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West Campus gets its tallest tower yet with a 30-story building for student housing

(LV Collective)

Move-in has started for a new 300-foot tower a few blocks away from the University of Texas at Austin.

Known as Waterloo Tower, the fully leased building totals 229,728 square feet and is located off of the Drag, along 24th Street. The Austin-based developer, LV Collective, says this location offers easy access to West Campus restaurants and shops and connects residents to the UT campus.

With 241 units and 796 beds, residents have perks like Daydreamer Coffee in the lobby and a rooftop amenity level. The rooftop has unobstructed views of downtown Austin and the UT campus, plus private cabana-style seating areas, a hot tub and waterfall edge pool.

The building broke ground in 2020 near the start of the pandemic and was completed ahead of schedule. LV Collective CEO David Kanne noted the particular care to the interiors that ensured the building was "thoughtfully-designed with spaces that capture the vivacity of UT Austin students, as well as provide our residents and guests with an amenity-rich experience designed to accommodate and enrich the college lifestyle.”

The tower came to be through an amendment to the University Neighborhood Overlay in 2019. It allows developers to build more units than are allowed by a site's base zoning if they agree to set aside a portion of units for income-restricted affordable housing. So Waterloo Tower allocated two floors of the 30-story tower to affordable housing.

The architecture of the project was taken on by Austin-based architects BOKA Powell and TBG Partners for landscaping while interiors were carried out by Chelsea Kloss.

Other student developments by LV Collective include West Campus buildings The Ruckus and Moontower.


With deposition and trial looming, Elon Musk has offered $44B for Twitter, again

Elon Musk has proposed once again to buy Twitter for $54.20 a share.

The news that Musk is offering to carry on with the $44 billion buyout was first reported by Bloomberg. Now, a filing with the Securities and Exchange Commission shows Musk made the proposal in a letter to the tech giant on Monday.

The New York Stock Exchange temporarily halted trading in Twitter stock twice Tuesday, first because of a big price move and the second time for a news event, presumably the announcement of Musk's renewed offer.

While the per share offer price on this latest proposal remains the same as the original offer, it’s unclear if Musk has made other term changes or if Twitter would reject it. According to other reports, a deal could be reached this week.

The stock closed at $52.00/share Tuesday, indicating market uncertainty around the $54.20 offer.

After Musk informed Twitter of plans to terminate the original agreement in July, Twitter sued. A trial has been expected in Delaware Chancery Court on Oct. 17.

With the proposition of a buyout on the table again, it revives the question of whether Musk might move Twitter from San Francisco to Central Texas.

He’s done so with some of his other companies. Tesla’s headquarters in southeast Travis County had its grand opening earlier this year and tunneling business The Boring Company moved to Pflugerville. At least two other Musk companies, SpaceX and Neuralink, have a Central Texas presence without being headquartered here.

Technology journalist Nilay Patel this afternoon voiced concerns that owning Twitter and Tesla together could be problematic for Musk, as his Tesla manufacturing facilities in Germany and China are both in countries that have disputes with Twitter over content moderation and censorship.

Telsa shares fell after the Twitter news became public, before rallying to close up, at $249.44.

Austin rents nearly double in a year and are now in the top 5 nationwide

While searching for a place to live, Austin renters will face monthly rates of nearly $3,000, a recent guide from rental marketplace Dwellsy shows.

The median rent in August this year was $2,930, a more than 86% increase since August 2021. That’s $820 more than the nationwide median asking rent in August and puts Austin just below the Bay Area, Boston and New York for large cities with the most expensive asking rent.

“Within this group, Austin, TX stands out for the highest increases in asking rent, which has nearly doubled since this time last year,” the study notes.

Outside of those large cities, however, others are seeing even higher rent spikes. Metro areas that ranked above Austin in one-year increases include those like Kansas City, MO with a 112% change in rent since last August and Tucson, AZ with a 124% change.

The data reflects large apartment communities, single-family homes and 2-6 unit buildings.