Plans for tower at Brazos Lofts site come into focus
Cielo Property files fresh site plan indicating residential, hotel uses
https://www.bizjournals.com/austin/n...Pos=0#cxrecs_s
Cody Baird – Staff Writer, Austin Business Journal
Jul 7, 2022
Cielo Property Group LLC is getting closer to going vertical on a downtown site it purchased a couple of years ago.
The new tower could sprout at the site of the 40-unit Brazos Lofts condominiums at 201 E. Fifth St., said Tyler Buckler, director of development and investments at Austin-based Cielo.
Cielo filed a site plan July 6 for the project, called Block 41 N, indicating it would be a hotel and residential tower.
Buckler confirmed Cielo envisions apartments and a hotel in the high-rise, along with a 50,000-square-foot health club. Groundbreaking remains a while off: The final square footage and height of the tower is yet to be determined, although the site could accommodate more than 880,000 square feet, according to previous reporting.
A hotel partner has not been selected but the current plan is for 220 rooms, Buckler said.
There will be 350 apartment units, which "will be upscale throughout," he said.
The tower will be constructed on about an eighth of an acre, according to the filing. Cielo purchased the site for $55 million in 2020.
Brazos Lofts takes up the entire northern half of the block bookended by Brazos Street and San Jacinto Boulevard.
The southern half of the block is also owned by Cielo, where the firm plans to develop the 46-story Perennial office tower — set to include a 30,000-square-foot sky garden, 500-person gathering space and 37,000 square feet of retail, restaurant and entertainment space. It is expected to be about 750,000 square feet in total. Groundbreaking is slated for this summer.