Quote:
Originally Posted by AustinGoesVertical
So the file said Jan 1st, 2016 start date. Went by the site the other day. Zero movement. Any news on this one?
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No. It is not DOA.
Come on people...Do you actually think a project is going to start on a holiday? That date was arbitrary.
The site plan has been approved for an extension and is good through November 14, 2018. And that does not mean the building has to be finished by said date.
Also, for those of you not aware...we are entering, at least, a slight downswing for commercial development across the U.S. (and that will affect Austin as well). Equity, capital, and/or financing is becoming tight (and getting tighter) due to several factors including but not limited to the decline in oil prices and several nations (both powerful developed, as well as some major developing nations) experiencing economic recessions due to oil prices, being over extended, the normal ebb and flow of the commercial real estate industry, etc.
Basically, if a project does not already have financing, or is well under way of securing financing, it may be very difficult to complete until the next cycle begins.