Archinect - News

HKS bid for Texas’ tallest skyscraper gets cut down

2023-04-28T12:12:00-04:00

Amid challenging conditions in the real estate and lending markets, a proposed 80-story residential tower that had been planned to be the tallest high-rise in Texas has now been scaled back to 45 stories. [...] Taylor Wilson, president of Wilson Capital, said the revised design comes in response both to feedback from Austin's Design Commission and to significant changes in the real estate and financial markets, which are grappling with rising interest rates and tightened lending standards.

The revised Wilson Tower proposal would have surpassed I.M. Pei’s JPMorgan Chase Tower in Houston as the state’s record-holder. KPF’s Waterline development is still on track to break it by 20 feet. The episode highlights the economic stasis affecting developers in the city’s insanely high-stakes CRE market as the impacts of the tech recession compound.

"We are making some changes to the ground floor in response to both the Design Commission’s feedback and changes to the vertical nature of the building in response to current market conditions," Wilson said via email to the Austin American-Statesman. "Construction costs and interest rates are both higher now than they were when we originally designed the project. We believe this new design is more appropriate to provide an activated ground floor while remaining feasible in today’s environment."

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Will Austin’s tall-buildings boom survive the skyscraper effect and looming tech recession?

2023-01-19T17:52:00-05:00

But joining the fraternity of cities with supertalls can also be a dubious distinction: Real estate is a lagging indicator, and skyscrapers often arrive after the boom is over, looming half-empty as monuments to a bust. Others, however, are convinced that Austin’s high-rise stampede is just getting started. Given the city’s emerging significance as a next-gen manufacturing hub this building boom could defy the skyscraper effect.

With a slate of high-rises and supertalls, including KPF’s Waterline design and the record-setting Wilson Tower from HKS in the works, Bloomberg asks if the pace of development can be sustained amidst tech’s downturn and the annals of urban economic history. The salvation apparently lies in the influx of manufacturing dollars into the city, along with a downtown area that offers what some consider to be the nation’s highest overall quality of living.

A planned cap-and-stitch project could add even more commercial parcels along a stretch of I-35 downtown beginning in 2025. The risks of repeating the same tax incentive-driven boom-bust cycle that led to so many of Dubai’s architectural headaches a decade ago are not lost on developers. For now, Austin’s only real crisis is the affordability of homes and a dearth of convenient worker housing.

HKS debuts revised plans for Texas’ tallest high-rise

2022-11-15T13:13:00-05:00

[...] Wilson Capital announced this morning that its redevelopment of the Avenue Lofts site will be significantly larger than previously reported. The multifamily residential building planned for the 0.8-acre property at 410 East Fifth Street, now known as Wilson Tower, is set to rise 80 floors to a total height of 1,035 feet — and yes, that would make the project the new tallest tower in Texas upon completion, exceeding the height of the Waterline supertall project [...]

HKS is behind the Wilson Tower project, which will complement the 43-story 700 River development that broke ground recently on a tract fast becoming Austin’s “second” downtown. The would-be new record-setter had been previously planned for only 54 stories and is now advertising lets for its 450 available luxury units. Amenities like a movie theater and indoor dog run are included in a four-story block. The rest of the program appears standard fare for a city that now boasts nine of the wealthiest 1,000 neighborhoods in the country.

Image courtesy HKS/Wilson Capital

"I don't think the need for housing is going anywhere," an unnamed developer told Austin Business Journal, referencing the state capital’s dual status as the fastest-growing city in America. "Looking into the future, when this building is planned to come online, we still see Austin with the incredibly strong fundamentals needed to support a project like this."

Image courtesy HKS/Wilson Capital

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