AUSTIN | 3rd & Congress | FT | Up to 90 Floors

[Urbannizer]

https://www.bizjournals.com/austin/n...ies-tower.html

Judge approves $95M sale of prime downtown development site once controlled by Nate Paul

Provided the transaction ultimately closes, the partners hope to eventually build a mixed-use tower on the site that could feature a high-end hotel, office space, condos and ground-floor retail, sources said.

While the development team is still early in the planning process, they are said to be looking at architects to design what could potentially be one of the tallest towers in the Austin skyline. Sources familiar with the deal suggested the tower could ultimately rise as high as 90 stories — making it the tallest tower in Texas.

Others played down the potential of a record-breaking tower at the site, especially considering the uncertain status of the sale and economic conditions that could be unpredictable over the coming months and years. An existing ground lease at the site is another ongoing issue that could impact a potential project timeline."

[The ATX]

Once the legal issues with purchasing the site are over, the new owners have deep enough pockets to get this done. Per the Austin Business Journal:

The $95 million deal was reached in April with a shell company called Third and Congress Owner LLC — a special purpose fund managed by Wildcat Capital Management, a New York-based real estate investment firm with a multibillion-dollar portfolio.

Sources told Austin Business Journal that Wildcat is partnering on the deal with developer DHA Capital, formerly of New York and now based in Austin. DHA Capital Managing Partner Daniel Hollander is the development partner on the deal, while Wildcat is the financial partner.

[Zapatan]

Originally Posted by The ATX

Once the legal issues with purchasing the site are over, the new owners have deep enough pockets to get this done. Per the Austin Business Journal:

Great news, although I hope the legal issues aren't too much of an obstacle. Hopefully this will easily win approval, too.

Floor heights aside this will probably be the state's tallest building. Maybe it'll even prompt larger cities like Houston and Dallas to build higher.

[Urbannizer]

Signs of progress:

Originally Posted by The ATX

A Development Assessment permit was filed today for 203 Colorado. It maps to this project. I'm changing the project name from 3rd & Congress to 3rd & Colorado.

https://abc.austintexas.gov/public-s...ertyrsn=549068

[Urbannizer]

….

Originally Posted by jake.robs

I was at an event downtown presenting my models and got into a conversation with a couple of guys that work for the company that now owns this plot and is working on developing it.

They told me a ballpark figure of 1,100 ft.

We may see a day when Austin has the tallest building outside of NYC or Chicago. Crazy!

Originally Posted by loonytoony

I've also heard this mentioned, but no details or timeline yet. It's a group out of NY spearheading the project.

[Zapatan]

Obviously they should try and top CITC in Philly, awesome news though.