The ATX

WeWork Project | 4 Towers | #1 615'/53-Stories | #2 525'/45-Stories | #3 333'/26-Stories | #4 1,000,000 Sq. Ft. | Site Demo

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This project has been delayed several times, and last week the developer said the new start date would be late 2016 or early 2017.  Site demolition was completed in April, but there has been no site prep since then.  The site is rather large and six or seven buildings were demolished for it.  Here are some photos of the demolition by Downtown Austin Blog:  

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Lest we forget.  Here are the latest known renderings.  But these aren't the final renderings because they don't match the released height information which is more recent than these renderings from the developer's website:  

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Waller-Creek-Project-Austin-The-Sutton-C

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This lonely dead end road is Willow Street.  It was vacated by the city and is in the middle the area that was demolished for this project.  It's apparently being used for parking now.  If the developers are not ready to break ground in the near future, they should level the entire site for parking.  This is in the Rainey St. District which is gridlocked with partiers on weekends.  The parking fees would amount to a small fortunate   

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Don Mason on Flickr

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This stale project had long since dropped to the bottom of the second page, and the site plan was set to expire in May.  But there have been two pieces of news this week that give it new life.  First, a site plan extension good through May, 2021 was filed.  The second is that the Austin Business Journal is reporting that the original local developer - Sutton - has sold their interest in the project to NYC based McCourt Global.  McCourt Global was an equity partner in the project.  Sutton typically announces grand plans for a site and gets entitlements for the project, but then flips the site to another developer rather than building anything.  Sutton was also the original developer on the neighboring site where twin 55-story projects have been proposed by a Dallas developer.  

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The Austin Business Journal is reporting today that NYC based McCourt Global is trying to kick start this stalled $1 billion project and is actively seeking partners while the site plan extension is still going through the City's approval process.  But the ultimate project may vary from the current site plan.  From the article:  

Quote

Originally the Waller Park Place proposal was envisioned as 1.4 million square feet, including 300,000 square feet of office and 473 residential units, according to city records. A trio of towers — 26, 53, and 45 stories at last count — would feature for-sale condos, retail and above-grade parking. There would also be 135,000-square-foot hotel.

However, those plans will likely change, especially now that McCourt is looking for new partners.

 

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WeWork is in the process of  purchasing this project from McCourt Global.  This would be WeWork's first ground up project.  I would expect this to then be reworked to add more office space since it is currently planned as mostly residential.  But it would become a real project once again. 

Article 

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There is no word as to whether or not WeWork closed on this property yet.  But if they do, this could be a four tower project because the deal with McCourt Global includes an adjacent site.  That adjacent site is currently zoned for a tower that could include 660,000 sq. ft. of office space that was initially referred to as Waller Park Place Phase II by the original developer.  But of course WeWork could submit a new site plan to reconfigure the current approved site plan.

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WeWorked closed on their purchase of the 4.7 acres where four towers were planned.  They have the money to do something great here, and they are also expanding their brand to include a WeLive concept which means they are getting into residential projects.  Here's an Austin Business Journal article.

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On 1/13/2019 at 10:09 PM, The ATX said:

WeWorked closed on their purchase of the 4.7 acres where four towers were planned.  They have the money to do something great here, and they are also expanding their brand to include a WeLive concept which means they are getting into residential projects.  Here's an Austin Business Journal article.

WeWork has just taken space in a 56 story, 834’ mixed-used tower that’s just breaking ground in Miami.

No renderings yet.

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They've got a lot of money to expand from  SoftBank and apparently the Saudi Sovereign Fund.  They set up some type of investment fund to finance this Austin project.

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WeWork  filed a request on Wednesday to extend the approved site plan.  This is somewhat surprising because the three approved towers (listed in the thread title) are mostly residential.  Only the smallest tower is office.  But maybe they are going all in with their WeLive concept in Austin.  The fourth tower site has not had a site plan filed yet, so maybe that will be an office tower.

Here's a tower massing from a marketing brochure prior to WeWork's purchase of the site.  The buildings do not represent what has been approved, and the tallest one may be approaching 800'.   The tower in the foreground is on that fourth site that does not yet have a site plan on file.  The quality is bad because it's a blown up thumbnail.  WeWork obviously has big plans for Austin.  Please don't tank yet, economy. :)

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Link

 

 

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We finally got a hint of what WeWork is planning.  They are currently in the process of extending the site plan for the three permitted towers formerly known as Waller Park Place.  But the Austin Business Journal quoted the developer of the 90 Rainey project:  

Quote

Burns said he doesn't expect construction [on 90 Rainey] to start until at least 2021. He said he wants his project to deliver near the same time as WeWork's forthcoming office tower at Red River and East Cesar Chavez streets a stone's throw away.

Burns said WeWork is planning a tower of nearly 1 million square feet, though WeWork hasn't released any details on its plans yet.

 

The million sq. ft. tower would be tower #4 listed in the thread title with a height of "NA".  The site is currently a surface lot next to an IHOP restaurant.  A million sq. ft. project on that footprint is likely to be 700' to 800'.  

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are they going to do a WeLive or whatever their apartments are called?   I am WeWork member but sometimes I think they are growing way too fast to be sustainable.  They have 5 locations already in Austin. does anyone know how much space they have in total in terms of square footage? 

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2 hours ago, KJHburg said:

are they going to do a WeLive or whatever their apartments are called?   I am WeWork member but sometimes I think they are growing way too fast to be sustainable.  They have 5 locations already in Austin. does anyone know how much space they have in total in terms of square footage? 

They have six ATX locations as of earlier this week.  They leased three floors in SXSW's new HQ building.  I don't know their sq ft numbers.  When the news broke about WeWork buying this project formerly known as Waller Park Place there was a mention of WeLive being part of it.  The three approved towers are mostly residential, and WeWork is in the process of extending the approved site plan for them.  So that's the probable location of their WeLive tower(s).

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