, 2022

There’s a gaping hole at the site of North Austin’s planned Stadium Tower, where Los Angeles-based developer Kilroy Realty Corp. has halted construction on the project.

"We intend to hold off on the construction of Stadium Tower, our Austin development site, until the economy gives us more confidence or we pre-lease a substantial portion of the project," Bill Hutcheson, Kilroy’s senior vice president of investor relations and capital markets, told investors on an Oct. 26 earnings call. He did not specify any benchmarks for leasing or the economy to restart the project.

Kilroy (NYSE: KRC) did not immediately respond to requests for comment.

Stadium Tower — once called Arena Tower — is located beside Q2 Stadium on a 2.9-acre site at 10615 Burnet Road. Plans call for a 493,000-square-foot office tower, according to Kilroy’s Q3 report, where the project is now listed in the developer’s future pipeline.

The report stated that executing on the future pipeline would be "subject to market conditions."

"We have a proactive planning process by which we continually evaluate the size, timing, costs and scope of our development and redevelopment programs and, as necessary, scale activity to reflect the economic conditions and the real estate fundamentals that exist in our submarkets,” the report read. We expect to execute on our development and redevelopment programs with prudence.”

Kilroy's pause will surely stir discussions in the commercial real estate sector about how global economic conditions may affect local development. Atlanta-based Cousins Properties Inc., a major office owner and developer in The Domain, has plans for a 26-story office high-rise called Domain Central 1. Earlier this year, President and CEO Colin Connolly said construction might be delayed: "I think over time we need to see costs come down or rents go up for us to financially justify moving forward," he said at the time.

Yet there are other signs that developers remain bullish on this real estate cycle continuing: several high-rises have broken ground in recent weeks downtown, including on a 43-story apartment tower in the Rainey Street area.

Kilroy purchased the Stadium Tower site in March from Capella Partners for $40 million.

Pre-construction work on the site has already begun, which Hutcheson said "reduces the lead time to deliver a completed building."

Hutcheson noted that Kilroy also has the option to add more density to the project due to its proximity to a train line, a scenario the company will look at "in the coming months."
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  #122  
Old Posted Oct 27, 2022, 2:58 PM
paul78701 paul78701 is offline
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Originally Posted by ATX2030 View Post
Hutcheson noted that Kilroy also has the option to add more density to the project due to its proximity to a train line, a scenario the company will look at "in the coming months."
If you're looking for a silver lining, there it is.
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  #123  
Old Posted Oct 27, 2022, 3:47 PM
zrx299 zrx299 is offline
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This will end up being the spiritual successor to the Intel Shell...

The Kilroy Cavity
The Q2 Quandary
The Burnet Burrow

a few of the nicknames I've come up with
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  #124  
Old Posted Oct 27, 2022, 6:14 PM
ATXboom ATXboom is offline
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This is how you manifest a recession. Make preemptive decisions, not based on jobs or demand. Prices have gone up... other metircs haven't changed yet. If enough act of of preemtive fear a recession will happen.
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  #125  
Old Posted Oct 27, 2022, 6:37 PM
paul78701 paul78701 is offline
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Originally Posted by ATXboom View Post
This is how you manifest a recession. Make preemptive decisions, not based on jobs or demand. Prices have gone up... other metircs haven't changed yet. If enough act of of preemtive fear a recession will happen.
This is exactly what I've been saying. If we have a recession, it will be more a self-fulfilling prophecy than anything else.
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  #126  
Old Posted Oct 27, 2022, 9:28 PM
StoOgE StoOgE is offline
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I mean, the economy isn't an objectively existing thing that deserves to be one way or another.

And interest rates are high right now and going higher. Its very possible Killroy is moving capital to other projects or didn't have all financing in place here.

Its also a weird inherited project completely designed by a 3rd party firm so there could be a number of reasons for this decision within Killroy given the current interest situation that would have led cash to go elsewhere.
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  #127  
Old Posted Oct 27, 2022, 10:40 PM
ToTheSky ToTheSky is offline
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Originally Posted by zrx299 View Post
This will end up being the spiritual successor to the Intel Shell...

The Kilroy Cavity
The Q2 Quandary
The Burnet Burrow

a few of the nicknames I've come up with
Brought to you by Killjoy.

