http://www.statesman.com/business/content/business/stories/other/06/13/0613austininc.html
Don't believe rumor, insider says; the Austonian will rise as planned
Rumors are common in today's real estate market, but developers of the Austonian condominium tower downtown say one that's been floating around about their project is not true.
The buzz was that the developers would suspend construction once the parking garage was done and then assess market conditions before deciding whether to proceed on the $275 million project.
"The Austonian was designed to stand as a 56-story, sleek and elegant residential tower. There are not and will never be any plans to modify its height or to stop construction in order to assess the market," said Terry Mitchell, strategic market director for the Austonian. "We project the base podium (the first 10 floors) will be complete by early August, at which time construction on the tower will begin, with roughly one story completed per week."
The money behind the Austonian is Grupo Villar Mir, one of the biggest companies in Spain, whose subsidiary is Austin-based Benchmark Development.
Benchmark has been developing communities in Austin for almost 20 years, Mitchell said.
"GVM is known for its luxury developments around the world and is strongly committed to developing the Austonian as its U.S. centerpiece," he said.