Austin Projects & Construction

[Mopacs]

Great location! Extending the Hike & Bike trail will make this tract all the more valuable... easy access to downtown and auditorium shores (and of course the bats).

[greenbelt]

I know, exciting. Wonder how jammed in 3 --> 18 foot towers would be there?
If somewhat thin and well designed with open space between, it could be great. If blocky and bold, blocking views, not so good. I'm hopeful this will be great.

[Atlriser]

LookingUp - I've had issues with your blatant confrontational attacks back in May & June. Now you’re back again attacking the same projects which happen to be competitors of some group you are interested/affiliated with which remains unclear. I just wanted to point this out again.

Living in a high-rise condo is completely different than living in a suburban or even urban single family home. The people contemplating such a lifestyle as high-rise urban living don't seek the same type floor plans, layouts, bathrooms, etc as others. I'm a single family home owner while most of my friends live in the many new high-rises in Atlanta (4 of which Novare has built here). To me, I could never live in these buildings. I've contemplated such a lifestyle change and recently had several appointments to see the Atlantic (new near luxury Novare tower in Atlanta breaking ground in November). While it would be nice and have advantages to change my home style of living, my family loves the lifestyle afforded by a single family home. Condo buyers are much different. I love love love visiting my friends condos all of which have wonderful tasteful finishes but a different feeling than my home, but when I leave their places I’m happy to drive to my home (less than 2 miles from the heart of downtown) see my yard and pull into my drive instead of a 5 story garage. Novare, T-Stacy, Amli and all the others are selling a lifestyle not just a home. That’s what you fail to grip apparently.

Believe me it took Atlanta 25 years to progress to a city ready for high-rise condo living, but about five years ago Novare started developing here in Atlanta. Since that time for the first time since 1971, Atlanta City lead the metro area in population increases last year and the population of the city has now increased since 2000 to levels not seen since the 1960’s. Novare discovered an untapped market here in the south (as have many of the other developers in Atlanta/Austin) and has spread that success to Nashville, Charlotte, Tampa and possibly Austin.

While the Austin market is different than Atlanta, they are still some very similar underlying conditions which are leading to the same condo boom in Austin that Atlanta is seeing. Someone posted a few pages back that Austin was probably the only market not tanking. Austin and Atlanta are about the only 2 markets not tanking actually. Both are booming and all trends, studies, predictions and so forth show that will continue for the next 15 years with constant steady absorbable growth and average steady home price increases (vs the cyclical national housing market). I’m sorry to keep pointing out Atl here but the influx and changes occurring here are being driven by a lot of the same ones in Austin so there are parallels. Austin is changing and these new towers are very in touch with those market forces and many of the developers have a proven track record. Let up on your constant attacks. Pessimism is a great reality check and very much needed but your constant barrage is tiring and questionable as to rhyme and reason as MANY on here have pointed out.

[Jdawgboy]

Watch out, Lookingup will be bashing the fact that Novare was chosen for the Post Office site anytime now. I just hope they build 50,60,70+ story tower there and Ill be happy...

[LookingUp]

Originally Posted by Atlriser

[COLOR=black]LookingUp - Living in a high-rise condo is completely different than living in a suburban or even urban single family home. The people contemplating such a lifestyle as high-rise urban living don't seek the same type floor plans, layouts, bathrooms, etc as others. I'm a single family home owner while most of my friends live in the many new high-rises in Atlanta (4 of which Novare has built here). Novare, T-Stacy, Amli and all the others are selling a lifestyle not just a home. That’s what you fail to grip apparently.

Just look at the bathrooms. I haven't seen anyone (except Student Housing) have such small bathrooms. It's a deal breaker.

I agree with your comments about Atlanta and the "condo" lifestyle, but I've never seen any developer put such cheap bathrooms in a high-rise building - a toilet between a sink and a tub. It would be embarassing to have guests use these so-called bathrooms. Novare could have (and has in other cities) done much better.

