AUSTIN | Modern Austin Residences | 658' | 56 FLOORS | U/C

[Geckos_Rule]

Originally Posted by ahealy

What are those renders and how did this get worse? lmao ....I guess it's relatively tall

It seems more "industrial," though not in a good way. I think especially from the original designs, it's almost like they borrowed 40% of the design from the independent (poorly structured crown, and bare parking podium included).

[agsatx88]

Not sure what is going on with the Modern. It doesn't appear that they have even finished digging the hole yet there is no heavy equipment on site. Actually, the site looks almost entirely deserted and it looks like they have put some rebar down on the sidewalks in preparation to re-pour them maybe? Doesn't seem like something you would do at this early stage of construction on a 650 foot tower. Hope I'm wrong but this doesn't give me a good feeling on this one.

[bobbywest87]

It is somewhat strange that they removed all the equipment. Their insta just released a video two days ago. I thought I also remembered reading that most of their units (excluding penthouse suites) were sold. Could be misremembering that last part.

[bobbywest87]

Here's from two weeks ago. Looks like they're expecting to start drilling in August.

[bobbywest87]

Apologies for spamming the page, but here is the only evidence I saw that would indicate most of the units have been sold. Don't know who this person is, other than they appear to be a realtor for the Austin area.

[The ATX]

Yes, 100% of the non-penthouse units are reserved and the project is financed. They are probably just having some construction delays.

[agsatx88]

Hope y'all are right and we see some heavy equipment on site soon!

[bigdogc]

15 mil for a condo on Rainey. Wow the times sure have changed!

[ATX2030]

Drove by this morning and they had Rainey blocked off and there were 10-15 workers present.

[loonytoony]

Originally Posted by The ATX

Yes, 100% of the non-penthouse units are reserved and the project is financed. They are probably just having some construction delays.

Confirming this info. There are 5 total remaining that are yet under hard contract: one 2 story PH for $15m, and 4 half floor "sub-penthouses" in the $9-10 range. Everything else, around 270 units, was sold in under a week this Spring.

[drummer]

Originally Posted by loonytoony

Confirming this info. There are 5 total remaining that are yet under hard contract: one 2 story PH for $15m, and 4 half floor "sub-penthouses" in the $9-10 range. Everything else, around 270 units, was sold in under a week this Spring.

That's nuts.

[AusTex]

Originally Posted by loonytoony

Confirming this info. There are 5 total remaining that are yet under hard contract: one 2 story PH for $15m, and 4 half floor "sub-penthouses" in the $9-10 range. Everything else, around 270 units, was sold in under a week this Spring.

With info like this, I start to wonder what percentage of these sales are pure investors vs. home buyers? Is the internal Austin market so strong that it supports itself or is it relying on a mix of outside investment to keep it going. Since these are new builds don't the buyers who are financing these units get the interest rate at the time the unit is actually move-in ready? These rates will be considerably higher than last spring. Or does the delay rate lock only apply to single family homes? I do not know the workings of the system.

[loonytoony]

Originally Posted by AusTex

With info like this, I start to wonder what percentage of these sales are pure investors vs. home buyers? Is the internal Austin market so strong that it supports itself or is it relying on a mix of outside investment to keep it going. Since these are new builds don't the buyers who are financing these units get the interest rate at the time the unit is actually move-in ready? These rates will be considerably higher than last spring. Or does the delay rate lock only apply to single family homes? I do not know the workings of the system.

From what I'm told, it was mostly local buyers, with a 35% cap on investor sales. Correct on rates not being locked until completion.

[ATX2030]

Originally Posted by agsatx88

Not sure what is going on with the Modern. It doesn't appear that they have even finished digging the hole yet there is no heavy equipment on site. Actually, the site looks almost entirely deserted and it looks like they have put some rebar down on the sidewalks in preparation to re-pour them maybe? Doesn't seem like something you would do at this early stage of construction on a 650 foot tower. Hope I'm wrong but this doesn't give me a good feeling on this one.

Swung by today. Concrete has been poured for the sidewalks. There was construction equipment and trucks parked on the new sidewalks. They were actively working on shoring/cementing the walls of the excavated pit.

[Urbannizer]

[bobbywest87]

So is the height of 602’ on the diagrams wrong, or is it the 658’ that is incorrect?

[KevinFromTexas]

I would have to see the elevations that show it at 658 feet. I may have them on my other computer that is down at the moment. I can edit the diagrams/database page with the new heights if someone posts the 658 foot elevations.

[The ATX]

This project has had multiple changes, and they are documented in this this thread. The 602' height was after the hotel portion was dropped after the Pandemic started, and those elevations were posted in August 2020. The project later increased in floor count and height to 658', and those elevations were posted in December 2021.

[bobbywest87]

Originally Posted by The ATX

This project has had multiple changes, and they are documented in this this thread. The 602' height was after the hotel portion was dropped after the Pandemic started, and those elevations were posted in August 2020. The project later increased in floor count and height to 658', and those elevations were posted in December 2021.

Thanks, I always look through the thread before asking questions and I somehow missed the post where you shared the drawing with the 658' estimate.

[ATX2030]

Drove by today. Pier drilling rig was in the pit working. Workers were tying rebar for the piers. Lots of activity on site.