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  #401  
Old Posted Oct 20, 2016, 3:21 AM
austlar1 austlar1 is offline
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Originally Posted by Homecreek View Post
It could be something was found in the ground with possible historical importance. They would have to stop while it is analyzed.
That MUST be the reason!
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  #402  
Old Posted Oct 20, 2016, 3:33 AM
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Originally Posted by The ATX View Post
All I see are more smoke and mirrors. Let's see some actual sustained construction. I'm beginning to think that those two guys in the cement pour photo op a few posts up were actors and not actual construction workers.
I got into trouble with some forum member when I speculated here that I was not at all convinced that the Sackler interests had the financial muscle to pull off this project. The family is mostly a mid size player in the Manhattan and Northern New Jersey residential rental market where they own several older mid size buildings in addition to a few newer resort projects. I don't have any idea what kind of debt structure they carry, but I bet it is substantial. I doubt they would be able to put up this building without firm financial backing from lenders. As far as I know, no financing information has ever been made public regarding this project. Still, they put on a good show. That has allowed more than one developer operating in Austin to buy time until financing is secured. More will be revealed. I get almost as frustrated watching these false-start projects languish as I do waiting for this damn election to be over.
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  #403  
Old Posted Oct 20, 2016, 8:42 PM
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Interesting.

Quote:
Hundreds of millions of dollars in investment have tentatively been secured for Central Texas projects as a result of the Texas-China Investment Summit held last week in Austin, event organizers disclosed Thursday.

According to David Wallace, chief operating officer at Angelou Economics, the Austin economic consultancy that helped organize the event, five local projects have signed memorandums of understanding with a single Chinese investor representing a potential $300 million investment.
http://www.bizjournals.com/austin/ne...ts-emerge.html

Click through to the bid book and you may or may not be surprised to find 70 Rainey front and center on the Real Estate tab.

Direct link:
https://marketplace.stagexchange.com...inasummit#blog

EDIT: other juicy things in there, too . . . .
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  #404  
Old Posted Oct 20, 2016, 8:50 PM
austlar1 austlar1 is offline
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Originally Posted by We vs us View Post
Interesting.



http://www.bizjournals.com/austin/ne...ts-emerge.html

Click through to the bid book and you may or may not be surprised to find 70 Rainey front and center on the Real Estate tab.

Direct link:
https://marketplace.stagexchange.com...inasummit#blog

EDIT: other juicy things in there, too . . . .
Wow! Seeking $140 million from Chinese investors! Are these investors hoping to be part of the visa waiver program, or is this something different? I remember that Doug Manchester, Jr., tried to obtain construction money in this manner before they got lucky with their Mid-East connection.
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  #405  
Old Posted Oct 20, 2016, 9:07 PM
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Very cool find.

Indoor ski slopes? A golf course design from 1930 by the creator of Augusta? Music Lane? All interesting projects I saw while scrolling.
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  #406  
Old Posted Oct 20, 2016, 9:37 PM
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There is a lot of good stuff in there. I'm looking forward to seeing which projects are part of the $300 million investment. 70 Rainey only needs $140 million of it:


https://marketplace.stagexchange.com...inasummit#blog
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Last edited by The ATX; Oct 20, 2016 at 10:36 PM.
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  #407  
Old Posted Oct 20, 2016, 9:58 PM
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Some of the local highlights other than 70 Rainey from the Chinese investment opportunities:

LD&C (48 East) - $30 Million
Ritz Carlton Lake Travis resort on 367 acres - $70 million
Backyard mixed use (This was proposed years ago IIRC) - $250 million
Snowland (indoor skiing) - $28 million
Music Lane in SoCo - $18 million
World Class Capitol (99 Trinity) - $10 million
COTA - $150 million

An much more...
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  #408  
Old Posted Oct 20, 2016, 10:33 PM
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From the Austin Business Journal article:

Quote:
five local projects have signed memorandums of understanding with a single Chinese investor representing a potential $300 million investment.
I was trying to see if I could find 5 real estate projects that added up to $300 million.

1. 70 Rainey - $140 million
2. LD&C (48 East) - $30 Million
3. Ritz Carlton Lake Travis resort on 367 acres - $70 million
4. PSW (they build urban communities) - $50 million

Those four add up to $ $290 million, so that leaves $10 million for a fifth project. That could be WCCC (99 Rainey) or Casulo Hotel or The Harbor.

This is assuming that the 5 "projects" are all real estate projects because there's some other things in there too for Clean Technology, Smart Technology, Medical, Oil & Gas, Finance, etc.
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  #409  
Old Posted Oct 20, 2016, 11:25 PM
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When did Snowland and Ritz Carlton make headlines? Dang Austin is attracting all kinds of developers
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  #410  
Old Posted Oct 21, 2016, 10:42 AM
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Originally Posted by ATXPhil View Post
A friend of mine who lives on Rainey said he received a hearing notice for the developer with the Historical Commission and speculated that this may be why work has stopped. I believe the project has cleared all hurdles with the city but the Historical Commission hearing may be impeding this temporarily?
The next meeting of the Historic Landmark Commission is October 24th. Perhaps it has to do with this item on the agenda.

