[KevinFromTexas]

This is definitely something to keep an eye on. The article states another option is to convince a buyer for the property which would likely lead to it being redeveloped. Previously, this site had a 7-story residential building planned for it.

http://www.bizjournals.com/austin/bl...ss-avenue.html

Theater group wants to buy prime Congress Avenue property

Sep 17, 2015, 2:35pm CDT

The State Theater – and its parent group the Austin Theatre Alliance – are looking to expand their property portfolio on Congress Avenue. The property being targeted is 721 Congress Ave., a vacant and neglected retail location next to the theater.

Community Impact reports the city of Austin and the theater alliance have terminated a lease that the city had on the State Theater, which was largely a bookkeeping move to allow the city to use money from a 1998 bond proposal to repair that property. Ending that lease frees up Jim Ritts, CEO of the Austin Theatre Alliance, to negotiate a possible purchase of the next door property, which he said has a leaking roof that is damaging the theater building.