I too, would love to have a taller (and skinnier) building on this site. As it is more expensive to build taller, the numbers must support a taller building (i.e., the margin must be the same or better).
Furthermore, let’s not jump too high with this “building boom” potential just yet…it is just that…”potential.” And the basic definition of “potential” is simply; the proposed has not been accomplished.
Do not get me wrong. I was born here in Austin and am very interested in making it a “World Class” city (culture, architecture, food, entertainment, etc.).
However, not all developers (at least here) really care about that…as they should be. They are considering how much money they can make on each and every project. This is why Tom Stacy has not “started” construction of his proposal. It cost much more, and there is far more risk in developing a site than preparing it for development. Stacy’s site has the highest density approvals of any site in Central Texas. He has simply increased the value of his property. In addition, let’s not forget that he owned the site where Frost Bank is now located. He did the same thing with that site as he has done with his property at Sixth & Congress…obtained all of the required entitlements to build such a building as Frost prior to selling the site to Cousins. The reason we should feel “warm” about the Sixth & Congress project is because it has yet to come onto the market…at least publically.
Austin (City): 842,592 +6.60% - '10-'12 | Austin MSA (5 counties): 1,883,051 +9.72% - '10-'13
San Antonio (City): 1,382,951 +4.18% - '10-'12 | San Antonio MSA (8 counties): 2,277,550 +6.30% - '10-'13
AUS-SAT "CSA" (13 counties): 4,160,601 +7.82% - '10-'13 |