[GoldenBoot]

Stacy makes first move to clear the way for Congress Avenue project

Bank branch to move; Stacy says long-delayed venture closer to reality


By Shonda Novak
AUSTIN AMERICAN-STATESMAN
May 18, 2007


Austin developer Tom Stacy says he is clearing the way for his ambitious mixed-use project at Congress Avenue and Fifth Street, which is to replace a modest four-story bank building with a dramatic 47-story skyscraper.

Step one has been to relocate the tenants from the smaller building to the 26-story office tower next door, which Stacy also owns.

The biggest tenant, Bank of America, will move its downtown branch and other operations into the office tower in December. Most of the other tenants in the smaller building also will relocate to 515 Congress.

When Stacy announced the plans in December 2004, he said his goal was to break ground in early to mid-2006, with a late 2008 opening.

But Stacy said it has taken longer than expected to relocate the bank and other tenants.

"It's taken us a couple of years just trying to get all the ducks in a row to keep things moving," he said.

The new Bank of America lease, which took two years to negotiate, was particularly complex, mainly because its existing site is a regional banking center that houses multiple operations, Stacy said.

The announcement of the project was front-page news. At the time, it was the biggest and most ambitious project proposed for downtown, with stores, offices, a 10-story hotel and uas many as 350 apartments and condominiums. Last year, Stacy unveiled a dramatic design by the renowned Pelli Clarke Pelli architectural firm.

Stacy has since simplified the project, eliminating the hotel and apartments and focusing on two levels of retail, 200 condominiums and 330,000 square feet of office space.

Stacy said he has no projected timetable for starting the project with financial partner Walton Street Capital. He said he will continue watching the market, particularly demand for office space, to determine a start date.

He said mixed-use projects like his are complex because there has to be a market for all the components at the same time.

"Even if the condo market stayed hot forever, we still have to have the office market strong enough to support a new building," Stacy said.

Although downtown's office market continues to strengthen and rents are rising, "rents are still not at a point to support high-rise construction," he said.

The condominium market also has become more competitive, with a wave of projects either planned or under way. Work is expected to start this year on the 55-story Austonian luxury condominiums on Congress at Second Street, and on the 30-story Four Seasons Residences on Town Lake, among other projects.

Stacy's plans include a 13-story, 1,200-space parking garage in the block behind his proposed project. It will include a new Bank of America drive-in branch on the ground floor, a high-end restaurant and shops on the Fifth Street side.

Kenny Wilson, president of Bank of America's South and Central Texas operations, said the bank's new facilities will have state-of-the-art amenities such as conference rooms that can serve a variety of functions.

In addition to his planned high-rise, Stacy recently added to his downtown holdings.

He has purchased most of the land beneath Littlefield Mall, an apartment, retail and parking garage structure at Sixth and Brazos. Through a ground lease, he will receive rent from the owners of the Littlefield Mall.

"It's just a good position to try to buy everything in that block," Stacy said.

And for the second time, Stacy is about to become part-owner of Austin Centre at Eighth and Brazos. He will join Walton Street Capital in the purchase, which includes a 354,000-square-foot office tower and the Omni Hotel.

The sale is expected to close next week, Stacy said. The owner, Crescent Real Estate Equities, is selling all of its Austin properties.

snovak@statesman.com; 445-3856

[Jdawgboy]

Finally some news on this project... I wonder if the design may be changed and if he eliminated the hotel and apartments as well as removed a floor of retail, would that not make the building shorter or is he replacing that with office space?

[GoldenBoot]

Finally some news on this project... I wonder if the design may be changed and if he eliminated the hotel and apartments as well as removed a floor of retail, would that not make the building shorter or is he replacing that with office space?

The hotel and apartment components are gone, at least for the time being. He seems to have reallocated those parts of the building to office space - greatly expanding the total office SF in the tower (330,000 SF).

I believe Tom is contemplating the total number of condo units as well as the possibility of even more office space.

As for the height of the building, I would be surprised if it shortened. Remember, the average floor-to-floor ratio is usually larger in office buildings than in hotel/apartment/condo buildings. Thus, if he keeps the tower at 47 stories and apportions more space to offices, then we may be looking at an even taller building than the one currently being proposed.

[KevinFromTexas]

For reference, here are the most recent renderings we've seen.

Click on the thumbnails to view the full sized version, (opens in new window).


http://img44.imageshack.us/img44/6775/501congress7.jpg

These thumbnail images below are drawings that Goothrey and priller did.

