[Syndic]

I guess there's a silver lining, though:

Another parcel — a half block site on East Fifth Street between Brazos and San Jacinto — will be sold once Stream closes on the purchase. Sallis said there’s been interest from developers looking to build hotel, apartment and mixed-use projects there.

Also, this:

An existing valet parking garage will be torn down and replaced by an eight-story parking garage with 300 spaces. That garage structure will also include 5,500 square feet of street-level retail space, Sallis said.

And this:

"The redeveloped 501 Congress office building will provide much needed space in the near term."

So it sounds like this isn't a long-term plan for the site. They said this will be completed by June 14th of next year, so it sounds like they're just trying to jump into the market and meet some of the demand ASAP. Whatever high-rise is built in the future will "need" the accompanying parking garage, so they would likely only tear down the office building in that scenario.