Credit for this scoop goes to Austin Towers. We've known for some time that WCC owned this site at 56 East Ave. But now we know what the plans for it are. From a sign on the site via Austin Towers:
Good catch, I'll have to add that somewhere. "One River," huh?
Anyway, I wouldn't count on the design we're seeing on the sign being anything more than speculative, and probably entirely for marketing purposes at this stage -- which is good news if the building's look doesn't exactly knock your socks off. It's really got an awful lot of parking, doesn't it?
That's more parking than a building that size needs. So WCC must be planning on banking parking money from the Rainey St. party crowd. As much as we hate parking garages on SSP, there is a huge demand for parking in that area.
It looks like in order to build this proposal quite a few trees would need to be removed. Would they all have to be moved and replanted elsewhere? If so that seems like a lot of expense to put up a parking garage with some office space.
Towers found a couple more renderings on the architect's website based on the file names. But based on the file names they are from 2013, and WCC bought the site in 2015. So it seems pretty clear that the project rendering is only a vision (albeit a weak one), and the renderings must have been made for the previous owner of the site.
Egads. At this point, they're going to be burying I-35 just to hide our shame on that side of downtown.
Unfortunately, I get the feeling that if some of these buildings are planning on cashing in on parking that they are intentionally being designed to accentuate the fact that "WE HAVE PARKING HERE!!!" since maybe not everyone realizes that most buildings do.
I can't tell if this is an office building with parking or a parking garage with office space. At this point, there's almost no point in trying to fix that area of downtown. Low slung parking garages gobbling up blocks sitting next to buildings with little or no retail fronting the street. And let's face it, Rainey Street isn't exactly a retail destination anyway.
WCCG has developed some smaller restaurant/event space locations, but to my knowledge they have yet to develop a significant tower. CBRE is an interesting partner in that they can possibly provide some financing, but I'm remiss to treat this differently than 99 Trinity. This rendering seems like a marketing tool. Maybe they're trying to land tenants before shifting any dirt. Either way, it doesn't look like this will be spec office and up and running any time soon. They're also advertising the existing building for a revamp, which might be intended to boost revenue and help cover some of the debt, if any, they have on the land so they can hold the property. My guess is WCCG is hoping a developer comes along and buys out the land for what is sure to be a nice profit (Probably what Sutton is doing just down the road). So CBRE is probably helping them with their sales process. But I could be wrong - if they're trying to attract pre-leased tenants, then maybe WCCG is serious about finally building a high-rise.
I know the rendering is just suggestive selling . . . but even so, it's sad that that's what WCCG thinks will close the deal with potential buyers. "Just think about it: If you buy this land, it'll make a great parking garage with, like, a couple of offices on top!"
IF that proposal is anything close to reality, the only redeeming point is that it could be covered up in part by something developed on the lots to its north and east (north of Lambie St.). It would still be painfully visible coming south on I-35 at Holly St., and coming north on I-35 looking over the short parking garage for the Towers of Town Lake (I think that's what it's called)...but didn't the lot just south of Lambie St. have something planned at one point?
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