http://img41.imageshack.us/img41/6739/imagebygoothrey2.th.jpg (http://img41.imageshack.us/my.php?image=imagebygoothrey2.jpg)http://img196.imageshack.us/img196/8879/imagebygoothrey3.th.jpg (http://img196.imageshack.us/my.php?image=imagebygoothrey3.jpg)http://img34.imageshack.us/img34/7237/imagebygoothrey4.th.jpg (http://img34.imageshack.us/my.php?image=imagebygoothrey4.jpg)http://img41.imageshack.us/img41/6434/imagebygoothrey.th.jpg (http://img41.imageshack.us/my.php?image=imagebygoothrey.jpg)
Drawings by Goothrey

http://img200.imageshack.us/img200/1401/26633748496abd1536a5b.th.jpg (http://img200.imageshack.us/my.php?image=26633748496abd1536a5b.jpg)http://img198.imageshack.us/img198/7126/2664199070a9b2cf85b5o.th.jpg (http://img198.imageshack.us/my.php?image=2664199070a9b2cf85b5o.jpg)http://img200.imageshack.us/img200/3859/2664199664a9dbf19d31b.th.jpg (http://img200.imageshack.us/my.php?image=2664199664a9dbf19d31b.jpg)http://img193.imageshack.us/img193/4125/26642003383d7a789817b.th.jpg (http://img193.imageshack.us/my.php?image=26642003383d7a789817b.jpg)http://img191.imageshack.us/img191/8796/26642005100e6959a1dfb.th.jpg (http://img191.imageshack.us/my.php?image=26642005100e6959a1dfb.jpg)http://img191.imageshack.us/img191/4286/2664255992bb8b069343b.th.jpg (http://img191.imageshack.us/my.php?image=2664255992bb8b069343b.jpg)
Drawings by priller

Old renderings:

http://img176.imageshack.us/img176/243/austin501congress4qe0.th.jpg (http://img176.imageshack.us/my.php?image=austin501congress4qe0.jpg)

http://img341.imageshack.us/img341/5344/austin501congress2kd3.th.jpg (http://img341.imageshack.us/my.php?image=austin501congress2kd3.jpg)

http://img252.imageshack.us/img252/7433/austin501congress1fg5.th.jpg (http://img252.imageshack.us/my.php?image=austin501congress1fg5.jpg)

[Jdawgboy]

He should just go ahead and push the floors over 50 like the Austonian...

[KevinFromTexas]

Uh, yeah. All of the Austin forumers are excited this morning at the announcement of Tom Stacy's revised plans for this project. Some had feared this project was dead since it's been a few years since it was announced and we hadn't heard much about it over the last year.

In 2005 the project was announced as a 680 foot building with 41 floors. Then the height was pushed to "at least" 705 feet with 47 floors. Cesar Pelli also came on board as the design architect. However, Tom Stacy changed plans a few times taking out a the hotel portion of the project. Then last year, news came about that his management company that owns the Bank of America Center and surrounding properties was waiting for lease contracts to run out so that the tenants could be vacated so demo could begin. Plans included renovating the 33 year old Bank of America Center and building the new 47-story tower nextdoor. But the last year had been quiet.

Today however several news sources are saying that Tom Stacy has acquired a portion of a neighboring block and is planning a towering 830 foot building with 70 floors. That tower would rise at the corner of 5th & Brazos and would contain a 300 room hotel and 200 condos. At the corner of 5th & Congress where he had previously planned the original 47-story tower, he will build a 30-story, 500,000 square foot office tower that will be "slightly taller than Bank of America Center." This will make that tower at least 328 feet tall. Plans also call for building a 1,200 space parking garage above 8,300 square feet of retail. The first phase of the $500 million project will start in June when the parking garage is built. That will allow for the demolition of an existing parking garage where the 30-story office tower will rise. The article mentions that the taller tower would break ground later. The office tower would probably be completed in either 2011, or 2012.

http://austin.bizjournals.com/austin/stories/2008/02/25/story1.html

$500M investment may yield two new downtown towers

Austin Business Journal - by A.J. Mistretta ABJ Staff

More than three years after Austin developer Tom Stacy and a Chicago partner company purchased the building at 501 Congress Ave. and unveiled plans for a dramatic multiuse tower on the site, the deal has grown much larger, incorporating one-and-a-half city blocks, two soaring towers and an estimated $500 million investment.

Stacy's company, T. Stacy & Associates Inc., and Walton Street Capital now plan a 500,000-square-foot office and retail tower at 501 Congress that would be slightly taller than the 26-story Bank of America Center building the partnership owns at 515 Congress next door. The group is also plotting a hotel and condo tower at the corner of Brazos and Fifth streets that would rise more than 800 feet, making it by far the tallest building in Austin and the sixth-tallest in Texas.

[Dale]

Frost Bank is going to look squat and cute in a few years.

[Dragonfire]

Frost Bank is going to look squat and cute in a few years.

You mean it doesn't already? :haha:

[ATXboom]

http://www.austintowers.net/Austin_Downtown/index.html

New 70-story Condo Tower Planned for Brazos Street
February 22, 2008 09:05 Filed in: Development Watch
T. Stacy & Associates, the developer of the bold 501 Congress multi-use project, announced a even bigger plan for the prime 5th and Congress site and a new lot that he now controls on Brazos and 5th.

The new project -- which will cover 1.5 prime downtown blocks - will include an 800 foot hotel and condo tower that will likely be 70 stories tall. By far the tallest building in Austin, the building would rise more than 120 feet taller than the 56-story Austonian, currently the tallest planned downtown building. As part of the project, a smaller office building will be built at 501 Congress. The proposed office tower would likely rise 30-stories above Congress avenue.