I am not promoting any other Austin development, although I have invested in several. I simply believe Novare-360 has made a big mistake with these ultra-cheap bathrooms. This will make it very difficult to sell these condo units. We'll see if Spring does any better.

[StoOgE]

My condo has a bathroom EXACTLY like those in the 360. Your right though looking up, I dont let my friends use the bathroom, because Im so terribly embarrased... heck, 2 of my parents bedrooms in a 2800 SQ ft house are that basic layout. And the one that isnt is in the master bedroom so guests dont use that one anyway.

its a single bedroom condo. its also rather small. space sacrifices are going to have to be made, and thats not a very big deal. I'd rather have that space in my living room then the bathroom.

Im more than willing to sacrifice a garden tub for the location I live in.

Please, feel free to send my more Private messages calling me an idiot though or maybe you want to make fun of my home, Im expecting them.

[Kropotkin]

Looks like the crane for the Monarch will be up soon. As I rode by the worksite this morning, a few semis were pulling in with the various erector-set pieces; I got a good look at the controller booth. The whole thing be white in color.

[crewer]

I'm not sure this bathroom topic is worth discusssing. Judging from the floorplan, the bathroom doesn't look any different from those in the new condos they've built in DC. In fact, high rise condos are all getting to look like cookie-cutter layouts. I can now accurately predict what a condo's floorplan will look like before I open the front door of an "open house" unit.

Cheap finishes shouldn't be cause for alarm. What I predict happening in downtown Austin is that the saturation point will hit very soon, and developers will be left with many unsold units due to dropped contracts or lack of interest. Be prepared, because it will happen almost overnight like it has in most other cities. Then, the developers, rather than lower the prices, will dump in tons of upgrades, converting those lackluster bathrooms into something even your mother would love

[actham]

I agree with Stooge. I use my bathroom for two reasons...neither of which makes me want to spend a whole lot of time in there. I would much rather have a small bathroom that would leave more space for a larger bedroom or living area. Quality cabinetry with the marble countertops, a toilet, and a shower (rather than a tub) would suit me just fine.

[DTAustin]

I went to the 360 party last Thursday... They didn't have a lot of info - no solid pricing and no finalized floor plans. There are few plans on the website, but not all of them. I did find out the following:

There are four two-bedroom floor plans, which range from approximately 1100 sq ft to 1500 sq ft, and $280,000 to $500,000 depending on the size and floor. I don't know about the other floor plans.

There are two customer lists. One for 'regular' customers and one for the penthouse customers.

HOA fees are targeted at $0.30/sq ft, which seems a bit low to me since they are talking about concierge service, etc. I don't know the total budget, but know that the higher end condos downtown have an HOA budget in the high six-figures. Does anyone know the total square footage of the project?

I was told by the sales person that the sales office will be open in January. Pricing and floor plans will be available then.


I also stopped by the Shore sales office. I was told that 80% of the condos are under contract. I'm not sure if all of those are under contract or if that is what the sales person is hoping will happen. The price range is $300-500K for the remaining condos. Also, I was told that they received financing in the beginning of September.

[Jdawgboy]

The Shore is about 80 percent under contract. In fact I drove by the lot over the weekend and there is definatly ground work proceeding wich means probably wont be that long maybe a month or so before we see a crane up there. But I do have a question as to how and where they are placeing the Hotel. Are they placing the hotel closest to Davis street or on the northside or are they placing it on the southside of the Shore?

[Mopacs]

Originally Posted by Jdawgboy

The Shore is about 80 percent under contract. In fact I drove by the lot over the weekend and there is definatly ground work proceeding wich means probably wont be that long maybe a month or so before we see a crane up there. But I do have a question as to how and where they are placeing the Hotel. Are they placing the hotel closest to Davis street or on the northside or are they placing it on the southside of the Shore?

Based on the locator map and rendering below, it appears the Hotel Van Zandt will be oriented perpendicular and to the north of The Shore. In other words, the hotel will have an E-W orientation along the south side of Davis St:




I could be wrong though...

