www.bizjournals.com/austin
Thursday, April 10, 2008 - 3:00 PM CDT
Seaholm redevelopment plan approved
Austin Business Journal
Council approves more funding for ROMA Downtown Plan [Austin]
The Austin City Council approved the master development agreement for the $117.2 million Seaholm mixed-use redevelopment project today.
The agreement says the development group Seaholm Power LLP, led by Southwest Strategies Inc., will pay $98.6 million or 84 percent of the cost of the project, while the city will pay $18.6 million. The redevelopment plan calls for a 22-story hotel, 60 condo units, 130,000 square feet of office space and 50,000 square feet of retail and commercial space. The 150,000 square foot decommissioned power plant will be the centerpiece of the 7-acre property.
The city's contribution for the project, which will be raised through property and sales tax revenues, would pay for street and utility improvements, public parks and a parking garage. The city will continue to own the renovated Seaholm Power Plant on Cesar Chavez Street downtown.