We'll publish renderings and additional details as they become available.

[StatenIslander237]

Looks like it will be a very nice project. It's interesting, I sorta feel bad that the Frost Bank Tower, which was designed to crown the skyline, has already been topped, and all these other, more cookie-cutter designs are taking over. Austin sorta reminds of Brisbane, is Australia, the way it looks along the river, and the way it's getting so many new tall buildings at once.

[KevinFromTexas]

At 830 feet with 70 floors, it would be the 6th tallest building in Texas.

Taller buildings would be:

Houston - JPMorgan Chase Tower - 1,002 feet - 75 floors - 1982
Houston - Wells Fargo Plaza - 992 feet - 70 floors - 1983
Dallas - Bank of America Plaza - 921 feet - 72 floors - 1985
Houston - Williams Tower - 901 feet - 64 floors - 1983
Dallas - Renaissance Tower - 886 feet - 56 floors - 1974 (176 foot spire added in 1987).
Austin - T. Stacy Tower - 830 feet - 70 floors - ????

It would also only be the 4th building in Texas to have 70 or more floors. Williams Tower has 64, and the Renaissance Tower has 56. Comerica Bank Center in Dallas has 60, while Fountain Place, also in Dallas, has 62.

If it is indeed built, Texas will be the first state to have at least three cities with buildings of at least 800 feet tall.

Only two other states have two cities with buildings 800 feet or more. They are:

California with Los Angeles (1,018 feet) and San Francisco (853 feet).
Pennsylvania with Philadelphia (975 feet) and Pittsburgh (841 feet).

At the moment, there are only 25 buildings in the US that have 70 or more floors, including 8 that are under construction in New York, Chicago and Miami.

[FrancoRey]

Damn. This is huge for Austin if it goes up. You'd pass our current tallest by some 115 feet. :(

It's shape actually somewhat reminds me of the once proposed Trango Tower in Denver, only yours looks bunches better. :haha:
http://www.denverskyscrapers.com/images/trango/trangosketch_01.jpg

[KevinFromTexas]

It's shape actually somewhat reminds me of the once proposed Trango Tower in

That's actually the old design. It's at least a year and half old. That was the design for the 705 foot proposal. All in all a different plan. The tower will actually sit on a different part of the block now, and an additional 30-story office tower was added. The new plan may not even be by the same architect.

[KevinFromTexas]

A few more details on Austin's new tallest. The article notes the office tower would be 32 to 33 floors and about 420 feet tall. The main tower would be 66 floors and 820 feet.

http://www.statesman.com/business/content/business/stories/realestate/02/26/0226stacy.html

Stacy plans 2 towers downtown
New project revised after purchase of land

By Shonda Novak
AMERICAN-STATESMAN STAFF

Tuesday, February 26, 2008

Austin developer Tom Stacy has revised plans for his mixed-use project at Congress Avenue and Fifth Street downtown, with the latest incarnation featuring two towers, including a 66-story hotel/condominium that would be the skyline's tallest.

Stacy doesn't have a time frame for starting the hotel/condo tower or a 32- to 33-story office/retail tower.

But Stacy says the office tower would probably come first, with construction possibly starting in late 2009 and the building opening in late 2011 or early 2012.

[Complex01]

I want to see a rendering. All in all very awesome news...

:wizard:

[CHAPINM1]

I forgot there was a thread for this one, anyway with all the new projects coming into fruitation including the wastewater treatment redevelopment, I wonder what we'll be hearing of this in the near future. Either way, it is by a long shot one of the projects out there I am the most excited about!

[Saddle Man]

I believe Green is for drinking water, not wastewater.

[norcaldude21]

KevinfromTexas is right, if this tower is built, Texas will be the only state with three cities with towers above 800ft.

But Texas isn't the only state trying out for this ranking. Currently, in California, Sacramento has a proposal for a 70+ tower (Capitol Grand Tower) and so does Oakland (future UC Regents headquarters). If it weren't for strict FAA rules, San Diego would be in the running as well. As of right now, SF is trying to push for a 1200ft. tower.

I'm assuming if market conditions are right, then hopefully these buildings can be built. This goes for both Cali and Texas.

Does anyone have updated information on the status of the Stacy Towers? I hope it gets built because it will add a nice peak to the skyline.

[KevinFromTexas]

^ Nothing new since these articles were released.

[wrendog]

Damn, I'm jealous of all the construction in Austin. Looks great! SLC take notice!

[livin' in the city]

To bad it comes with a 1,200 car parking garage. They can't be good for the street scape.

[Swede]

^At least the 1200 car parking garage is a separate building. Which would make it easier to redevelop it into a office or residential tower if demand picks up and better transit arrives.
800' in Austin. I'm totally jealous.

[priller]

Tom Stacey doesn't have the best record following through with his grand projects, so I wouldn't hold my breath on this one. Parking garage and office tower are good bets. 800' hotel and condo tower is not.

[NThomas]

To bad it comes with a 1,200 car parking garage. They can't be good for the street scape.

