Austin's boom town reputation only grows with the news that the consortium developing a 58-story high-rise just finalized the purchase of two acres downtown. According to the Austin American-Statesman, the $14.5 million deal means construction on The Independent, a proposed 58-story high-rise that will boast 370 condos with prices up to $3 million per unit, can begin next month. The estimated $300 million project, announced late last year, joins a crowd of projects set to reshape the burgeoning Seaholm District, centered around a former power plant adjacent to Lady Bird Lake.
Designed by local firm Rhode: Partners, The Independent, which will rise on the site of the Austin Energy Center at West Third Street and West Avenue, is one of a number of large projects that, in total, will bring $2 billion in public and private investment to the district. The rapid growth and desirability of the surrounding area, with a number of mixed-use developments primed to turn it into a retail destination, wasn't lost on condo buyers, with 90 percent of the building's unit selling in the first week they were available. The tower, which will also include a plaza connecting it to a foot bridge on nearby Third Street, may potentially be joined by other massive towers someday; the failure of a recent bond measure that would have seen the county purchase a prime lot nearby at the corner of Guadalupe and Third means it may soon become open to even more commercial development.
· Meet America's Latest Boomtown: Austin, Texas [Curbed]
· A Renter's Tale: From Leasing in New York City to Making Mortgage Payments in Austin [Curbed]
· What Makes Austin's Urban Village a 'Masterwork' of Planning [Curbed]