AUSTIN – CIM Group, Constructive Ventures and Aspen Heights have closed on the purchase of 1.7 acres at the northeast corner of West Third St. and West Ave. in downtown Austin, marking a milestone in the development of The Independent, a 370-unit condominium tower.
The developers are touting the 58-story Independent as "the tallest residential tower west of the Mississippi." The Austin Business Journal reports that the City of Austin was paid $14.5 million for the land.
Demolition and site work begin this month.
In 2010, the City of Austin and Constructive Ventures entered into a master development agreement for the sale and redevelopment of the full city block, the former site of the Austin Energy Control Center. The economic development department led the project on behalf of the city.
Completing the land acquisition is the final step in the predevelopment process. The development team has engaged Balfour Beatty Construction as general contractor, and the project has secured construction financing.
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