There is a parking garage in Downtown Dallas across the street from Bank of America Plaza (72 stories; 1,900,000 sqft.) that is around the same size (14 stories; 1,290 spaces) and it doesn't stick out that much.

The link below is a great shot in Google Maps - Street View of the garage.
http://maps.google.com/maps?f=q&hl=en&geocode=&q=dallas&ie=UTF8&ll=32.780713,-96.80374&spn=0.002147,0.003895&t=h&z=18&layer=c&cbll=32.779636,-96.80392&panoid=t5vcubOroxyBW9BtK8OOEg&cbp=1,223.7773815680157,,0,-21.410507655180616

[deerhoof]

http://www.urbanaustin.org/images/a/ac/T.Stacy_New_Design.JPG

[KevinFromTexas]

That doesn't look like 830 feet to me. I like it though. Besides showing the two towers, that rendering also shows the parking garage across the street (foreground).

[pyropius]

Are there any examples of parking garages redeveloped as habitable space? A good deal of the floorspace of a normal parking garage is sloping for internal access ramps, so there would be the potential for very interesting interior spaces if the ramps are redeveloped creatively.

[priller]

That doesn't look like 830 feet to me. I like it though. Besides showing the two towers, that rendering also shows the parking garage across the street (foreground).

In relation to the BoA building it looks okay, but the BoA building looks too small compared to Frost, making TStacy look too small overall.

[Jdawgboy]

I doubt that rendering is really to scale, so I wouldn't look too much in how tall it looks.

[shanny]

i stretched the rendering to make the condo tower 830'. This is how it should really look.

http://pic15.picturetrail.com/VOL630/3951350/18290928/325087017.jpg

[Raining Inside]

Yikes. I hope that is not what it will look like.

[Jdawgboy]

I like it alot actually, thanks for adding the height to bring it more to scale. I think it really looks sharp.(both in terms of design and also looks very sharp litterally LOL)

[priller]

I did a quick model of the latest TStacy buildings, based on the above drawing and what little info we've gotten so far. I just used the texture from my old TStacy model on this one, but really I was more interested in seeing the size of the building. Hotel/condo tower is 830', the office tower is 420'. Enjoy!

http://farm4.static.flickr.com/3001/2664200338_3d7a789817_b.jpg

I made the side of the office building facing Congress slanting, like the earlier version. Just speculation on my part. I seem to remember reading that they were planning on a small green space at the corner of 5th and Congress in front of the office building, but I couldn't locate that info online. But the slant would allow room for that.

http://farm4.static.flickr.com/3154/2664200510_0e6959a1df_b.jpg

http://farm4.static.flickr.com/3073/2664199070_a9b2cf85b5_o.jpg

http://farm4.static.flickr.com/3270/2663374849_6abd1536a5_b.jpg

http://farm4.static.flickr.com/3212/2664199664_a9dbf19d31_b.jpg

http://farm4.static.flickr.com/3234/2664255992_bb8b069343_b.jpg

http://farm4.static.flickr.com/3021/2663372765_0219445acd_b.jpg

[DougRockstead]

That looks impressive. I really like the size and I know it's not an accurate representation based on the roughness of the renderings, but hopefully there will be more textures to it.

I think you said previously that you're version of the Trammel Crow towers aren't quite as big as the reports say 700+ feet, if you were to make those adjustments to the large tower how would the skyline look.

I know I know.. more work, but in my defense I'm just curious as to how that would look.

Doug

[shanny]

will you post a screen-shot looking up congress? im curious to see how much the office tower will lean over the street.

[matthew2109]

very nice priller

[priller]

will you post a screen-shot looking up congress? im curious to see how much the office tower will lean over the street.

Keep in mind I don't know if it will lean at all, that's total speculation on my part. But here's a view down congress:

http://farm4.static.flickr.com/3093/2666892781_f03b2acf73.jpg

[SecretAgentMan]

Keep in mind I don't know if it will lean at all, that's total speculation on my part. But here's a view down congress:

http://farm4.static.flickr.com/3093/2666892781_f03b2acf73.jpg

I don't think this would be possible. The Capitol View Corridor for Congress and the Congress Avenue Historic District require buildings above a certain height (90 feet or so?) to step back above that height, just as Frost Bank and other newer buildings do. Ironically, I believe it was construction of the Bank of America tower (or whatever the black one on that block is called) that created the interest in passing those ordinances.

[jowens]

Priller, I think the only one I'm missing is 21 C.

Great job!

[Goothrey]

Here is my own representation. Some of the models are done by priller and another guy named Doug. I don't now how to create a face on a twisting tower like this without splitting the face in half. Those who use sketchup may or may not know what I am talking about. Sorry for the large pics.

http://img296.imageshack.us/img296/9060/austin1ng1.jpg

http://img145.imageshack.us/img145/3664/austin2nt0.jpg

http://img509.imageshack.us/img509/2708/austin3lv8.jpg

http://img141.imageshack.us/img141/5463/austin4vg5.jpg

[priller]

Here is my own representation. Some of the models are done by priller and another guy named Doug. I don't now how to create a face on a twisting tower like this without splitting the face in half. Those who use sketchup may or may not know what I am talking about.

