AUSTIN - An iconic 25,000-sf building built in 1936 at 220 S. Congress Ave. has been sold.
The South Austin brick building once housed Brink's cash handling and security business as well as a commercial garage and a furniture store.
It was purchased by Cielo Property Group, which recently bought the Austin Music Hall.
The three-story building had fallen on hard times in recent years and was sold by an Austin family.
"You couldn't lease it the way it was," said Cielo co-founder Bobby Dillard. "It didn't have any good stairs or an elevator."
Demolition and the construction of infrastructure including stairs, elevator and a new heating, air conditioning and ventilation system will commence quickly, as Cielo hopes to have a tenant in place by summer 2015.
The area is one to watch now that the Hyatt Regency Austin has completed its renovation and parking garage addition and The Catherine high-rise apartment is delivering its first units soon.
The Embassy Suites Austin is across the street. Another apartment is under construction on South First Street around the block.