[MichaelB]

Originally Posted by Mopacs

Based on the locator map and rendering below, it appears the Hotel Van Zandt will be oriented perpendicular and to the north of The Shore. In other words, the hotel will have an E-W orientation along the south side of Davis St:




I could be wrong though...

Hey Mopacs..... went by the sales office and looked at the model. I think you are correct.

[ATLtransplant]

This was in our paper last week (the Atlanta Journal Constitution) on Austin (I'm sure it was in the Statesman too since they are both owned by Cox). I thought it may be an interesting and a great explanation for some of the emerging condo boom in Austin.

"Tired of waiting in lines or sitting in traffic? Move to the Texas captial, which was named 'America's most impatient city' by eBay Express. In a study of the top 20 American cities, Austin, Texas, topped the list of cities with the most timesaving services. The city has the highest per capita 'in and out' gyms, quick-copy centers and quick-change oil services. Additionally, the city is building a tool perimeter highway that only accepts electronic cards. The eBay Express study assessed a city's "impatience" by the number of convenience-orientated services on a per-capita basis. Services included convenience stores, one-hour cleaners, Wi-Fi hot spots and speed dating services among others."

[MichaelB]

Originally Posted by ATLtransplant

This was in our paper last week (the Atlanta Journal Constitution) on Austin (I'm sure it was in the Statesman too since they are both owned by Cox). I thought it may be an interesting and a great explanation for some of the emerging condo boom in Austin.

"Tired of waiting in lines or sitting in traffic? Move to the Texas captial, which was named 'America's most impatient city' by eBay Express. In a study of the top 20 American cities, Austin, Texas, topped the list of cities with the most timesaving services. The city has the highest per capita 'in and out' gyms, quick-copy centers and quick-change oil services. Additionally, the city is building a tool perimeter highway that only accepts electronic cards. The eBay Express study assessed a city's "impatience" by the number of convenience-orientated services on a per-capita basis. Services included convenience stores, one-hour cleaners, Wi-Fi hot spots and speed dating services among others."

that is hysterical!!!!!! What a interesting way to view a city!

[JRCool]

Is there a link to that artical?

[crewer]

Originally Posted by ATLtransplant

"...Move to the Texas capital, which was named 'America's most impatient city' by eBay Express."

eBay Express!??? Not sure I would have ever pictured eBay as an authority on such information, but then, these days, everyone's an authority on something it seems.

On another topic, I came across this article (piece of article) in the LA Times. Though it's focus is California, since the feds are getting involved, it will influence purchasing power all over the country. It will be interesting to see if it will influence the downtown condo market.

“Federal regulators are casting a disapproving eye on mortgages that give borrowers low introductory rates but let them pile up more debt over the long run, a loan feature favored by hundreds of thousands of Californians.”

“Starting this month, federally chartered lenders are being discouraged from qualifying buyers based on the low starter rates, when only the interest or a portion of the interest is due. Instead, they are being urged to evaluate the borrower’s ability to pay for the loan at the full rate.”

“Regulators are trying ‘to add some discipline to the lending process,’ said Richard Wohl, president of Pasadena-based Indymac Bank. ‘Whenever you do that, you’re going to have some [borrowers] that won’t have the product available to them.’”

“The regulators say they will ‘carefully scrutinize’ lenders to see whether they are following the new rules. Those who fail to do so, the guidance summary warns, ‘will be asked to take remedial action.’”

“The guidance applies only to federally chartered lenders, including Indymac, Countrywide Financial Corp., Washington Mutual Inc. and other behemoths. State-chartered banks, which are smaller but more numerous than federal banks, are not affected.”

“Indymac’s option ARM business is shrinking anyway, Wohl said, as interest rates fall and customers move to the certainty of fixed-rate loans. Even so, interest-only and option ARM loans accounted for more than half of first-time mortgages and refinancings in the state in July, according to First American LoanPerformance.”

“Kathy Dick, deputy U.S. comptroller for credit and market risk, said interest-only loans and option ARMs originally were for a minority of savvy, well-off people whose income was variable, the self-employed and those who worked on commission or were paid intermittently.”