That's really nice! Very well done. Yes, I do know what you're talking about the twisting surfaces. The free version of SketchUp just doesn't support them or other "organic" surfaces, so you have to simulate them.

[NThomas]

We can only hope the official rendering look so good. Keep it up guys!

[ahealy]

It's too bad they don't just make the 70 story tower mix use with office space, and the shorter one (5th & con.) just condos & retail :shrug:

[Magnus1]

the building looks very austin.

[StatenIslander237]

the building looks very austin.

Does Austin have a style yet? skyscraper-wise, that is. Well, if it doesn't yet
this will certainly get one going!

[migol24]

i'm hoping their still undecided about this project so that maybe they'll make it a 900 or 1,000 footer... austin really needs to get up there. austin, as a city alone is one of the largest cities in the america.

[Thymant]

I hope this starts construction soon.

[photoLith]

This building is amazing and its time Austin gets something this tall. Whats at this location now? I surely hope its just a parking garage or lot and not some historic buildings.

[KevinFromTexas]

Here's a few screen shots from Live Maps showing the block.

To the right of the black office tower, there is a 5-story bank building from about 1959 I believe. Behind it is a 4-story parking garage. To the left of it (north) is a 7-story apartment building that also has some parking in it. And there's also another ~7 story building, which I think has some office and retail space in it. It's probably the oldest building on the block.
http://img9.imageshack.us/img9/2630/austin501congress3qb0.jpg

You can see the 4-story parking garage and the 7-story apartment/parking structure here.
http://img17.imageshack.us/img17/8130/austin501congress4uy5.jpg

Same view, zoomed out.
http://img10.imageshack.us/img10/7860/austin501congress2rr7.jpg

http://img7.imageshack.us/img7/4246/austin501congressyy5.jpg

[photoLith]

No loss there, thanks for that.

[Thymant]

Nice Shots.

[tgbAustinite]

thymant, love your avatar. hopefully the t. stacy bldg will have some resemblance to the proposed waldorf-astoria in chicago:

http://farm4.static.flickr.com/3539/3332527110_4c1a63117c_o.jpg

http://farm4.static.flickr.com/3557/3332567094_8c257c82c1_o.jpg

[Thymant]

Yeah I agree if austin could get something similar to that it would be great!

[NThomas]

I hope with as much time that has been put into this project, the outcome is well worth the wait.

[shanny]

any news on these towers?

[tgbAustinite]

no recent news...

[AustinSkyscrapers]

any news on these towers?



I wish there were some... I'm waiting...:cool:

Any recent updates yet? 14 days since the previous post, an unusual wait in a skyscraper boom like this.
Also, the time between the last 4 posts is unusually long, in days: 51, 9, and 14

[americanskyscraper22]

i hate waiting :(

[AustinSkyscrapers]

i hate waiting :(

That applies with me as well.

[AustinSkyscrapers]

:worship:Finally what we have been waiting for, some more recent news!:worship:
With people waiting so long, this will boost up our T. Stacy Complex morale!
New and details, coming right up!
Here it is, from the Downtown Austin blog, take it away blog and quote!


Is 5th & Congress Moving Forward? (http://downtownaustin.wordpress.com/2009/06/13/is-5th-congress-moving-forward/)

http://img191.imageshack.us/img191/4286/2664255992bb8b069343b.jpg (http://img191.imageshack.us/img191/4286/2664255992bb8b069343b.jpg)The massing of 5th and Congress as rendered by priller.


Tom Stacy Condominium Tower @ 501 Congress, 830 FT And 70 Foors



Over at SkyscraperForum (http://forum.skyscraperpage.com/showthread.php?t=124346&page=273), one of my favorite online hangouts, a discussion of the T. Stacy project at 5th Street @ Congress Av. has been rekindled. Back in January it was reported (http://www.bizjournals.com/austin/stories/2009/01/05/daily39.html?q=%20Tom%20Stacy) that Tom Stacy’s team had secured 30 month $44MM loan towards partially funding the development of a full city block along Congress Ave. With a stranglehold on the capital markets, nearly all planned projects have been put on hold leaving general contractors and construction crews looking for work. With some capital in hand T. Stacy is uniquely postured. As construction costs continue to drop, now might be the perfect time to being construction of a project with this scale.
-Jude

The post by one of our fellow forumers:



http://forum.skyscraperpage.com/images_pb/buttons/viewpost.gif (http://forum.skyscraperpage.com/showthread.php?p=4304468#post4304468)
Well, guys, realize that this building is extremely speculative and, at this point, is fairly unlikely to be built, at least as it is shown in the rendering. I'm hope I'm wrong about that, but I don't see a building of that size and expense (the twisting tower is doubtless more pricey to build) being funded any time soon.

I would bet the only part of this project we'll see any time soon is the 10-story parking garage in the front.

I'm also doubtful, but the irony of recessions are favorable economic conditions to begin construction. I've heard from other downtown developers that construction costs are down 25% from 2007. Other members of this forum might corroborate this. A discount of that magnitude can have significant positive impact on a developers' pro forma, or at least help wash the surplus in office space until the market rebounds.

