Austin Projects & Construction

[Kropotkin]

This article about extending Town Lake Trail certainly bares on downtown-ish development:


http://www.statesman.com/life/content/life/stories/health/10/02/2fitcity.html


The article discusses finishing the 1.25 mile gap along the south edge of the trail, where one must run or ride on the sidewalks along Riverside.

If this is indeed to be finished, look for development interest for high-rises to push decisively into E. Riverside. There are already a few projects that are on the table for that area, but by connecting the trail along the lake, that'll really generate more interest in the longterm. No doubt, that area needs it too!

[greenbelt]

more trails would be great. especially with the way this town is growing.

[LookingUp]

Novare - 360 Condos - Small Units / Big prices.
(Now on their website - www.lifesurroundsyou.com).

Have a look - they're as bad as I had feared. The budget-bathrooms simply have a sink, next to a toilet, next to a tub. In the 1B Units (800 SF) the bedrooms have no windows - they use a half-wall. Most bedrooms don't even have a door. The 2-B Units (1200 SF) have no walk-in closets and the same incredibly cheap bathrooms. If you scale the drawings you'll notice the bedrooms average about 10 ft. by 12 ft. (a few slightly larger). In all the plans there is very little "living area," with most units having only about 12 ft. by 15 ft. for entertaining. All the kitchens are what you'd find at a typical apartment (Gables/AMLI).

Everyone in this Forum knows I have made this an issue simply because I believe Novare-360 has tried to mislead potential buyers. Hundreds of people expressed interest on their website because of the "published" prices of $200,000. It turns out there will be less than a dozen units (efficiencies) available at this price. the 1-B Units start at $240,000 and the 2-B Units start (coincidentally) at $360,000 (about $300 PSF). Units in the top half of the tower are priced up to $400 PSF. Surprise.

It will be interesting to see how many "interested" people are still interested when they see these floor-plans and the understand the pricing. Other developers announced with their floor-plans and pricing upfront (The Shore, Milago and others). Now, we all know what Novare-360 was hiding.

Finally, I have to admit I have been very critical of Milago and their floorplans/pricing, but the "market" spoke and that is a successful project. If anyone simply compares the Milago floor-plans to Novare-360 - Milago wins on ALL counts. Milago is an admittedly "near-luxury" condo product, but they have delivered more value to buyers than Novare-360 ever will. Is Novare-360 a "no-where-near-luxury" product? The market will decide if this budget-style of high-rise living is worth the prices sought by the developer.

Let's watch what happens to buyer interest when people really understand the Novare-360 offer - small apartments at big prices. This should begin happening this Thursday evening at La Zona Rosa. Just wait until they see the floorplans AND prices.

I am not against any development project - I just think developers AND buyers are better served with complete, accurate information and some objective analysis.

[Northcrossed]

Originally Posted by greenbelt

more trails would be great. especially with the way this town is growing.

Maybe it could be built as a toll trail.

[LiveattheOasis]

I don't think the floorplans are that bad. They are certainly pricey, but we all knew that they would be. Can you link the Milago floorplans just to get an idea?

[LookingUp]

Originally Posted by LiveattheOasis

I don't think the floorplans are that bad. They are certainly pricey, but we all knew that they would be. Can you link the Milago floorplans just to get an idea?

A toilet between a tub and a single sink. This ultra-cheap bathroom is in every Novare-360 floor-plan. It would be more appropriate in student-housing to have such cramped quarters.

Maybe Kevin can provide links for everyone.

[DrT]

Re: 360 Condos
For generic Novare architecture and the units around one long hallway (hotel feel), I was hoping for maybe $250/ft. For $300 to $400/foot, I'll wait to see what the Pelli designed 501 Congress and the 200 Congress projects have to offer (or the Seaholm condos) before I'll consider buying.

[ATLtransplant]

Geez, that's a pretty steep price for a novare building! I live in one of their properties in Atlanta, and considering the cost of living in Ausitn isn't much higher I would have expected the prices to be about the same. I think that Austin is catching on to the high-rise condo boom a little late in the game. There are limited high-rise condo opportunities in Austin, so I think Novare gambling on the fact that Austinites will pay a premium for the fact that this is the tallest all residential building, and probably will be for a long time. Look for Novare to push this one out at a fast pace. Once the foundation and garage are done the'll be putting up a floor/week easy. For those of you looking to buy and flip quick this could prove challenging in such a large building. That was the strategy for many in my building 360's 28-story sister and a few are still for sale or have barely broken even.

