Just noticed that Magellan is developing a new, three-tiered, mixed-use tower in downtown Chicago called Wanda Vista. It will become the city's third tallest at 1,144 ft. and designed by
Studio Gang Architects. Studio Gang designed Aqua, another of Magellan's developments.
I believe it is safe to assume that Magellan is maximizing its resources in the development of this project, as it is far more high profile than anything they are working on here in little 'ole Austin. Having said that, their may be a chance any 5th & Brazos project may not come to fruition (at least one being developed by Magellan).
Let's look at the timeline: big announcement where Magellan said they are "not afraid of going tall" in Austin; initial proposal was for a 47-story hotel/condo tower; project downsized to 36 floors and changed residential units to rental; still no announcement of a hotel operator; etc...
The trajectory seems to be downward. I would rather they walk away from the project than develop something "cheaper" than this one has already become.
Just my opinion.