Harwood District: The Azure (375 FT. / 31 ST.)

[ParkCitiesTexas]

I called and spoke with a female in sales she said she knows nothing about it. She also asked where did I hear this information, I explained to her from this site, and she hung up.

[gc]

Well, that is either good news or bad news.......get ready for damage control!

[rjlevins]

See Intel in downtown Austin. Not unprecedented to just stop construction. Not saying its true, but its very possible.

Are these construction costs a result of:

a.) World boom(really starting to slow down. Look at the Dubai articles. Reality is setting in)

b.) Post-Katrina New Orleans rebuilding. if so, is it totally necessary to rebuild NO itself.

c.) Oil prices

Just curious.

:( Hey, we're getting a fancy federal courthourse outa the land though. ;)

The rising prices for construction have definitely effected some of the projects going on around here. Developers keep pushing dates back and considering whether or not to build.

[tamtagon]

Well, that is either good news or bad news.......get ready for damage control!

On the sunny side, maybe Gabriel Barbier-Mueller will join the forum, set the record straight, and share the Harwood vision....

[EscapeToCity]

I heard the same rumors when they were building the Bank of America tower. And then when it was about 50 floors out of the ground the rumor spread that the foundation was bad and the building was "sinking." Then there were rumors that water would fall in sheets down the slanted glass sides of Fountain Place and drown pedestrians on Ross Avenue. These kinds of tales get a life of their own. As long as there are construction workers over there, they are building it. The day you don't see any hard hats is when it's time to worry.

I'm probably jumping off topic...I'm bad about rambling...They did indeed complete the BofA Plaza (aka Main Centre)...and for a few years there were construction workers all over that area (Main/Lamar)...the problem is that they decimated several blocks of land. Bramalea's leveling of low-rise service & retail buildings along Griffin, Lamar & Main for the other towers which were never constructed has left a glaring 'hole' in the fabric of the CBD. To this day, you have a ridiculous surface parking lot directly across from the city's tallest and most prominent tower. People can talk about this new *boom* all they like, but it won't be real for me until land values and business activity are hot enough to spur fresh development (not renovation) of those prime sites along Main Street. One of the first things visitors notice Downtown is all the empty, unused space (parking lots).

I would really like to see Azure rise...I would hate to see it become yet another lost, unrealized dream.

[BigD5349]

I really want Azure to be built and to be a hit. I'd like other developers to see that a sleek, modern, BLUE building can be a hit in Dallas. I'm really tired of beige, gray and red bricks!

[Dr. Thunder]

Has anyone found anything more out about the Azure? In regards to the Intel building being stopped....a couple of points here. 1. It was around 9/11 when the bottom fell out. 2. They hadn't really done all that much construction but put up a frame. The Azure dug out a 75 ft hole in the ground and that's not cheap in dallas....

[slfunk]

Its just a rumor, and I wouldn't think twice about it. In construction when the contractor bids on a project the costs are secured once the loan has been given. The contractor buys the materials, window units, etc. etc. and establish a contract at the beginning of the project with vendors. These costs with vendors are typically good for 6 months from the time of the quote, at which time if the contract has not been secured a new quote will be given. If they sign on to a contract within that time frame of the quote, any rise in cost the vendor will have to cover. Variable costs are very common during construction this is why contracts on materials are secured once the financing has been approved. We know the financing has been approved because they've started construction. They also build into the financing agreement a fixed amount for miscellanous items. There are almost always items/issues/changes that will need to be purchased or dealt with that were not figured into the building costs and this is what the cushion is for. Unless we have another 9-11, another S&L scandal, or any agreements with vendors where already not reached; I seriously doubt the contractor or owner will break its contractual agreement with the bank.

[staplesla]

I spoke today with a friend of mine at Harwood and he said there is no plan to table the project. He said sales have been on target and he isn't sure why someone would have started this rumor.

[clipper]

They would start the rumor to steal sales for other buildings.

[tamtagon]

They would start the rumor to steal sales for other buildings.

It's not an uncommon tactic among some property investors. "I've got two units secured at The House available for resale, but you say you're also thinking about something at Azure...? Interesting. So then they really are going to finish building that one? Okay, well, let me know if you're still interested in one of the units I have for you at The House."

[Lakewooder]

OK, well don't use that example. Al Coker and Associates are marketing the House and I've known him since the early 80s when we sold Real Estate together. He's a person of high integrity and knowledge of the market.

alcoker.com

[tamtagon]

OK, well don't use that example. Al Coker and Associates are marketing the House and I've known him since the early 80s when we sold Real Estate together. He's a person of high integrity and knowledge of the market.

alcoker.com

You're right. my bad

The House was the first name to came to mind; it could be a resell of ANY property competitive to Azure. Most marketing agencies would never resort to such a tactic. It's the sleazy property investors who might say something like that to reel in an ignorant prospect for a big profit. In Dallas, LoMac, that's most likely the case. Marketing agencies are not scrambling to sell the pipeline inventory. In Vegas or Miami, an agency might feel the need, but Dallas has far more demand than supply.

Of course, it could just be a streetwise deduction, since Azure is rising much more slowly than some of the other high profile structures in the area. People who pass by all the time might get to wonder.

