Quote:
Originally Posted by KevinFromTexas
8 floors is lame. The parking garages for Austin SkyHouse and Windsor on the Park are already gobbling up land in that area. Not to mention Milago Condominiums is a skyscraper laying on its side. That's one area of downtown where point towers absolutely make sense. Very small lots, very little land, waterfront views with issues of people worried about hulking towers. These buildings probably would have been pretty large, but they were far enough north that they wouldn't have loomed over the lake very much. If they're shooting for 8 floors now, I hope it doesn't happen.
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I wouldn’t worry about it. It’s as simple as an 8-story building not being financially worthwhile for the site they are in the process of compiling. Just doesn't make since. I believe whomever you spoke to at The Sutton Co. was just blowing you off.
Think of it this way…they tell you it’s an 8-story building and you think to yourself: “how boring,” and refocus your time onto a more interesting project. If they were to tell you it’s one 45-story tower and another 55-story tower…now you’re interested and end up trying to ask them more questions about the project at a time when they don't want to mess with anyone from the outside.
Unsolicited inquiries from outsiders are not what they want at this time. Remember, the city of Austin is considering rewriting the rules for the district, which could end up forcing a total redesign of “Rainey Gateway Center” anyway. This, among a myriad of other complex issues are at hand.
Should it really end up being one, 8-story building…so be it.
On a side note, even though I would love to see the originally purported development come to fruition, I had my doubts from the get-go. The proposed project is far bigger, and more complex, than anything else with which The Sutton Co. has been involved in the past. Phase 1 of Rainey Gateway Center was described as being a roughly $100MM investment (5x the investment of their largest deals).
Nonetheless, the project is still a possibility. On the other hand, The Sutton Co. may end up compiling the sites, obtaining all necessary entitlements for the project, and either find an equity partner(s) for the development or sell the project to another, more experienced developer as a shovel-ready project.
Who knows…the story is still being written on this one.