At least one of the buildings is said to be
725 feet. That would be 42 feet taller than The Austonian. Another proposed project though would be 95 to 105 feet taller than this building. Either way, Austin is jumping into the big leagues finally.
From the Austin American-Statesman
http://www.statesman.com/news/conten...0619green.html
City Council picks Trammell Crow for redevelopment of Green
Developers beat 4 other teams for largest downtown project ever.
By Kate Miller Morton
AMERICAN-STATESMAN STAFF
Thursday, June 19, 2008
The Austin City Council on Wednesday unanimously chose Trammell Crow and its partners, Constructive Ventures and USAA Real Estate Co., for the single biggest downtown development project ever.
The group beat four other teams to win the exclusive right to negotiate with the city to buy and transform five isolated blocks of land bounded loosely by the Seaholm Power Plant and San Antonio, Fourth and Cesar Chavez streets into a residential, commercial and cultural hub. The land is now occupied by the Green Water Treatment Plant and the Austin Energy Control Center.
The sale of the six acres, along with the hotel, property and sales taxes from the project, is expected to generate $71 million for the city over 10 years after construction begins in 2010.
The city expects to spend $16.4 million to clean up the Green Water Treatment site. Austin Energy estimates it will spend $17 million to replace its control center.
Of the five teams, Trammell Crow proposed the biggest and tallest buildings, the most uses and the most parking.
The selection of Trammell Crow over teams led by Catellus Development, Forest City, Simmons Vedder Partners and Stratus Properties was expected after members of the city staff recommended the Trammell Crow proposal two weeks ago.
Their decision was based largely on financial information the city has refused to release including: the proposed sale price for the land, sales and property tax projections, the financial backing of the developers, and the amount of public money needed to achieve the developers' plans. City officials say the information won't be released until the city has signed a deal with the developer, a process that could take more than a year.
But a city official familiar with the proposals said the Trammell Crow team offered to pay $57.9 million for the six acres appraised at $55.5 million. The official, who is not authorized to speak about the unsigned deal, requested anonymity.
During a presentation to council members, Rodney Gonzales with the city's Economic Growth and Redevelopment Services Office listed some of the proposal's other attributes that led to the recommendation, including affordable housing and public gathering spaces.
Trammell Crow proposed the highest number of low-to-moderately priced housing units, with 320 rental units held at below market price with no cost to the city. Eighty of those units will be reserved for households making no more than 80 percent of the area's median family income, now $56,900 for a family of four; 240 of those units would be within reach of families making 120 percent of the median family income, now $82,900 for a family of four.
Stratus Properties had offered to make 121 units affordable to families making at or below 80 percent of the area's median family income.
Trammell Crow also will donate $2.7 million to the city's affordable housing fund.
Gonzales also cited Trammell Crow's plan to build five public gathering places that could accommodate 2,700 people, including a 10,000-square-foot covered plaza on Second Street at Shoal Creek.
Now that the development team has been selected, the city and the developer will begin the arduous process of negotiating and signing a detailed agreement that lays the ground rules for such complicated issues as timing, financing, profits and risk.
Perry Lorenz of Constructive Ventures said the proposal sets the bar for things such as how much will be built, affordability and green building.
"We believe what we've shown the city are realistic plans for a realistic project that will accepted by the marketplace," Lorenz said.
But the plans are far from set in stone.
It is a long time until 2010, and the market for retail, residential and office space has already slowed.
"We intend to listen closely to the public," Lorenz said of the planning process. "We're not going to swim up stream."
kmorton@statesman.com; 445-3641
The Trammell Crow proposal
The team's plan includes
buildings as high as 725 feet that would house:
265 apartments 500 condos
235 senior assisted living units
588,000 square feet of office space
160,000 square feet of retail
A 375-room hotel