AUSTIN | 5th & Congress Towers | 830 FT | 70 FLOORS | 420 FT | 30 FLOORS

[austlar1]

Originally Posted by JAM

Well Austlar, that's good! It must mean you're young enough to remember too!

So far anyway.

[KevinFromTexas]

I was looking through the city's website. I noticed in 2010 T. Stacy & Associates had filed for a 1 year extension on the approved site plan. This is for the parking garage they're planning at 501 Brazos. I saw the site elevations for the garage. It's tall. 140 feet with 12 levels. The top level is at 123 feet. That would be the tallest parking garage we have.

Anyway, they filed for a 1 year extension for the approved site plan on the garage in February of 2010. Their application for the approved site plan at that time would have run out on July 31, 2010.

What's interesting is that they filed for a 10 year extension on the approved site plan on June 25, 2010 that would expire on March 22, 2021.

The applicant is requesting a 10 year extension on an already approved site plan. Note: An MGA has been requested for this site plan

Here is the permit/case number: 2010-055271 SP

https://www.austintexas.gov/devrevie...s.jsp?myWhere=

So who knows. My guess is T. Stacy is mothballing the work they've done so far and preserving it as long as they can until they can cough up some funding.

[The ATX]

It's been almost 8 years so far, let's wait another 10.

[Jdawgboy]

Lol yea even me, yes mister optimistic has lost hope for this tower.

[LoneStarMike]

Prime block in downtown Austin put on the market
By Shonda Novak
August 20.2012

In a rarity for Austin's real estate market, an entire city block at one of the city's most iconic downtown intersections Congress Avenue between East Sixth and East Fifth streets is now on the market.

The property — more than 2 acres of prime land where Austin developer Tom Stacy once planned an ambitious mixed-use tower — consists of the block at the southeast corner of Congress and Sixth, plus a half-block directly east on Fifth Street between Brazos Street and San Jacinto Boulevard. The offering includes the existing 26-story Bank of America tower.

[texastarkus]

ok...I guess the answer to this question is it's no longer gonna get built. I was wondering since all of the paperwork has been on file with the city could a new property owner-developer come on site and build something kinda sorta like what T.S. had in mind?????

[KevinFromTexas]

I think so. A couple of posts above, I made one saying that Tom Stacy's company had filed for a 10 year extension on the approved site plan. They did that back in 2010. That extension is good until sometime in 2021. So yes, we could still see something there.

[austlar1]

I guess the really interesting question is how badly does T. Stacey need the money? Can he hold out for a good price, or will it be a fire sale? More will be revealed. I wonder why the article suggests that a new owner or owners will face "complex" issues to develop the site. What is that all about?

[GoldenBoot]

Originally Posted by austlar1

...I wonder why the article suggests that a new owner or owners will face "complex" issues to develop the site. What is that all about?

Simple...Several hundred thousand square feet of current tenants.

Furthermore, as I have said for years, it was never Stacy's intention to develop the property. In simplistic terms, he purchased the property...obtained specific entitlements to maximize the value of the property...and placed it on the market at the most opportune time to maximize his potential profit.

Since he garnered the entitlements back in 2005-2006, he had to wait out the most recent economic/real estate downturn which froze most capital sources until fairly recently. It is obvious he believes he can maximize his return on investment during this window of opportunity.

Also, there is another, possibly larger, global economic recession on the horizon. Thus, he wants to try and sell it now and not have to wade through another downturn.

[KevinFromTexas]

Yeah, it would be one thing if those were just commercial tenants since they could be moved to another property that the property manager owned. It's much more difficult, though, when you're talking about residential since it's someone's home.

[austlar1]

Originally Posted by KevinFromTexas

Yeah, it would be one thing if those were just commercial tenants since they could be moved to another property that the property manager owned. It's much more difficult, though, when you're talking about residential since it's someone's home.

Well, when T. Stacey was busy filling the air with his alleged plans to develop this property, he never seemed to stress that there were complications other than funding with getting the project done. Now the real estate community talks about issues and complications requiring deep pockets and much patience. Fair enough. I guess any developter will have to wait out existing leases or buy them out. Is that the extent of the complexity? As far as market timing for a sell out of the property, I suppose the local market looks favorable for a sale, but I can't help wondering whether Mr. Stacey maybe has some other financial concerns that require him to boogie on this parcel. I just have a hard time taking what he says at face value.

[Jdawgboy]

This is likely a good thing though IMO, with as much interest that is on Austin not just nationally but internationally, this property is a prime piece that surely wont stay on the market for long.