Quote:
Originally Posted by GoldenBoot
Yes...and they don't have a real estate agency tagged to lease the office space. Everything Sutton & Co. are saying, at this point, still leads me to believe they are just trying to increase the value of the property; then sell it to a developer who has actual experience in developing $500+ million high-rise projects.
Another point: up until now, they have "marketed" this development to include Austin's new tallest. Now they are "down playing" that notion and saying it will not contain the tallest building in Austin. So what is it? I hope i am wrong; but, I still think they don't really know...because they intend to sell the land once they obtain the proper entitlements for a development of this scope.
Thus far, this project is following an eerily similar path to that in which Tom Stacy took with his "Sixth & Congress development."
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I tend to agree. The give away for me was the mention of maxing out the lame 12:1 FAR. The are maxing sell value. They may submit a request to increase far if they don't get buyers at current far.