An interesting note: Novare just announced raising $6.9M for this project through private investors. The minimum investment is now $100K, when the previously did this (for a much larger sum) the minimum investment was $1M. They must be squeezing as much as the can from the banks and the banks must be getting more leary of such investments with the teetering Real Estate market futures.

http://atlanta.bizjournals.com/atlanta/stories/2006/10/02/story13.html

[Strayone]

I tell you what after looking at the floorplans for 360, on their site. I can say I think they did a very good job making 721+ ft look pretty spacious. They only sacrificed bedroom windows so they could have a 50 or 64 sq. ft. balcony on all units , I think these aren't as generic as a toilet and running water as the floorplan looks. I didn't expect to see a jucuzzi and gym involved in a 700+ sft. wonderful view (allbeit expensive] first of it's stature condo developement. As for bedroom doors, put up some beads.

[LookingUp]

Originally Posted by ATLtransplant

An interesting note: Novare just announced raising $6.9M for this project through private investors. The minimum investment is now $100K, when the previously did this (for a much larger sum) the minimum investment was $1M. They must be squeezing as much as the can from the banks and the banks must be getting more leary of such investments with the teetering Real Estate market futures.

http://atlanta.bizjournals.com/atlanta/stories/2006/10/02/story13.html

Read it.

They are trying to raise this money now - so, the deal is NOT financed. Thursday night will be important. Let's hope the buyers don't see those floor-plans, especially the bathrooms.

I saw some of Spring's floorplans - they're worse than Novare - 360. They are trying to schedule some type of event for early November. I hope they release their floor-plans and pricing soon. Call them.

[Kropotkin]

You can more-or-less see what the final units for 360 will look like by looking at condos for sale/lease at the Spire resident's website:

http://www.athomenet.com/spire/outside_frame.asp

[KevinFromTexas]

Originally Posted by LiveattheOasis

I don't think the floorplans are that bad. They are certainly pricey, but we all knew that they would be. Can you link the Milago floorplans just to get an idea?

Click on "Photos", and use the arrows to guide you through the pictures. "Floorplans & pricing" just takes you to a page that says all the floors are sold out. Apparently the Milago Condos is completely sold out.
http://www.milagocondos.com/

[Mopacs]

Originally Posted by Talon

It's the other side of the same building I think. If you drive by the front side of the the construction on Parmer you can see that the building has two higher structures on either side of the large center area. Unless the perspective from mopacs picture has completely thrown me off.

The photo was taken from approx 5 miles SSW of the construction site, at I-35 and 290E. I haven't seen the project at close range, so its hard for me to get a good perspective as to where the individual building(s) are located on the tract.

BTW, the blue crane on the left is HUGE.. I never quite relized the scale of that guy until I spotted the construction site heading ESE on 183 near Oak Knoll... you would think the crane was less than 2 miles away.

[Mopacs]

Originally Posted by Kropotkin

This article about extending Town Lake Trail certainly bares on downtown-ish development:


http://www.statesman.com/life/content/life/stories/health/10/02/2fitcity.html


The article discusses finishing the 1.25 mile gap along the south edge of the trail, where one must run or ride on the sidewalks along Riverside.

If this is indeed to be finished, look for development interest for high-rises to push decisively into E. Riverside. There are already a few projects that are on the table for that area, but by connecting the trail along the lake, that'll really generate more interest in the longterm. No doubt, that area needs it too!

The idea of building a boardwalk has been discussed for many years, but there hasn't really been a strong initiative to push it through. Now is the time.. while the iron is hot and developers are still gung-ho over our condo market. Have them contribute as Constellation properties has offered and it will become reality.

This is the first rendering I've seen of the proposed boardwalk. This looks to be near Joe's Crab Shack, just W of I-35. Great idea and great views to boot!

