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Yahoo
15-05-2025
- Entertainment
- Yahoo
Matthew McConaughey, Tony Hawk Buy Property at Kelly Slater Wave Pool
Big names, big wave pools, big luxury – makes sense for a place like Texas, where everything is, well, you know. The Kelly Slater Wave Co.'s latest manmade surf park, the Austin Surf Club, has attracted a handful of A-list actors and athletes for the preliminary offerings of their residential properties, including Matthew McConaughey, Tony Hawk, and Drew Brees, according to the Austin Business Journal. While there's no set opening date for the wave pool or the accompanying properties – not yet at least – as we reported earlier this year, ground has been broken, and there's a first look at the dirt plot, soon to be home to one of the world's most innovative players in synthetic surfing. See below. Here's a little more about the project, per the website: 'In a groundbreaking partnership between Discovery Land Company and legendary surfer Kelly Slater, Austin Surf Club aims to redefine residential living by offering a 2,200 ft long surf basin equipped with state-of-the-art high-volume wave technology – a canvas for surfers of all ages and skill levels to perfect their craft. Indulge in farm-to-table dining experiences, and explore a world of well-being at the state-of-the-art spa, all within an innovative community that celebrates the essence of adventure and connection.'The location of the Austin Surf Club was formerly home to NLand Surf Park. Helmed by Doug Coors, the same Coors of the beer business, NLand opened in October of 2016, as one of the first artificial surfing operations on US soil during the modern wave pool boom. But the property sold in 2018. And it's not the first time that McConaughey has sampled Slater's synthetic surfing goods. Recently, he was out at the OG Lemoore facility getting whipped into waves by the inimitable Tahitian wave pool instructor to the stars, Raimana van Bastolaer. On that occasion, McConaughey went down; he wiped out while setting up for the tube. But with a residence at the incoming pool in Austin, the actor will have more opportunities to work on that stink bug stance. Maybe a successful tube, too? Stay tuned.
Business Journals
02-05-2025
- Business
- Business Journals
Developers in East Austin work to remain agile in face of shifting market conditions
A variety of topics related to development in East Austin — such as plans to pivot away from office construction, the region's attractiveness to businesses and new real estate projects, and what it could look like in the coming years — were tackled during a panel discussion at the East Austin Growth Summit organized by the Austin Business Journal.
Yahoo
27-04-2025
- Business
- Yahoo
Hugh Forrest no longer leading SXSW
AUSTIN (ABJ) — Hugh Forrest, the president of South by Southwest — one of Austin's most consequential events — is no longer running the organization. 'Leaving South by Southwest was definitely not my decision,' he said. 'I put my heart and soul into this event for more than 35 years, and I was looking forward to leading several more editions. To this end, I will be rooting big time for the Austin team on the go forward. The city, the country, the world needs the positive energy South by Southwest has traditionally provided and needs it now more than ever.' Multiple sources said it was part of a broader staff reduction at SXSW but details weren't immediately available. Jody Arlington, communications director for SXSW, declined to comment. Read the full story on the Austin Business Journal website. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
25-04-2025
- Business
- Yahoo
$142M high-yield investment fund accused of Ponzi scheme
Another high-yield real estate investment pitch has transformed into a high-stakes courtroom cleanup. An Austin-based real estate lender already under court-appointed receivership is facing allegations that its investment operation was a Ponzi scheme 'from the very beginning,' according to the receiver's forensic report, the Austin Business Journal reported. The receiver, Greg Milligan of Chicago-based Harney Partners, accused CCG Capital Group of using new investor money to pay returns to earlier investors, a Ponzi scheme hallmark. The receiver was appointed to oversee the wind-down of the firm's Pride of Austin High Yield Fund I LLC. The fund, which was founded by Robert Buchanan in 2008 to finance real estate deals, was placed into receivership in May last year after allegedly overstating its capital base by tens of millions of dollars. It claimed to have amassed $60 million, a figure investigators have since questioned. Milligan alleged widespread misrepresentation, self-dealing and misappropriation of investor funds. He alleged the fund began paying 8 percent returns to early investors before it