“‘Now they’re used to get someone into a home without a real analysis of their ability to pay,’ Dick said. ‘Lenders are qualifying people for homes they can’t afford. We felt that wasn’t consistent with prudent lending principles.’”

“‘Just as the loosening of credit standards made the housing bubble go higher and last longer, the tightening of standards is going to make it deflate further and faster,’ said Michael Calhoun, president of the Center for Responsible Lending. As borrowers find they qualify only for smaller loans, Calhoun predicted, sellers will have to cut their prices.”

“‘There’s some pain coming,’ he said, noting that California ‘is at ground zero on this.’”

“‘There will be fewer leveraged loans of this kind, and it will depress some home prices,’ said Allen Fishbein, director of housing and credit policy for the Consumer Federation of America.”

[LookingUp]

Originally Posted by crewer

On another topic, I came across this article (piece of article) in the LA Times. Though it's focus is California, since the feds are getting involved, it will influence purchasing power all over the country. It will be interesting to see if it will influence the downtown condo market.

“Federal regulators are casting a disapproving eye on mortgages that give borrowers low introductory rates but let them pile up more debt over the long run, a loan feature favored by hundreds of thousands of Californians.”

“Starting this month, federally chartered lenders are being discouraged from qualifying buyers based on the low starter rates, when only the interest or a portion of the interest is due. Instead, they are being urged to evaluate the borrower’s ability to pay for the loan at the full rate.”

“Regulators are trying ‘to add some discipline to the lending process,’ said Richard Wohl, president of Pasadena-based Indymac Bank. ‘Whenever you do that, you’re going to have some [borrowers] that won’t have the product available to them.’”

“The regulators say they will ‘carefully scrutinize’ lenders to see whether they are following the new rules. Those who fail to do so, the guidance summary warns, ‘will be asked to take remedial action.’”

“The guidance applies only to federally chartered lenders, including Indymac, Countrywide Financial Corp., Washington Mutual Inc. and other behemoths. State-chartered banks, which are smaller but more numerous than federal banks, are not affected.”

“Indymac’s option ARM business is shrinking anyway, Wohl said, as interest rates fall and customers move to the certainty of fixed-rate loans. Even so, interest-only and option ARM loans accounted for more than half of first-time mortgages and refinancings in the state in July, according to First American LoanPerformance.”

“Kathy Dick, deputy U.S. comptroller for credit and market risk, said interest-only loans and option ARMs originally were for a minority of savvy, well-off people whose income was variable, the self-employed and those who worked on commission or were paid intermittently.”

“‘Now they’re used to get someone into a home without a real analysis of their ability to pay,’ Dick said. ‘Lenders are qualifying people for homes they can’t afford. We felt that wasn’t consistent with prudent lending principles.’”

“‘Just as the loosening of credit standards made the housing bubble go higher and last longer, the tightening of standards is going to make it deflate further and faster,’ said Michael Calhoun, president of the Center for Responsible Lending. As borrowers find they qualify only for smaller loans, Calhoun predicted, sellers will have to cut their prices.”

“‘There’s some pain coming,’ he said, noting that California ‘is at ground zero on this.’”

“‘There will be fewer leveraged loans of this kind, and it will depress some home prices,’ said Allen Fishbein, director of housing and credit policy for the Consumer Federation of America.”

That's great news. Well, not if you're a mortgage broker. Why do we still have mortgage brokers? When will they be extinct? Like stock brokers, travel agents and someday realtors? It isn't complicated to understand a mortgage - interest rate and term. Read the fine print. These ARMs are stupid - either you can afford it or you can't.

Europe already has "portable mortgages" take them from home to home. E-Loan is trying this in the US.

[Strayone]

Here are some pics of The Texas School for the Deaf, that a friend had. I took them with my phone, sorry about the clarity. They are circa 1972. The school was alot smaller then, alot of the buildings have been replaced. DT looks so different, nice look at the past.

