Highland Mall Redevelopment Update Thread

[Mopacs]

That is true. The rail stop is a significant walking distance from the Dillard's space (I believe it is directly across from the old JCP)...one must cross Airport and a vast parking lot to reach. Presumably most further expansion would occur to the south of the store (toward the Highland Business Center), thus an even longer walk to those facilities.

[KevinFromTexas]

http://www.statesman.com/news/local/...l-1384528.html

ACC to buy 32 acres at Highland Mall for $14.6 million
College will own 79% of faded retail center

By Ralph K.M. Haurwitz
AMERICAN-STATESMAN STAFF
Updated: 12:22 a.m. Friday, April 8, 2011
Published: 9:56 p.m. Thursday, April 7, 2011

Austin Community College has agreed to purchase 32.2 acres at Highland Mall, including the land on which the core of the mall is situated, for $14.6 million, officials disclosed Thursday evening.

The acquisition is expected to close in mid-May and, along with two earlier purchases at the site, would bring ACC's investment in Highland Mall property to $25 million. The college would own 63.5 acres at Highland, 79 percent of the Central Austin site.

"ACC is experiencing tremendous growth, currently increasing by more than 4,000 students annually," said Stephen B. Kinslow, ACC's president and CEO . "These Highland acquisitions will play a key role in allowing us to continue meeting the vast educational and training needs of the region."

[BevoLJ]

Ah, opps. Just posted a simular story in the "Austin Update" thread. I didn't see this one. My bad. Anyway, I hope the figure out something good about this. I just saw last week they raised tuition, so hope they do have to go and do something like that again.

[KevinFromTexas]

http://www.statesman.com/blogs/conte...tion_of_h.html

ACC completes acquisition of Highland Mall
By Ralph K.M. Haurwitz | Thursday, August 9, 2012, 09:20 AM

Austin Community College has completed its acquisition of Highland Mall for $1.7 million, clearing the way for the college to move ahead with plans to revitalize the site, officials announced today.

The former J.C. Penney store is expected to open in fall 2014 after a renovation that will include creation of a “math emporium,” an open-lab space in which students can move through the remedial, or developmental, curriculum at an individualized pace.

ACC’s long-term plans call for reshaping the North Central Austin site into a “new urbanist” setting with classrooms, administrative offices and a mix of residential, retail and other commercial development, according to documents obtained last year by the American-Statesman through an open-records request. The college does not plan to develop the site into a full-fledged campus.

[Downtown_Austin]

Originally Posted by KevinFromTexas

http://www.statesman.com/blogs/conte...tion_of_h.html

$1.7mm .... oh

ACC is acquiring the entirety of Highland Mall for $1.7mm?!

I know Highland Mall is at least quasi-distressed, but for the price of a 2bd at the W Hotel, one could have taken control over Highland Mall. I just can't help but think 1) that number is wrong 2) we're missing a big part of the story.

[The ATX]

I believe earlier stories about the ACC/Highland Mall deal said that ACC was only buying a portion of the mall.

[LoneStarMike]

Originally Posted by Downtown_Austin

$1.7mm .... oh

ACC is acquiring the entirety of Highland Mall for $1.7mm?!

I know Highland Mall is at least quasi-distressed, but for the price of a 2bd at the W Hotel, one could have taken control over Highland Mall. I just can't help but think 1) that number is wrong 2) we're missing a big part of the story.

From the article:

ACC acquired all of the land, 80.8 acres, and the former J.C. Penney, Dillard's and Macy's stores in 2010 and 2011. Although the purchase price for this week's acquisition, from LNR Property LLC, was $1.5 million, various fees brought the college's cost to about $2 million, ACC spokeswoman Alexis Patterson said.

All told, ACC's acquisition of the mall has cost the college $43.1 million, including the $2 million, Patterson said.

[Downtown_Austin]

Originally Posted by LoneStarMike

Quote:
Originally Posted by Downtown_Austin
$1.7mm .... oh

ACC is acquiring the entirety of Highland Mall for $1.7mm?!

