Quote:
Originally Posted by ATXboom
|
A major Chicago-based development firm is planning its first Austin project.
CA Ventures has proposed building a mixed-use tower on half of a downtown block along East Fourth Street, according to filings with the city of Austin Development Services Department. That half-block now houses Brazos Hall and the 4th & Brazos offices.
An entity connected to the family of former Austin Mayor Roy Butler purchased the half block of East Fourth Street between Brazos Street and San Jacinto Boulevard in January. CA Ventures plans to ground-lease the half-block from the Butlers, according to multiple sources.
This would be the first venture into the red-hot Austin market for CA Ventures, a real estate investment and development firm behind a wide variety of projects across the country including offices, industrial buildings, apartments and student and senior housing. It has proposed a 33-story, 417-unit residential building in Midtown, Atlanta — a project that recently received a $101 million construction loan. And in downtown Minneapolis, CA Ventures is partnering with Harlem Irving, also of Chicago, to build a 20-story apartment tower.
CA Ventures did not respond to a message seeking comment on the project. Aquila Commercial, which represents the Butlers in development deals, declined to comment.
Garza EMC LLC is the civil engineer.
A site plan application for CA Venture’s Austin tower has been submitted to the city’s Development Services Department. City staff have given the OK on the application's completeness but the actual site plan, which would provide more details on what’s being proposed, hasn't been submitted yet. DSD Director Denise Lucas said last week her department would stop accepting paper plans as the COVID-19 pandemic escalates.
A permit has also been filed with the city for the demolition of Brazos Hall but that would need approval from Austin’s Historic Landmark Commission.
The site, near the Austin Convention Center, is in an area poised for massive redevelopment.
The northern half of the block is occupied by the Brazos Lofts condos, which were purchased in January by Austin-based Cielo Property Group for $55 million for a future tower.
Just south of Brazos Hall, Los Angeles-based Karlin Real Estate in October purchased the 112-unit Railyard Condominiums for $104 million. The two half-blocks along Fourth Street, between Brazos and Trinity streets, will also become a high-rise development.
Prev
Linear Mode
