[JoninATX]

Firm buys lakefront tract near Four Seasons; development plans unclear

By Shonda Novak

Published: 7:46 p.m. Thursday, Aug. 2, 2012

World Class Capital Group, an Austin-based investment and asset management firm, confirmed Thursday that it has purchased a 1-acre tract next to the Four Seasons Hotel and Residences along Lady Bird Lake. Development plans for the site have not been disclosed.

The purchase of the land at Trinity and East Cesar Chavez streets closed Tuesday at an undisclosed price. The seller was Trinity Street Joint Venture, a partnership that includes San Antonio-based Hixon Properties Inc.

"The chance to acquire a site with high-density development potential, expansive views of Lady Bird Lake, and frontage along the Waller Creek redevelopment presented an unparalleled opportunity," said Nate Paul, president and CEO of World Class Capital Group.

The land is across Cesar Chavez Street from the Austin Convention Center and across Trinity from the swank Four Seasons condominium high-rise. It's in a changing part of downtown that is expected to continue transforming as the Waller Creek tunnel is built, spurring new investment in the area.

http://www.statesman.com/business/re...t-2427051.html