I know Highland Mall is at least quasi-distressed, but for the price of a 2bd at the W Hotel, one could have taken control over Highland Mall. I just can't help but think 1) that number is wrong 2) we're missing a big part of the story.
From the article:

Quote:
ACC acquired all of the land, 80.8 acres, and the former J.C. Penney, Dillard's and Macy's stores in 2010 and 2011. Although the purchase price for this week's acquisition, from LNR Property LLC, was $1.5 million, various fees brought the college's cost to about $2 million, ACC spokeswoman Alexis Patterson said.

All told, ACC's acquisition of the mall has cost the college $43.1 million, including the $2 million, Patterson said.

I haven't been following this too closely and I did not see that last part about 80.8 acres in today's Statemsan article. Thanks for the clarification. This makes much more sense.

[KevinFromTexas]

I'd forgotten we had a thread on this, so I moved some posts from the Austin update thread to here.

http://www.statesman.com/news/local/...f-2438451.html

ACC acquisition clears way to plan future of Highland Mall

By Ralph K.M. Haurwitz
Published: 9:13 p.m. Sunday, Aug. 19, 2012

As president and CEO of Austin Community College, Richard Rhodes oversees eight campuses, two more under construction, 11 satellite education centers, 42,000 students and 4,500 faculty and staff members.

Now comes the task of planning a "new urbanism" development to replace Austin's first regional mall, which has been in decline for years.

The latest transaction clears the way for potential commercial development in the next 18 to 36 months, said Matt Whelan, RedLeaf's principal. He said apartments are likely to be a major component of the first phase in light of high demand, with that sector's occupancy rate at nearly 98 percent in Austin.

"We see a mixed-use environment that includes multifamily residential uses as well as retail, commercial office use and potentially hospitality or hotel use, in a pedestrian-oriented environment," Whelan said. "Obviously all those things need to be planned and integrated with the college's uses so they work together in the best extent possible."

"I know of no other community college that has undertaken something like this," Rhodes said in an interview last week at his office in ACC's Highland Business Center, adjacent to the mall. "It's exciting."

[austlar1]

Kind of reminds me of a lyric from a Talking Heads song, the one that goes "How did I find myself behind the wheel of this large automobile?" The ACC president gets to play Donald Trump. I just hope that a real street grid ( a grid of public streets extending beyond the existing mall into adjacent underuntilized properties) is introduced. I'd like to see the city get in on the action and be able to provide incentives to get the adjacent properties redeveloped as well. 20 years from now we could have a truly urban cluster up in that area helping to soldify central Austin as the place to live and do business. I know a lot of SSP forumers don't see Highland Mall as being a central Austin location, but the truth is that it is very centrally located. I know two commercial real estate people in this town pretty well, and both of them talk about the Highland Mall area in terms of "location, location, location". Developing this area is not going to steal the thunder from downtown development.

[KevinFromTexas]

Originally Posted by austlar1

I know a lot of SSP forumers don't see Highland Mall as being a central Austin location, but the truth is that it is very centrally located. I know two commercial real estate people in this town pretty well, and both of them talk about the Highland Mall area in terms of "location, location, location". Developing this area is not going to steal the thunder from downtown development.

Believe me, I know it. Even though I live in South Austin, Highland Mall still feels like it's inside of what is "Central Austin" Whenever I'm up at St Edward's University looking out across the skyline, you can't really see any of the buildings at Highland Mall, BUT, you can see the Embassy Suites Hotel right across I-35. If any tall buildings go up at Highland Mall, they should be visible from that spot. Highland Mall is definitely one of the key pieces of land in the central part of the city with tons of accessibility and high visibility. Having residential towers there with views of downtown and UT would be a no brainer.

[BevoLJ]

And it has a Redline station. =)

[KevinFromTexas]

I wish there was more to this.

http://www.bizjournals.com/austin/pr...land-mall.html

ACC’s plan for Highland Mall includes mixed use, incubator

Austin Business Journal by Vicky Garza, Staff Writer
Date: Friday, November 2, 2012, 5:00am CDT

Vicky Garza
Staff Writer- Austin Business Journal

The Austin Community College board of trustees’ plan to redevelop the 81-acre former Highland Mall includes about 40 acres of dense mixed-use development that will surround the core building containing modern educational facilities and space for an incubator.

[austlar1]

Originally Posted by KevinFromTexas

I wish there was more to this.

http://www.bizjournals.com/austin/pr...land-mall.html

I was out there to vote early the other day. They set up a kind of early voting mega polling center in there. It was surprising to see that there are still a few stores trying to do business in the mall. There were no visible customers anywhere. It was crowded mostly with folks going to vote.

