{{titleBar.title}}

{{titleBar.tagline}}

 

 

Jenga! Austin high-rise 'The Independent' readies for constructionJenga! Austin high-rise 'The Independent' readies for constructionhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=113362015-12-02T06:00:00Z2015-12-02T15:00:00Z

​​​AUSTIN - The Jenga-style high-rise known as The Independent, appears to be set for construction with the announcement that the developer has closed on the 1.7-acre parcel of land that had been owned by the city. The Independent will be a 58-story, 370-unit residential condominium building and the tallest structure in Austin upon completion.

Based on the existing government agreement, development​ partners Constructive Ventures, Aspen Heights and CIM Group paid $14.5 million to the city for the site of the former Austin Energy Center at West Third St. and West Ave. — near the Seaholm and Green Water Treatment Plant redevelopments.

The value of the project when completed is estimated at about $300 million.

Demolition and site work are scheduled to begin this month with construction financing already secured.

"The land acquisition sets the stage for the start of construction of this iconic building that will positively impact the city skyline and bring needed residences to this growing dynamic area in downtown Austin," said Greg Henry of Aspen Heights in a statement.

Balfour Beatty, who is also constructing the nearby North Shore high rise, has been chosen as the general contractor.

In September the developers said that 90 percent of the units had been reserved under a refundable deposit agreement.

Austin Business Journal
Austin-Round Rock
Multifamily
http://www.bizjournals.com/austin/blog/real-estate/2015/12/jenga-style-condo-tower-developers-purchase.html

See Austin's Multifamily Market Research​ for current data.​

Read more at the {Source}

 Search NewsTalk Texas