Austin’s Block 1 sells for $16M

AUSTIN – The Green Water Treatment Plant parcel known as Block 1 has been sold for $15.8 million in downtown Austin. Block 1 spans 1.8 acres on the southeast corner of the Green Water site and is bordered by San Antonio St. and Cesar Chavez St.

Developers will transform the property to house a 38-floor, three-tier tower with 440 apartments, including 50 affordable units as well as more than 40,000 sf of office and retail space.

The Green Water Treatment Plant redevelopment is expected to deliver a total of 1.7 million sf of mixed use development near the Seaholm Power Plant redevelopment and the city’s future public library.

The property will be developed by a partnership between Trammell Crow Co., Hanover Co. and Pacific Life Insurance Co. The development team expects to begin construction in mid-February. The development team expects to begin construction in mid-February.