Quote:
Recommend that the applicant consider more traditional materials for the street level section of the building, so that it is not in stark contrast to the small wood houses that characterize the district. This high rise building is proposed for across the street from several popular bars and restaurants that have successfully adaptively re-used historic-age structures, and the proposed high rise will have a serious effect on the character of these buildings, and perhaps even the continued viability of these businesses who have worked with what was there. The street-level facade of this building is steel, concrete, and glass, and while it offers some inviting entrances, it is in stark contrast to the historic-age wooden houses it will be adjacent to. Every effort should be made by the applicant to soften the blow of the impact of this building on the character of the historic district by blending the street-level facades of the building into the surrounding historic streetscape.
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  #411  
Old Posted Oct 21, 2016, 3:03 PM
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Off topic but regarding the Snowland indoor ski park. It mentions up to 22 million visitors a year. That would make this a very significant project indeed. Would have to be massive. 28 million dollars seems rather a small amount unless most of the financing is already in place and they simply needed one more investor.

Correct me if I'm wrong but isn't Austin's yearly number of tourists around 22 million?
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Last edited by Jdawgboy; Oct 21, 2016 at 3:13 PM.
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  #412  
Old Posted Oct 21, 2016, 9:27 PM
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Quote:
Originally Posted by Jdawgboy View Post
Off topic but regarding the Snowland indoor ski park. It mentions up to 22 million visitors a year. That would make this a very significant project indeed. Would have to be massive. 28 million dollars seems rather a small amount unless most of the financing is already in place and they simply needed one more investor.

Correct me if I'm wrong but isn't Austin's yearly number of tourists around 22 million?
It does seem like they're a little out over their skis on that prediction.







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  #413  
Old Posted Oct 21, 2016, 9:45 PM
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This is part of the presentation to the Historic Landmark Commission this week. Per LoneStarMike's link above, the Commission is suggesting that the street level portion of this project should blend in more with the homes (bars/restaurants) on Rainey St. This gives some details about the construction materials being used. I feel like this project is almost back to square 1. They are still seeking financing and making pitches to the city.


http://austintexas.gov/cityclerk/boa...tings/31_1.htm
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  #414  
Old Posted Oct 21, 2016, 10:39 PM
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It seems, though I hope I'm wrong, that they are asking them to blend in with businesses that may someday be forced to close in the face of modern progress anyway, so why not just paste some pickets and siding on the original plan that can easily be removed when the old bars and restaurants are gone. Seriously, preserving the look of Rainey Street was off the table many years ago, instead of calling on new construction not to be in contrast with what's oiginal for the area, at street level, just let what's original stay in stark contrast to the new contruction. Its what keeps Austin weird, plus, they're the ones who opened that can of worms a long time ago. I'm also thinking they are requesting this change this late in the game because they know there has been an interuption with the construction timeline due to perhaps as was said, financing issues.
btw, HVZ's street level doesn't fit the Rainey St. vibe imo. How do you expect a huge 400 ft tower to blend in with a few shacks across the street? And by shacks, I mean by comparison to 70 Rainey.

Last edited by the Genral; Oct 21, 2016 at 10:56 PM.
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  #415  
Old Posted Oct 22, 2016, 4:24 AM
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And the "shacks" still standing on Rainey do not look a whole lot like they did 5 or 10 years ago. They kind of look like shacks on steroids nowadays.
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  #416  
Old Posted Oct 22, 2016, 1:05 PM
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Quote:
Originally Posted by The ATX View Post
This is part of the presentation to the Historic Landmark Commission this week. Per LoneStarMike's link above, the Commission is suggesting that the street level portion of this project should blend in more with the homes (bars/restaurants) on Rainey St. This gives some details about the construction materials being used. I feel like this project is almost back to square 1. They are still seeking financing and making pitches to the city.


http://austintexas.gov/cityclerk/boa...tings/31_1.htm
That's fugly.
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  #417  
Old Posted Oct 23, 2016, 3:08 AM
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"Seeking $140 million..."

Uh oh...
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AUSTIN (City): 974,447 +1.30% - '20-'22 | AUSTIN MSA (5 counties): 2,421,115 +6.03% - '20-'22
SAN ANTONIO (City): 1,472,909 +2.69% - '20-'22 | SAN ANTONIO MSA (8 counties): 2,655,342 +3.80% - '20-'22
AUS-SAT REGION (MSAs/13 counties): 5,076,457 +4.85% - '20-'22 | *SRC: US Census*

Last edited by GoldenBoot; Oct 24, 2016 at 5:27 PM.
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  #418  
Old Posted Oct 27, 2016, 10:59 PM
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A site plan was posted to the design commission's backup list. It still lists the elevations as 471 feet 9 inches.

https://www.austintexas.gov/citycler...tings/22_1.htm
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  #419  
Old Posted Oct 27, 2016, 11:33 PM
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Originally Posted by KevinFromTexas View Post
A site plan was posted to the design commission's backup list. It still lists the elevations as 471 feet 9 inches.

https://www.austintexas.gov/citycler...tings/22_1.htm
Now we really are back to square 1 with this project.
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  #420  
Old Posted Nov 5, 2016, 3:45 AM
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I'm ready to say that this one is on hold. Back on October 11th they made this comment on their Facebook page regarding the halt in activity on the site:

Quote:
We are currently moving into our next phase of construction. Site prep for the base has finished and we are now ready for the arrival of the big crane. Exciting times!
That big crane should have arrived by now.
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