[Mopacs]

Here's updated news regarding the new Austin City Limits theater in the 2nd St retail/entertainment district. The venue will be located at the base of the "Block 21" development, which will include a W Hotel, Condos, retail, restaurants and the Austin Children's Museum.

Article from today's Statesman (10/11/06):

http://www.statesman.com/news/content/news/stories/local/10/11/11block21.html

New "Austin City Limits" home will have 1,000 seats, year-round performances
Famous music program will be star tenant in downtown development

By Shonda Novak, Michael Corcoran
AMERICAN-STATESMAN STAFF
Wednesday, October 11, 2006

ANDERSSON-WISE ARCHITECTS, AUSTIN

The new 'Austin City Limits' venue, slated for Second and Lavaca streets in a rendering of the Stratus Properties Inc. mixed-use development, will include seating for 1,000, a store and VIP suites.




When the 35th season of "Austin City Limits" debuts in 2009, the acclaimed music show plans to be in new downtown quarters, with room for an audience of 1,000 people. The new venue, part of a major development on the block north of City Hall, will have other live performances year-round, not just when the famous public television show is being taped.

Many things won't change when "ACL" moves from the University of Texas to downtown: Admission and beer will be free, at least for now, and the backdrop will still show the Austin skyline.

But instead of riding a creaking elevator up to the studio, fans will enter off Second Street, beneath an electronic billboard promoting shows, and they'll be able to buy show-related products at a new store. VIP suites overlooking the studio will help KLRU raise money.

"We'll do our best to maintain the elements people have come to associate with 'Austin City Limits,' like the Austin skyline and backdrops, but the idea is to make this an 'ACL' experience, just like it has been here (at UT) for 32 years," said Bill Stotesbery, station manager for KLRU-TV, which produces the show with Capital Sports & Entertainment.

The music show will be a star tenant in a mixed-used development Stratus Properties Inc. plans for the block, bounded by Second and Third streets, Lavaca and Guadalupe. The project will include an upscale W hotel with 235 rooms, 155 condominiums, offices, shops and a new home for the Austin Children's Museum.

Stratus hopes to break ground early next year. The company has hired Andersson-Wise Architects of Austin to design a building, with a four-story element on Second Street and a tower of about 30 stories on the north side of the block. Stratus will own the music venue and will pay "ACL" for the rights to use the name on the theater.

"Austin City Limits" has been housed in the same small studio on the UT campus since it started in 1975. With just 320 seats, the studio can't begin to accommodate the number of people who want to attend tapings. The show can't even hang a sign on the building, and parking is a problem.
KLRU offices and production facilities will remain at the University of Texas. KLRU plans a formal announcement Friday at a fundraising gala on the site. The event includes a performance by Los Lonely Boys.
Only a few $500 tickets remain.

"The project is in its early stages, but we've gotten far enough to make a public announcement Friday," Stotesbery said. "We are happy that we're going to be more central to the entertainment district of the city."
In addition to the "ACL" tapings, the venue will be used for other KLRU-related activities, possibly a speaker's series, and other productions, music and otherwise, Stotesbery said.

He said details of booking and financial arrangements still are being worked out. Stratus will build the facility at no cost to KLRU, Stotesbery said. KLRU will buy equipment to create a state-of-the-art digital production facility. He said the cost is not yet known, but KLRU might raise money from a capital campaign and look for private-sector partners to donate equipment.

The "Austin City Limits" stage and children's museum would join an area of downtown already undergoing an arts revival.
A couple of blocks away, the Austin Music Hall is being revamped into a 2,800-seat venue. Direct Events, the music production company that also runs the nearby La Zona Rosa and the Backyard on Texas 71, is renovating the 11-year-old hall with help from the Novare Group and Andrews Urban, developers of the neighboring 360 Condominiums.
At San Antonio and Third streets, Ballet Austin is building its headquarters, which will have a small performance space.

Directly across Town Lake, the Long Center for the Performing Arts is rising on the old Palmer Auditorium site, with symphony, ballet and opera performances expected to begin in 2008.

[email protected], 445-3856;
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