[DTAustin]

Originally Posted by KevinFromTexas

Click on "Photos", and use the arrows to guide you through the pictures. "Floorplans & pricing" just takes you to a page that says all the floors are sold out. Apparently the Milago Condos is completely sold out.
http://www.milagocondos.com/

Milago was 100% pre-sold with refundable deposits when it opened. However, I think about 15% of those people backed out (getting back their deposit) before they closed. I also believe those units have since sold.

An interesting side note: The developer required that everyone who signed a contract also signed a document stating that they woudn't sell their condo within 1 year or before the developer sold all of his stock. I'm not sure this is legal or how you would enforce it, but it is interesting to me.

[DTAustin]

Originally Posted by LookingUp

Novare - 360 Condos - Small Units / Big prices.
(Now on their website - www.lifesurroundsyou.com).

Have a look - they're as bad as I had feared. The budget-bathrooms simply have a sink, next to a toilet, next to a tub. In the 1B Units (800 SF) the bedrooms have no windows - they use a half-wall. Most bedrooms don't even have a door. The 2-B Units (1200 SF) have no walk-in closets and the same incredibly cheap bathrooms. If you scale the drawings you'll notice the bedrooms average about 10 ft. by 12 ft. (a few slightly larger). In all the plans there is very little "living area," with most units having only about 12 ft. by 15 ft. for entertaining. All the kitchens are what you'd find at a typical apartment (Gables/AMLI).

Everyone in this Forum knows I have made this an issue simply because I believe Novare-360 has tried to mislead potential buyers. Hundreds of people expressed interest on their website because of the "published" prices of $200,000. It turns out there will be less than a dozen units (efficiencies) available at this price. the 1-B Units start at $240,000 and the 2-B Units start (coincidentally) at $360,000 (about $300 PSF). Units in the top half of the tower are priced up to $400 PSF. Surprise.

It will be interesting to see how many "interested" people are still interested when they see these floor-plans and the understand the pricing. Other developers announced with their floor-plans and pricing upfront (The Shore, Milago and others). Now, we all know what Novare-360 was hiding.

Finally, I have to admit I have been very critical of Milago and their floorplans/pricing, but the "market" spoke and that is a successful project. If anyone simply compares the Milago floor-plans to Novare-360 - Milago wins on ALL counts. Milago is an admittedly "near-luxury" condo product, but they have delivered more value to buyers than Novare-360 ever will. Is Novare-360 a "no-where-near-luxury" product? The market will decide if this budget-style of high-rise living is worth the prices sought by the developer.

Let's watch what happens to buyer interest when people really understand the Novare-360 offer - small apartments at big prices. This should begin happening this Thursday evening at La Zona Rosa. Just wait until they see the floorplans AND prices.

I am not against any development project - I just think developers AND buyers are better served with complete, accurate information and some objective analysis.

Can anyone point me to the pricing for 360 or is it not available yet? I can't find it.

[LookingUp]

Originally Posted by DTAustin

Can anyone point me to the pricing for 360 or is it not available yet? I can't find it.

It came in an email from Novare. $300 - $350 PSF.

Go to the La Zona Rosa Thursday evening (6-9pm) and they'll have more info.

[adamhodges]

so i just drove through downtown on my way home and saw a trialer office and some dumpsters in the lot between the Amli's! are they about to start clearing that lot?

[Mopacs]

News on the downtown post office redevelopment....

http://www.statesman.com/business/content/business/stories/realestate/10/05//5postoffice.html

Developer picked for downtown post office site

Highrise will replace 10-year old postal facility



By Shonda Novak
AMERICAN-STATESMAN STAFF
Thursday, October 05, 2006

After 10 years, the downtown post office could be getting a new address.

The U.S. Postal Service has chosen Atlanta-based Novare Group Inc. and its local partner, Andrews Urban LLC, to redevelop the site, on Guadalupe Street between Fifth and Sixth streets.

While plans still are being developed, Novare plans a "high-density, mixed-use development that Austin and the Postal Service will be proud of," said Billy Holley, the firm's lead developer for Austin.
The project will include a new post office, either as part of the new project or within a block.

The Postal Service put the site up for bid in August and got six proposals. The other companies weren't identified. Novare was the best qualified, spokesman Sam Bolen said.