Until this discussion was rekindled on this forum, I didn't think much about this project. But, as I find myself saying more often... I'm cautiously optimistic we could see (http://downtownaustin.wordpress.com/2009/06/13/is-5th-congress-moving-forward/) construction this year.
Presented originally by Downtown_Austin
The website is: http://downtownaustin.wordpress.com/2009/06/13/is-5th-congress-moving-forward/ (http://downtownaustin.wordpress.com/2009/06/13/is-5th-congress-moving-forward/)
(http://downtownaustin.wordpress.com/2009/06/13/is-5th-congress-moving-forward/)

[americanskyscraper22]

nice to hear :)

[AustinSkyscrapers]

It welcomes us that there's news.

[KevinFromTexas]

It's still nothing official though. Until we get some credible official reports, I can only be optimistic.

Oddly enough, that $44 million they secured in loans would pay for their old proposal for the site. Their original plan for the site had a price tag of $40 million. Originally, before they had planned separate towers on the block, they were planning a "2nd" Bank of America Center tower that would have been a twin. Basically their plan was to build it right next to the old tower to double the square footage of the property. From what I could gather, they probably would have knocked out the curtain wall on the south side of the building. If that happened, I would imagine they would do a complete facade overhaul on the building to make it look more modern. I really hope this isn't the current plan though. I'd rather see a separate differently designed tower(s) for the block. I think a squatty rectangular building there would look awful, being that it's such a prominent location, not to mention it would basically be 70s style architecture almost 40 years passed its era.

[AustinSkyscrapers]

You're correct Kevin. Just another boxy building BY a boxy building (Bank of America Tower) in Austin would look awful. :yuck: I'm wanting some future era/art deco type building for it. That would be cool. :cool:

And in renderings, what did they do to the BOA Tower? Did they add some glassy and glossy empty spaced cover like they did in the mass renovation of the CBT?

Is anybody sure $44 million would be enough? Well, it might be now or never that this complex is to be built. It will be small compared to Green Water Complex.

I want this building to be built. :nuts:

[Plokoon11]

This tower will definitely boost the skyline.

[AustinSkyscrapers]

Of course. It will 100%.

[StevenW]

Dang! How is Austin doing it? :? I'm jealous for my Hometown of Baltimore. :D

[KevinFromTexas]

And in renderings, what did they do to the BOA Tower?

They never released any renderings of that proposal.

[AustinSkyscrapers]

You're correct Kevin. Just another boxy building BY a boxy building (Bank of America Tower) in Austin would look awful. :yuck: I'm wanting some future era/art deco type building for it. That would be cool. :cool:

And in renderings, what did they do to the BOA Tower? Did they add some glassy and glossy empty spaced cover like they did in the mass renovation of the CBT?

Is anybody sure $44 million would be enough? Well, it might be now or never that this complex is to be built. It will be small compared to Green Water Complex.

I want this building to be built. :nuts:

They never released any renderings of that proposal.

Well it just apppeared to me that some sort of blue glass thing on the old T. Stacy rendering was on the BOA Tower. (Short form of Bank of America Tower). If so, we would be the only ones with the blue glass excluding the Reuters Building?

http://i294.photobucket.com/albums/mm99/YahTrickYah57/austin501congress1fg5.jpg
The blue thing should be on the BOA.

[AustinSkyscrapers]

And here's my percentage:

T.Stacy Condo Tower: 35%-T. Stacy doesn't have a really good record at buildings being approved, and when it comes to an 830 footer, icky. We do want that thing to come up though.

[americanskyscraper22]

you're unfortunately right. the odds of T.Stacey are slim :(

[Scottolini]

What projects of Mr. Stacy have failed? Here is a list of some of his projects. It seems he's done quite well with these projects.

http://www.tstacy.com/portfolio_list.php?location_id=1

[AustinSkyscrapers]

Hm, not as bad as many people say. 4th and Congress DVLPT site would turn into Frosty the snowman. ;)

[StoOgE]

Not to rain on anyone's parade.. but several of those "development" projects were existing buildings that he purchased. Granted, it looks like he turned their profitability around pretty nicely when they owned them, then sold them off.

But that sort of experience is different from constructing an 700+ food building.

[AustinSkyscrapers]

Ya, several like the Scabourough Building and BoA Tower.

"But that sort of experience is different from constructing an 700+ food building."

It's a building full of food. ;)

[Jdawgboy]

I must remind that t.Stacy had a huge role to play in the development of the Frost Bank Tower. I would say give this some more time, I know we have heard news about this since 05 but I say better late than never so lets hope for late...

[AustinSkyscrapers]

Huge role play. That 4th and Congress dvlp. site. They were to build something, but it ended up with Cousins Properties doing Frost Bank.

