Austin | 500 S. Congress | 5 Towers | Up to 750 Feet | Floors | Proposed

[kingkirbythe....]

In a twist, NY developer approved for $65M purchase of prime South Congress property with redevelopment potential

The Related Cos. has until Sept. 30 to purchase six-acre South Congress Square site out of bankruptcy; just the tip of the iceberg for firm's Austin ambitions

https://www.bizjournals.com/austin/n...ss-square.html

In a wild twist, one of the nation’s most prolific developers has emerged as the frontrunner to buy out of bankruptcy a six-acre South Congress Avenue site primed for redevelopment.

After the top two bidders for the South Congress site proved either unwilling or unable to timely close on the sales, The Related Companies LP, a New York-based developer with an estimated $60 billion portfolio, negotiated with a Chapter 7 trustee to make a $65 million offer.

Related was approved by a bankruptcy judge Sept. 15 to purchase the site for $65 million, provided it can close on the deal by Sept. 30.

An attorney representing the company, Josh Judd of law firm Andrews Myers PC, told ABJ Sept. 16 that his client is "not anticipating any problems" closing on the sale by the Sept. 30 deadline. Mike Iannacone, executive vice president at Related and the company's top local official, said Sept. 16 it was "too early to tell" what Related might ultimately do with the site, but noted it will likely be "a vertical mixed-use development of some sort."

Related has amassed a reputation as one of the most ambitious urban developers operating today. Its developments include Hudson Yards in New York, The Grand LA in Los Angeles and The 78 in Chicago.

If it gets this latest deal done, it would mark the third potential development site tied to the real estate giant this month alone. On Sept. 9, the firm announced plans to construct two towers near South Congress Avenue, just south of Lady Bird Lake.

[Urbannizer]

In a twist, NY developer approved for $65M purchase of prime South Congress property with redevelopment potential

The Related Cos. has until Sept. 30 to purchase six-acre South Congress Square site out of bankruptcy; just the tip of the iceberg for firm's Austin ambitions.

The Congress Square office building at 510 S. Congress Ave., home to dive bar Ego's, is among the properties that New York-based real estate giant The Related Cos. appears on the verge of scooping up.

[StoOgE]

We must protect Egos

[urbancore]

Originally Posted by StoOgE

We must protect Egos

I’ll save mine.

[We vs us]

I'm loving the slow collapse of so many of World Class's holdings.

[gillynova]

Bro what... the first time I hung out with my girlfriend and my friend group was at Egos...

[urbancore]

Originally Posted by gillynova

Bro what... the first time I hung out with my girlfriend and my friend group was at Egos...

we should have a forum meet up on Karaoke night at Ego's, before it's gone.

[DougRockstead]

Originally Posted by urbancore

we should have a forum meet up on Karaoke night at Ego's, before it's gone.

1) I'm down for that. I love Karoake.
2) I lived in the apartments adjacent to Egos and had to walk by the bar many times on my way to check the mail. That was 1991-1995 maybe?!?!
Lots of personal memories there.

[gillynova]

Count me in. I'll invite my group too lol

[Urbannizer]

Redevelopment Planned for Six-Acre Site on South Congress

An application for a planned unit development (PUD) at an approximately six-acre land assembly on South Congress Avenue could represent the next step towards building out the South Central Waterfront planning area directly south of the river near downtown Austin. Filed with the city earlier this week, the PUD concerns a collection of three adjacent tracts located around 500 South Congress Avenue, containing the 115-unit South Congress Square apartment complex and two office buildings at 510 South Congress Avenue and 105 West Riverside Drive.

New York-based international development firm The Related Companies, best known for massive projects like Hudson Yards but now turning its interest to a number of sites in South Austin, purchased these properties out of bankruptcy for $65 million from perpetually struggling local firm World Class Holdings last summer. The eventual plan for the site is some sort of mixed-use redevelopment, but now that the owners appear to be kicking off the PUD negotiation process with the city for the land, we’ll probably soon get a better idea of precisely what’s in store for this uniquely large site. Local land use law firm Armbrust & Brown filed the PUD application with the city earlier this week, but no details of its scope have been made public at this point.

[Urbannizer]

Originally Posted by Urbannizer

Redevelopment Planned for Six-Acre Site on South Congress

Lake Flato is the AOR. Hotel & Residential, a pedestrian plaza w/ retail between them. Both buildings around ~20-Stories.

[myBrain]

Originally Posted by Urbannizer

Lake Flato is the AOR. Hotel & Residential, a pedestrian plaza w/ retail between them. Both buildings around ~20-Stories.

Whoa. That's great news. Lake Flato, retail, AND an urban plaza? This lot is important for connecting the retail section of South Congress with all the coming development on the shore.

[gillynova]

Both of these projects are AMAZING! Hopefully we get to see something going.

My friends and I have been trekking to that part of town for night life lately and we definitely see the potential!

[FrankLloydLeft]

Originally Posted by myBrain

Whoa. That's great news. Lake Flato, retail, AND an urban plaza? This lot is important for connecting the retail section of South Congress with all the coming development on the shore.

Any word on where Ego's fits into this? If it's not likely to be brought back in, brace for the NIMBY outcry.

[The ATX]

From the ABJ:

"A New York-based real estate development firm is planning to transform a 6-acre site at the intersection of South Congress Avenue and West Riverside Drive with high-rise towers — the latest indication that Austin's downtown skyline is poised to expand across Lake Bird Lake.
The Related Cos. wants to establish a planned unit development with a maximum building height of 575 feet, or about 50 stories. The multitower project would include approximately 800 residential units, as well as a 225-room hotel, 200,000 square feet of office space, 90,000 square feet of retail space, 30,000 square feet of space for restaurants and a 25,000-square-foot grocery store, in addition to an underground parking garage, according to documents submitted to the city."

https://www.bizjournals.com/austin/n...velopment.html

[Werdman89]

Related is no Wilson Capital. Absolutely love it.

[FrankLloydLeft]

[QUOTE=The ATX;10149683]From the ABJ:



"25,000-square-foot grocery store"

Very excited to see this mentioned, as I think it will help solidify the area as an actual walkable place to live, but that size gives me pause.

This could be, based purely on size:
a trader joes ( slight doubt given the proximity to Seaholm)

a large Aldis, which I'd hope for given the lack of presence from them in the
city in general

a smaller end Whole Foods ( downtown and plaza saltillo would conflict with that but who knows)

most likely in my opinion, an urbanized HEB concept.

While the Buffalo Heights location is a whopping 96,000 sqft, the one in San Antonio near downtown is only 12,000 Sqft. So with this location being double, it could prove to be how HEB enters the downtown-ish market for Austin.

[Jdawgboy]

Double post.

[Jdawgboy]

The rendering looks like the development would be where YETI's HQ flagship store and the new Rivian showroom. Is that the case or am I confused??

On second inspection it looks like it would be where the hotel is.... maybe??

[The ATX]

Originally Posted by Jdawgboy

The rendering looks like the development would be where YETI's HQ flagship store and the new Rivian showroom. Is that the case or am I confused??

On second inspection it looks like it would be where the hotel is.... maybe??

It's the corner with the Chevron.