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City To Sign Development Agreement For Austin Energy Site

Jude Galligan | May 13, 2010 |

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.

Filed Under: downtown austin

About Jude Galligan

Jude Galligan is Principal at TOWERS.net.

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  1. NAL says

    May 20, 2010 at 8:35 pm

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

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