From the T. Stacy site:

http://www.tstacy.com/images/buildings/61_4th___Congress_dirt_2.jpg
http://www.tstacy.com/images/spaces/102_Frost_aerial_2.jpg
http://www.tstacy.com/images/spaces/100_4th___Congress_dirt_1.jpg

In 1998 a T. Stacy partnership began assembling several tracts of land at 4th & Congress in downtown Austin. Ultimately deciding to sell and not develop the site, TSA sold the site to Cousins Properties in 2001. TSA took the project through the entire entitlement and development approval process and obtained the greatest variance of FAR ever received in Austin at that time. Soon thereafter, Cousins developed a 525,000sf class A+ office building on the site which opened in early 2004.

[Lecom]

That's an improvement in design. Never liked the old one.

[AustinSkyscrapers]

For comparison:

Now: By shanny
http://pic15.picturetrail.com/VOL630/3951350/18290928/325087017.jpg
Before: By T.Stacy and Associates:
http://i294.photobucket.com/albums/mm99/YahTrickYah57/austin501congress1fg5.jpg

[shrikearghast]

I live just south of Austin, and this is a really... REALLY ugly building. I can't stand structures that 'flare' or 'twist,' and unfortunately that seems to be the trend in modern high-rise construction. Seeing as Austin is a high-growth area, I remain cautiously optimistic that something taller (and more tasteful) will place this thing in shadow within a few years.

[AustinSkyscrapers]

Diffrent from usual, I think this building might of fit better in Austin had it kept its old height and design, 705 feet.

[Thymant]

I live just south of Austin, and this is a really... REALLY ugly building. I can't stand structures that 'flare' or 'twist,' and unfortunately that seems to be the trend in modern high-rise construction. Seeing as Austin is a high-growth area, I remain cautiously optimistic that something taller (and more tasteful) will place this thing in shadow within a few years.

Are you talking about the old rendering?

[AustinSkyscrapers]

Are you talking about the old rendering?

I think the new one, with the "twist". How it kind of swirls.

[The Austinite]

Let me begin by saying that I really think the city of Austin is long overdue for some Downtown development, notably some tall buildings. I really don't think we should build up the skyline to the point of Dallas or Houston or any of those legitimately big cities, but I think we should have a few striking skyscrapers that really put the place on the map, sort of to compliment our small city feel and our artsy culture. I don't know, just me.
So that being said, I think it's great that they're proposing a dramatic 830-foot tower for Downtown. Increase the urban density of the city's core with more condos, build up the skyline and put Austin on the list of tallest buildings in the U.S. in one fell swoop! That's the way to do it, money for something and your recognition for free, or whatever.
Now, that being said, am I the only person on this page who feels like they couldn't do a better job with the building's design? I mean honestly, look at the shape of it! Yeah it's just weird enough to go along with the spirit of Austin, but it's also just kind of unsightly. Plus that top half of the tower jutting out over the street like that would kind of give me the creeps, though may just be me.
So in summation, above all else I think it's nice that they're putting up some tall skyscraping condos, but couldn't T. Stacy & Associates give the building a better look? I don't know exactly what, just something to go along with the city better, something artsy but not necessarily postmodernist.
What do y'all think?

[The Austinite]

Okay priller, I'm looking at your renderings of the Austin skyline with the T. Stacy & Associates Condo Tower. Except I'm also seeing this other building that also looks new to me.
On the last picture, start at the T. Stacy and move slowly left like an inch or two and there's this tall, dark blue, somewhat tubular structure. Which building is that?

[priller]

Okay priller, I'm looking at your renderings of the Austin skyline with the T. Stacy & Associates Condo Tower. Except I'm also seeing this other building that also looks new to me.
On the last picture, start at the T. Stacy and move slowly left like an inch or two and there's this tall, dark blue, somewhat tubular structure. Which building is that?

That's one of the buildings proposed for the Green development -- the former site of the Green water treatment facility.

[wwmiv]

Hey, priller, this photograph of yours is beautiful:

http://farm4.static.flickr.com/3490/4053049035_572544743d_o.jpg

[KevinFromTexas]

Guys, let's stay on topic. Talking about other cities and stuff really isn't important in this thread. Only updates.

[The Lorax]

Just to follow up, I don't believe there has ever been a hard cap on height set to the Capitol. There is a very limited Capitol Dominance District currently that limits height within 1/4 mile of the dome, which makes sense. There was a bill introduced in the Texas Legislature in 1983 that would have capped height, but the City and the State reached a compromise that eventually produced the View Corridors. The View Corridors have worked well to allow robust downtown development while preserving an iconic image of Austin and Texas.

[LeoZ]

Looks like it will be a very nice project. It's interesting, I sorta feel bad that the Frost Bank Tower, which was designed to crown the skyline, has already been topped, and all these other, more cookie-cutter designs are taking over. Austin sorta reminds of Brisbane, is Australia, the way it looks along the river, and the way it's getting so many new tall buildings at once.

Yeah, Frost Bank Tower is easily one of my favorite designs in town. It's still up there, but yeah, starting to get crowded out just a bit...

Speaking of design, am I the only one (well, apart from that Austinite guy) who thinks that the design of the T. Stacy & Associates Condo Tower really is a bit odd? Not sure how I feel about how it's going to look with the rest of the buildings...

