City To Sign Development Agreement For Austin Energy Site

Located at 3rd Street and West Ave, surrounded by chain link fence, the fate of Austin Energy’s eye sore of a building is all but sealed. Constructive Ventures and Trammel Crow are partnering up to develop the site. According to the Statesman article

The lead developer, Austin-based Constructive Ventures Inc. , would build the $220 million project on a 1.7-acre site that is currently home to the Austin Energy Control Center.

The City Council is set to vote today to authorize the city manager to sign a development agreement with a partnership of Constructive Ventures and Trammell Crow Co. to buy the tract for $14.5 million.

Construction couldn’t begin until 2013, at the earliest.  Then it’s unknown if the capital markets will be there to provide viable financing terms.  In summary, this is definitely progress and a step in the right direction, but there is still a long way before we see a new building.

About Jude Galligan

Jude Galligan, REALTOR, Principal of TOWERS Realty and publisher of Downtown Austin Blog (aka. "DAB"), spends his time matching remarkable people with remarkable properties in Austin’s urban core. A resident owner in downtown Austin, Jude has served on the Board of the Downtown Austin Alliance (DAA) and the City of Austin Downtown Commission. Contact Jude.

Comments

  1. SInce this project is by the developers of the Spring condos, I hope they remember the trash chute.

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