Quote:
Originally Posted by Truck's Son
Don't hold your breath on a 50 story civil courthouse. It's just not necessary. Not even close. There are 10 or so civil district judges in Travis County. As an example, Houston has something like three times that many and has a 16 or 17 story civil courthouse. You could literally stack the Houston Civil Courthouse, Criminal Courthouse, and the 14th/1st Court of Appeals Courthouse all on top of each other and not get 50 stories. It's just not needed in Austin.
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I know you are new, and probably not from Austin, but this is a discussion that has been beaten to death. The courthouses' thread would probably be a better place for it, and provide you a good place to read up on it.
Quote:
Originally Posted by Truck's Son
It's purely market driven. Austin still has a fairly small office market. There's just not the demand there for a huge spec office tower in downtown Austin. 30 or so stories is all you're likely to get, absent some corporate relocation.
I'm not sure exactly what the downtown Class A vacancy rate is, but I'll be it's still higher than 10 percent. With a CBD market of maybe 7 or 8 million Class A feet, no developer is going to risk putting up a 1 million-plus square foot 60 story office tower. There's not anywhere near the corporate base necessary to fill such a project.
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The Colorado and 3rd building is 390,000 sq feet, not 500,000. That would be 780,000 sq feet if doubled as he suggested. Austin has 8.7 million feet in the CBD and is at 12.8% vacancy with sq foot office prices significantly higher than Dallas and Houston's downtowns, and the city was told this week it needs more than 1 million more sq feet downtown to keep up with demand and growth. Austin has had one office building built since the 1980's, while the population has tripled. All those tall buildings are residential.