[wwmiv]

I actually really like the design of the building. It fits well in color with most other buildings while adding diversity in size and shape. I actually like the way it twists (it doesn't do very much in the renderings) and flares (not enough to lose a tasteful quality).

[ATXboom]

I like the twist because it has motion... its not static. I also like it because its different for TX... and of course Austin. I prefer lots of architectural diversity rather than duplicate materials/finish and scale..

[Alice93]

I think it looks great. Be a nice addition to Austin.

[LeoZ]

So what's the most recent word on this project? Is it actually being considered?

[WAustinResident]

No, this thing is as dead as can be. Its just too expensive and serves a community that has huge supply currently.

I wouldn't expect to see this start to rise before 2015 at the earliest. And I would expect a major redesign

[Hill Country]

This tower was announced in December 2004 - well before the announcements of all the other towers that got built during the boom in Austin. The fact that this didn't get financed and built during the boom makes it very suspect at best. The only thing Stacy has done since 2004 is propose a bigger tower. This is a prime site in Downtown Austin. Something will get built here, but I doubt it will be the current proposal.

[tgbAustinite]

This tower was announced in December 2004 - well before the announcements of all the other towers that got built during the boom in Austin. The fact that this didn't get financed and built during the boom makes it very suspect at best. The only thing Stacy has done since 2004 is propose a bigger tower. This is a prime site in Downtown Austin. Something will get built here, but I doubt it will be the current proposal.

this only tells part of the story. yes, it was first proposed in 12/2004, but as a 700 ft (approximately) tower. logistically, to get this tower built was extremely difficult. it meant displacing an entire company on that site into a new location, as one example. this took a very long time, over 2 years. then, as fortune had it, as tom stacy was working on getting this tower off the ground, a neighboring parcel became available and he purchased it. this was during good economic times, and he then started working on the new, bigger tower that you mentioned. the size of this new project meant more planning, red tape, yada, yada, yada. the phases of planning for this project have been extremely more difficult, especially when comparing it to, say, the austonian. i'm not necessarily advocating for tom stacy, btw. i'm just saying this project is tedious and arduous, and takes much more time than the aforementioned austonian. while i'm hopeful this project will get off the ground in the near future, i'm not going to hold my breath either. but let's not forget, stacy did get the frost bank out of the ground during bad economic times when people thought he was crazy for doing so.

[garlandwscott]

Has anyone heard anything new on this project?

[wwmiv]

This has got to be the biggest news for Downtown Austin in years. I am elated.


http://www.austintowers.net/Austin_Downtown/files/t_stacy_5th_congress_super_tower_to_return.html

800 Foot 5th & Congress Super Tower to Return

We reported extensively on the original project when it was first announced. Although the details are likely to change dramatically between the first proposal and anything built today, the original plans called for a 925,000 square feet mixed use building which would be the largest downtown Austin project at nearly twice the square feet of the Frost Bank Tower. The project (rendering below) was to be designed by the world-famous architecture firm of Pelli Clarke Pelli, who also designed the Petronas Towers, once the tallest buildings in the world, and the Museum of Modern Art and Museum Tower in New York City.


http://www.bizjournals.com/austin/news/2011/04/18/two-mixed-use-towers-garage-planned.html?ed=2011-04-18&s=article_du&ana=e_du_pub

Two new mixed-use towers, garage planned downtown

T. Stacy & Associates and Walton Street Capital LLC announced Monday refinancing a loan that will free up cash for the project first revealed about three years ago. The pair closed on a new loan with lender Aareal Bank AG for their Bank of America Tower at 6th Street and Congress Avenue, according to a press release.
The new towers are planned for the same block bound by Brazos and 5th Street, plus a half block across the street. Construction on the first phase — the parking garage — is slated for early 2012.


http://finance.yahoo.com/news/T-Stacy-and-Walton-Street-prnews-274592195.html?x=0
T. Stacy and Walton Street Capital Close on Refinance of Loan on Bank of America Building at 6th and Congress

T. Stacy & Associates and Walton Street Capital have closed on a new loan on its Bank of America Tower at 6th and Congress that frees up all development parcels of any debt.

The lender was Aareal Bank AG, a German bank that came to T. Stacy through mortgage banker Holliday, Fenoglio Fowler, L.P. (HFF).

"Austin has so much appeal that European banks are looking to invest," Tom Stacy said. "But they are demanding first-class projects that are well positioned for stability and growth in the future with strong sponsorship."

[KevinFromTexas]

http://www.statesman.com/blogs/content/shared-gen/blogs/austin/theticker/entries/2011/04/18/stacy_refinances_congress_aven.html

Stacy refinances Congress Avenue office tower

By American-Statesman staff | Monday, April 18, 2011, 01:45 PM

Austin developer Tom Stacy has refinanced his holdings at Sixth and Congress, with a new loan from a German bank.

The new loan is for the Bank of America tower. Stacy said the move frees the other parcels he owns in the area from all debt.

Stacy long has had ambitious plans for a mixed-used project, with two towers, on the Congress Avenue block but has not yet moved ahead on them. He said he may start construction on the first phase — a parking garage — as early as next year.