[Downtown_Austin]

Originally Posted by LoneStarMike

Quote:
Originally Posted by Downtown_Austin
$1.7mm .... oh

ACC is acquiring the entirety of Highland Mall for $1.7mm?!

I know Highland Mall is at least quasi-distressed, but for the price of a 2bd at the W Hotel, one could have taken control over Highland Mall. I just can't help but think 1) that number is wrong 2) we're missing a big part of the story.
From the article:

Quote:
ACC acquired all of the land, 80.8 acres, and the former J.C. Penney, Dillard's and Macy's stores in 2010 and 2011. Although the purchase price for this week's acquisition, from LNR Property LLC, was $1.5 million, various fees brought the college's cost to about $2 million, ACC spokeswoman Alexis Patterson said.

All told, ACC's acquisition of the mall has cost the college $43.1 million, including the $2 million, Patterson said.

I haven't been following this too closely and I did not see that last part about 80.8 acres in today's Statemsan article. Thanks for the clarification. This makes much more sense.