Azure might be delaying construction on purpose, so as not to be overshadowed by a Victorious Grand Opening.... It could be a good marketing strategy to transfer momentum to other Harwood developments, if Azure gets some solo attention.

[Mephis Gooseberry]

It could be a complete farse that a few fools fell for and continued to spread.

[msutton]

constuction still looks to be going ahead from the webcam... at leat since thursday when i last looked.

[carousel]

constuction still looks to be going ahead from the webcam... at leat since thursday when i last looked.

have they reached ground level?

[Rob]

The webcam makes it look like supports for the second floor are somewhat in place.

[staplesla]

http://img108.imageshack.us/img108/3281/azure8yt.jpg (http://imageshack.us)

from the webcam

[carousel]

thanks

[staplesla]

After my conversation with a Harwood associate of mine I received this email today:

I wanted to follow-up on a conversation between you and [removed for my friend's privacy]. Construction has begun and occupancy is scheduled for Spring 2007. We are currently about 70% sold. The project is definitely not on hold. You can follow the construction progress on our website. We have a live video of the property site available for those interested in the development's stage of completion.

Please let me know if you have any other concerns or questions regarding AZURE.

Best regards,

Katye Sloan Weiner
Azure Sales Team
Gullotto/Barnes Group and Ebby Halliday Realtors
info@azureliving.com
214.468.0002

[BigD5349]

^Great news, thanks for digging this up.

[gc]

good to hear. thanks for the update.

[Lionel Hutz]

We heard this rumour from a major developer in the Uptown area and these guys don't usually talk negative about one another.
The source of the rumor was a competitor. Take it with very healthy grains of salt.

[Columbus Civil]

Sea salt or kosher?

[Rob]

Lime.

[rjlevins]

We are currently about 70% sold.

As long as this is actually buyers and not speculators, this is a very promising sign for the Uptown area. 70% a year away from opening is fantastic. That would be a lot of money to give up if they put this project on hold.

[msutton]

peeking above ground yet? anything worthy of a photo?

[St-T]

This morning when I drove by I didn't see any activity... should we be worried?

[rjlevins]

No, there are people on the live webcam moving around on the site.

[St-T]

^phew... good. :)

[msutton]

crazy progress on the azure webcam today. anyone wanna snap a picture down there? I think she's starting to raise above gound level.

[Tnekster]

^Once they get above ground it will start to go up fast.

[clipper]

They still have to build the rest of that garage. Only half that hole is built out.

[Tnekster]

At one time they had a base in place for a second crane on the south end. It looks like they are getting ready to start working on the other half of the garage.

[DalMac]

Drove by two days ago and a portion of it on the South side was above ground.

[msutton]

the tower is definitely on the rise today. I imagine that they built the part of the garage that they did first so that they could get cranking on the tower. The rest of the garage and the swimming pool, etc. won't take nearly as much time.

[msutton]

^ cement trucks and all mess of additional construction vehicles are surrounding the lot right now, for anyone who wants to check the webcam

[AZDallasite]

They're putting up the second crane right now.

[Mephis Gooseberry]

the tower is definitely on the rise today. I imagine that they built the part of the garage that they did first so that they could get cranking on the tower. The rest of the garage and the swimming pool, etc. won't take nearly as much time.

Finally, common sense prevails.

[msutton]

with the second crane up now, can we expect construction to move significantly faster?

[AZDallasite]

It will speed up dramatically but not b/c of the new crane. foundations and below ground parking garages take a lot longer to form & pour concrete than flat floors. the tower should grow a floor a week.

[msutton]

Awesome. Can't wait to get back in town next weekend and check it out in person. I'm almost more excited about this than I was about the W. Since this is up on a hill, it will have a much more dramatic effect on the skyline, right?

[FoUTASportscaster]

Should, but the is something cool about approaching Victory on the TRE or I-35 and seeing the W. That is cool. The Azure won't have that kind of effect.

[Tnekster]

^Imagine what the Victory Tower will be like from that same I-35 vantagepoint.

[FoUTASportscaster]

There's a lot to look forward to in the next five years. DTD, Uptown, Victory, Dart, Medical Market, Trinity River...

[AZDallasite]

There's a lot to look forward to in the next five years. DTD, Uptown, Victory, Dart, Medical Market, Trinity River...

Don't forget what may be the most important development in terms of international recognition. The Arts District

[msutton]

I still feel the Arts District needs more small, secondary venues on its outskirts to really be of any real note to the Art World. Maybe living in the Village in New York has skewed my perception, but it seems like world-class venues with high production value and quality content just isn't enough to attract any real, lasting attention.

[Tnekster]

From today

[BigD5349]

I still feel the Arts District needs more small, secondary venues on its outskirts to really be of any real note to the Art World. Maybe living in the Village in New York has skewed my perception, but it seems like world-class venues with high production value and quality content just isn't enough to attract any real, lasting attention.


I hope some folks are out there reading your posting and listening. The Arts District could be sooooo boring if it doesn't promote and serve the local creative community.

[msutton]

thanks man. glad to see i'm not alone.

and thanks for the picture, tnek. looks even more impressive from that vantage than from the webcam.