"Now we'll begin negotiations to develop the downtown station property, which will include a new facility equal to or better than we have today and best meets the needs of our customers in that area," he said.
Novare already is making a mark in the residential development surge downtown.

At West Third and Nueces streets, it's building 360, a 44-story, 432-unit condominium tower that will open in 2008. It's also a partner in a $5 million expansion and renovation of the nearby Austin Music Hall that starts next year.

City leaders and developers long have said the post office site was underused, especially in light of the effort to dramatically increase the number of people living downtown and generate more tax revenue by making maximum use of prime sites.

Unlike some downtown sites, the post office block is exempt from Capitol view restrictions, meaning there's no limit on how high a building there can go. But the post office, built in 1996, is just two stories and occupies only about a quarter of the site.

Mayor Will Wynn has been lobbying postal officials for several years to "have the mistake of the current downtown post office corrected."
In an August e-mail to the Austin American-Statesman, he cited the "poor design and a horrific pedestrian environment" and called the underuse of the land "sinful."

Bolen said Andrews Urban "basically was selected to provide the space that we need and to purchase the property at a price we can accept," although there's no offer on the table yet. City officials and the public will have input on the new postal facility, said Greg Eden, a consultant who bought postal officials and Novare/Andrews Urban together.
The developers could build a new post office nearby or include it as part of the mixed-use development on the current site.

Under federal regulations, there must be at least one public hearing to show the project to the public and let people comment. The hearing will involve only the post office, not the private development.
The first hearing could come within two months, Eden said.

"It's important that people know this is a public-private effort," he said, adding that he hopes the new facility "will be more attractive than the current facility."

[greenbelt]

DOWNTOWN AUSTIN
East Riverside project would add apartments, condos, extend hike and bike trail
By Shonda Novak
AMERICAN-STATESMAN STAFF
Thursday, October 05, 2006



A local real estate investment firm plans an 840-unit apartment and condominium complex on East Riverside Drive,
the biggest project by far in the residential boom in and near downtown.

The developer, CWS Capital Partners LLC, is offering to donate land to the city to extend the hike-and bike-trail
eastward by a third of a mile. The project will replace apartment buildings at 222 and 300 East Riverside with three
18-story buildings, said Richard Suttle Jr., an attorney for the developer.

Two condo buildings each would have about 243 units. An apartment building would have about 352. All buildings
would include parking garages. CWS would give the city about an acre of lakefront land worth millions of dollars as
part of the project, Suttle said, as well as room for a park police substation. That would help the city extend the hike
and bike trail, which now ends just east of the Austin American-Statesman building, forcing runners and walkers
onto sidewalks along a busy stretch of Riverside. Suttle said he plans to meet with nearby residents today, hoping to
gain their support for the project. "I'm hoping there's some flexibility there. There's a good rationale for it," saying
the developers would be adding trail and parkland area with public access along Town Lake.

The project would need approvals from the city Parks and Recreation Board and the Planning Commission because
the developers want to build within 80 feet of Town Lake; city rules require a 150-foot setback. Suttle said some of the
current apartments, built more than 30 years ago, come as close as 20 feet. CWS hasn't set prices, but Suttle said
they will be competitive with other new downtown projects.

Many of those have been in the higher price ranges, although some newer ones have units in the $200,000 to
$400,000 range. Suttle said about 10 percent of the units would be reserved for people making less than 80 percent
of the area's median income. Although even some developers are beginning to ask whether there's enough demand to
fill all the projects under way and planned, Suttle said, "My client's been in Austin more than 20 years. They wouldn't
be pursuing this if they didn't think the demand was there."

The project would be one of more than a dozen residential and mixed-use projects planned in and around downtown.
Increasingly, developers are turning to near-downtown areas where land is easier to find.

The biggest project under construction is Novare Group's 44-story, 432-unit condominium tower at West Third and
Nueces streets. CWS, with offices in Austin and Newport Beach, Calif., buys, develops, manages and owns residential and
mixed-use projects across the nation. The company has been active in the Austin market for nearly 30 years. It also is
building a 330-unit apartment complex in West Campus near the University of Texas.