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Old Posted Mar 14, 2009, 3:18 AM
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LoneStarMike LoneStarMike is offline
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Join Date: Aug 2006
Location: Austin
Posts: 2,166
Originally Posted by shakman View Post
Is it possible that you can also post your source? That should go for everyone when such an "annoucement" is made, please.
Here's the source from the Austin Business Journal

AMOA’s new home, Museum Tower project nixed
December 31, 2008

The economic downturn has claimed a major downtown Austin project as victim, the proposed Museum Tower office building and the Austin Museum of Art’s proposed new home.

Hines Interests LP will not renew its option on the land owned by the Austin Museum of Art when that option expires this afternoon, the last day of 2008. That land had been slated for a 30-story, 425,000-square-foot office building dubbed the Museum Tower and a new home for AMOA.

AMOA had planned to sell a portion of the block it owns just south of Republic Square Park to Hines for the tower. As part of the deal, the Houston-based real estate company was also going to build a new 3-story, 40,000-square-foot home for the museum.

In response to questions from the Austin Business Journal , Hines released a statement from Travis Overall, Hines vice president, saying: “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.”
You can read the rest of the article (which is mostly the history of this particular project and the AMOA) by clicking on the link provided above.