[KevinFromTexas]

http://www.dailytexanonline.com/news...ing-acc-campus

Highland Mall, Airport Boulevard to get makeovers with upcoming ACC campus

Published on March 8, 2013 at 12:37 am
Last update on March 8, 2013 at 10:44 am
BY HANNAH JANE DECIUTIIS

The partially abandoned Highland Mall property will now be converted into grounds for a new Austin Community College campus starting later this month, as part of a larger city initiative to transform Airport Boulevard into a more pedestrian-friendly corridor.

A resolution by the Austin City Council directs the City Manager’s office to find possible financial solutions for funding the renovation of Airport Boulevard, which could include adding sidewalks, improving roads and adding more residential and commercial properties in the area. One of the possible financial solutions that the city will be exploring is tax increment financing, or a TIF.

The Highland Mall property, which was purchased in August 2012 by ACC, will start converting the space March 27. The first phase will renovate the area previously used as a J.C. Penney on the north side of the mall. The rest of the mall will remain in business during this first phase, which is projected to be completed in spring 2014.

[Komeht]

David Hagan, history and liberal arts honors senior, said he fully supported the conversion of Highland Mall into a higher education space. Hagan said while the addition of walkable sidewalks and the improvement of roads would be positive, he still enjoys Airport Boulevard as it is.

“I like Airport Boulevard,” he said. “As long as they don’t touch the Popeyes, I’m okay. I feel like Austin is sort of progressively moving toward pedestrian-orientated city, which I am definitely in favor of.”

Install sidewalks
Leave Popeyes
???
Walkable!

[KevinFromTexas]

He should be appealing to fast food establishments to develop a design for their stores that allows a location in an urban setting. Those businesses don't have to leave, but those buildings should. The companies should be smart enough to adapt. The thing is, fast food companies upgrade their designs and look pretty often. I noticed recently the Taco Bell on William Cannon way over by Brodie Lane has been closed down for over a week or more while they were renovating it. The location now looks completely different. And a lot of fast food places have newer designs for their new stores in those huge shopping centers like at South Park Meadows and in the suburbs. The one area where they haven't figured it out yet is in urban settings.

[verybadgnome]

Popeyes?

Just goes to show you everyone has their own priorities........

[Komeht]

Originally Posted by KevinFromTexas

He should be appealing to fast food establishments to develop a design for their stores that allows a location in an urban setting. Those businesses don't have to leave, but those buildings should. The companies should be smart enough to adapt. The thing is, fast food companies upgrade their designs and look pretty often. I noticed recently the Taco Bell on William Cannon way over by Brodie Lane has been closed down for over a week or more while they were renovating it. The location now looks completely different. And a lot of fast food places have newer designs for their new stores in those huge shopping centers like at South Park Meadows and in the suburbs. The one area where they haven't figured it out yet is in urban settings.

Nothing against fast food companies developing urban forms (or popeyes - I like popeyes too). I thought it was amusing that 1. someone likes Airport Blvd, and 2. seems to believe installing sidewalks will somehow make it "walkable" (just don't touch the Popeyes!).

If Airport Blvd. w/sidewalks is a vision of walkable pedestrian oriented city then count me opposed.

[austlar1]

Originally Posted by Komeht

Nothing against fast food companies developing urban forms (or popeyes - I like popeyes too). I thought it was amusing that 1. someone likes Airport Blvd, and 2. seems to believe installing sidewalks will somehow make it "walkable" (just don't touch the Popeyes!).

If Airport Blvd. w/sidewalks is a vision of walkable pedestrian oriented city then count me opposed.

Amen to that! If there is going to be a fast food change on Airport, it should be because the new fast food joint is in the ground floor facing directly on the street of a new mixed use or residential mid rise that flanks the street. Airport should be lined with this type of development on the eastern side of the road. I'd love to see a mixture of residential and commercial on that corridor with an eye towards demolishing all of the blighted single story strip type structures between IH 35 and Highland Mall. I'd also like to see ACC cut a deal with UT to develop a hospital and medical school at the Highland Mall site or possibly in an adjacent underutilized parcel.