PS - Got an idea. This could be the beginning phase of our underground transit network. Screw starting in downtown. Start here, run underground all the way to dt and then the airport, SOCO etc. We've got a great start with the transit station sized hole in the ground!
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  #128  
Old Posted Oct 28, 2022, 1:55 AM
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Syndic Syndic is offline
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Only fitting.
Video Link
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  #129  
Old Posted Oct 28, 2022, 2:27 PM
drummer drummer is offline
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For now, could we fill it with water, add in some giant pumps, etc., and make a new surf spot? It seems to be all the rage in Austin these days.
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  #130  
Old Posted Oct 28, 2022, 4:51 PM
ATXboom ATXboom is offline
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Originally Posted by StoOgE View Post
I mean, the economy isn't an objectively existing thing that deserves to be one way or another.

And interest rates are high right now and going higher. Its very possible Killroy is moving capital to other projects or didn't have all financing in place here.

Its also a weird inherited project completely designed by a 3rd party firm so there could be a number of reasons for this decision within Killroy given the current interest situation that would have led cash to go elsewhere.
Sure could be anything but I'm taking them at face value based on what they said. Something in their biz either changed or they THINK it might change that triggered a signficant decision to be made.
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  #131  
Old Posted Oct 29, 2022, 1:04 AM
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SproutingTowers SproutingTowers is offline
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Musk should buy it and put the Twitter HQ there. Lots of free advertising with a big Twitter sign on it so close to Q2 Stadium to be viewed on TV during televised games.
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  #132  
Old Posted Jan 26, 2023, 4:17 PM
agsatx88 agsatx88 is offline
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AE Design Intake for this address.

"Requesting a dip/relocation along Burnet Rd in front of the stadium tower development."

Does this have anything to do with the actual project?

https://abc.austintexas.gov/public-s...ertyrsn=307370
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  #133  
Old Posted Jan 26, 2023, 10:12 PM
StoOgE StoOgE is offline
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Originally Posted by agsatx88 View Post
AE Design Intake for this address.

"Requesting a dip/relocation along Burnet Rd in front of the stadium tower development."

Does this have anything to do with the actual project?

https://abc.austintexas.gov/public-s...ertyrsn=307370
Looks like the applicant does work for projects so very very likely.
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  #134  
Old Posted May 1, 2023, 3:25 AM
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SproutingTowers SproutingTowers is offline
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A lake has formed.


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  #135  
Old Posted May 1, 2023, 4:31 AM
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Echostatic Echostatic is offline
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That poor little skidsteer, left alone on an island in Lake Q2.

But seriously, that can't be good for the site. At least the crane bases are out of the water.
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It can be done, if we have the will.
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  #136  
Old Posted May 30, 2023, 8:37 PM
mtb_jeremy mtb_jeremy is offline
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I saw today they are putting up a basic wooden fence around the big pit. It is basically what you would see in a suburban neighborhood, as a way to block the view and keep people out.
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  #137  
Old Posted May 30, 2023, 9:24 PM
We vs us We vs us is offline
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Lake Q2. Swim at your own risk.
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  #138  
Old Posted May 30, 2023, 10:02 PM
FrankLloydLeft FrankLloydLeft is offline
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Originally Posted by We vs us View Post
Lake Q2. Swim at your own risk.
As much as I'd rather see some development/housing fill it in, I'd be ecstatic to see another swimming hole open up.

Shouldn't be too hard to make a natural pool out of a pit.
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  #139  
Old Posted May 31, 2023, 1:41 PM
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ahealy ahealy is offline
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Originally Posted by FrankLloydLeft View Post
As much as I'd rather see some development/housing fill it in, I'd be ecstatic to see another swimming hole open up.

Shouldn't be too hard to make a natural pool out of a pit.
Careful, all the tech bro transplants will think it's swimmable just like they do with town lake in the summer.
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  #140  
Old Posted May 31, 2023, 5:06 PM
dilliam dilliam is offline
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Careful, all the tech bro transplants will think it's swimmable just like they do with town lake in the summer.
I mean, it's perfectly fine to swim in. Its basically for liability reasons why it's not technically allowed. https://www.austintexas.gov/blog/lad...iction-or-fact.

In fact, the swimming leg of the CapTex triathlon last week takes place in town lake.
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