Recently it was speculation, but now it’s official. According the Austin Business Journal, Hines Interestes LP, the developer planning the office portion of the museum tower, will allow its option on the land to expire today.
“Due to the uncertain economy, we made the difficult decision not to renew the option in 2009. However, Hines is still interested in developing an office building in Austin when the market recovers, and we hope it will be in conjunction with AMOA and its museum. The project will not restart until the market improves. Our hope would be to get a new deal together in 2009 or 2010, and then move full steam ahead. We see great potential in the long-term viability of the city of Austin.” –Travis Overall, Hines vice president
Located at 4th and Guadalupe, this is one of the few undeveloped sites in Downtown Austin that is not in a capitol view corridor, so it’s availability should quickly attract the interest of opportunistic developers. Otherwise we’ll endure another couple of years of surface parking blight 🙁 Add this site to the other prime downtown sites available and I expect to see some interesting proposals over the next year.
Thanks to DANA‘s Roger Cauvin for the heads up!