The ATX

Villas on Town Lake Site | 2 Towers | ? Feet | 40-Stories | Proposed

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The ATX    541

This project is being proposed by the developer of the adjacent three tower Waller Park Place project.  Town Lake Villas is a 1980s condo community that voted to sell their properties to a developer - and they made out pretty well. The tallest proposed tower is 60-stories and will be offices and apartments.  Based on the rendering the second tower will be close to 60-stories and consist of a hotel and condos.  Here's the Statesman article about the project: Statesman

The ground breaking is slated for mid-2017.  But this developer - Sutton - doesn't have a good track record on getting their projects started on schedule.  The Waller Park Place project has been delayed multiple times.  

Here's the only known rendering from the Statesman article.  The future Town Lake Villas towers are the two closest to the river, and the other three are the Waller Park Place towers:   

5hcmkS7.jpg

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The ATX    541

The City Council votes this Thursday as to whether or not the restrictive covenant for the Town Lake Villas can be removed.  The removal is needed for this project to go forward.  Anti-growth sentiment is gaining strength in Austin, so any project that requires City Council support is not guaranteed to happen.  The recent cancellation of the two tower One Two East residential project is a recent example of the anti-growth crowd getting City Council support.

Community Impact

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The ATX    541

This twinish two tower, 60-storyish project got a big boost forward Thursday when the City Council voted to remove the restrictive covenant that capped residential density on the site.  If the covenant wasn't removed, the developer said the project would go forward as an office and hotel development without a residential component.  But now the residential portion can move forward as well.  As part of the City Council vote in favor of the project the developer had to pay $50K to a nearby condo tower HOA (WHOSE VIEWS WILL BE BLOCKED) for a traffic study because that's what they were concerned about.  Yeah, right.  It's more like my condo tower was here first, so I don't want neighbors.  Traffic absolutely sucks everywhere around here, and I'll tell you that for a lot less than $50K.  Here's an article bout it:  Community Impact.

Here is the condohood that is going to be demolished from the article:  

Villas-town-lake-e1476987035687.jpg?w=12 

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The ATX    541

The developer completed their promised traffic impact study in March as part of the agreement with the city and the Rainey St. neighborhood to move this project forward. The link with the info is from a Seattle station that for whatever reason apparently gives a crap about this.  

KUOW - Seattle

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The ATX    541

This one is moving forward.  The original developer who doesn't have a very good track record when it comes to big projects has sold the site to a new developer - the Genesis Real Estate Group.  Genesis is based in the Metroplex and has built a few significant projects including One Rincon Hill in San Francisco.  This will still be a two tower project.  The first tower is being called Phase I and will be a 40-story apartment tower.  The second tower will be Phase II and will be developed later based on market conditions.  The original developer had said one of the towers would be 60-stories, and we don't know if that will still be the case.  But at least this one is progressing, and drilling is taking place on site.

newsEngin.19230418_condos-sold-2.jpg        

Statesman Article

 

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