had even closed a loan, and it distributed $795,000 in accounting profits on loans that had only generated $453,000. The receiver also alleged that investor money was used to fund Buchanan's personal home construction, including a $463,000 loan that was never repaid and later allegedly reclassified to conceal losses. Another $1.2 million construction loan for a second home between 2018 and 2020 was also allegedly funded by the company. Investigators discovered two sets of loan schedules, with one omitting insider loans from investor-facing documents, Milligan alleged. The company also allegedly failed to file tax returns from 2016 through 2023. Milligan alleged a drop-off in accounting activity by 2015 despite 'stable distributions' to investors. Thirty-seven creditor claims totaling $10.1 million had been filed as of this month. Milligan said the receivership is in its early stages and that no final decision has been made on the potential recovery for investors. Buchanan is cooperating with the sale of fund assets, according to his attorney Jennifer Freel, who disputed the findings: 'We disagree with many of [the report's] conclusions and will be making no further comment at this time.' The court will eventually approve a distribution plan once the fund's assets are fully monetized. — Judah Duke Nate Paul dodges prison in federal fraud sentencing Who should benefit from $6B in Texas property tax cuts? Broker gets federal prison time for $3M investment fraud This article originally appeared on The Real Deal. Click here to read the full story. Sign in to access your portfolio
Business Journals
22-04-2025
- Business
- Business Journals
Icon to print homes in new luxury neighborhood west of Austin
By submitting your information you are agreeing to our Privacy Policy and User Agreement . Join the Austin Business Journal to unlock even more insights! The homes will be built in The Canyon Club community, a 60-acre project being built north of Spicewood at 122 Shoreline Road. In addition to Icon's homes, 15 traditionally built homes are planned for the project as well. Included with this report is a list of custom homebuilders in the Austin metro. Icon Technology Inc. is bringing five of its 3D-printed homes to a new luxury resort neighborhood on the shores of the Colorado River. The homes will be built in The Canyon Club community, a 60-acre project being built north of Spicewood at 122 Shoreline Road, according to an announcement. In addition to Icon's homes, 20 traditionally built homes are planned for the project as well. The Canyon Club is being developed by Prasso Ventures, which has been behind luxury neighborhoods in Arizona, Colorado and Washington. GET TO KNOW YOUR CITY Find Local Events Near You Connect with a community of local professionals. Explore All Events Icon's five homes in The Canyon Club will be 3,400 square feet. Check out this list of custom homebuilders in the Austin metro The Icon homes will be available for fractional purchase starting in the low-$400,000 range per share. Shared ownership of the homes includes one-eighth of the property, six weeks of annual usage and year-round membership benefits, along with the ability to trade weeks or generate income through a vacation rental program in partnership with Inspirato, Book Above and ThirdHome. Icon's homes, which are 3D-printed with a cementitious material called CarbonX, come with a variety of benefits, according to the company. They're rated to withstand 250-mph winds and also can withstand fires for nearly three hours. The printed walls help reduce temperature fluctuations during summer and winter, and the homes can be built much quicker than traditional builds. The remaining 20 homes in The Canyon Club will start at $2.6 million. The traditionally built homes will have four- and five-bedroom floor plans. expand The Canyon Club also will feature traditionally-built homes, such as the one depicted in this rendering. The Canyon Club Sales at The Canyon Club launch in May, according to the development's website. Other project partners at The Canyon Club include Daybreak Hospitality Group, creators of Austin's Paperboy and Loudmouth restaurants, interior design studio Kempt Studio and Mark Richardson Architects. Icon's homes have been cropping up throughout the metro in recent years. 'We're now underway on our third project with Community First! Village, building homes for the chronically homeless,' Icon Chief Financial Officer Tom vonReichbauer told the Austin Business Journal last month. 'We've built classic middle-market homes in Wolf Ranch up in Georgetown and some higher-end homes down in Wimberly more recently. We think the technology is a great solution across the full spectrum of housing.' Additionally, the company recently announced it would build several urban infill homes in East Austin's Mueller neighborhood.
