Austin closes on $15M Green Water Treatment Plant deal

Feb 6, 2014
Austin Business Journal

The city of Austin has finalized the first phase of its long-awaited deal to sell and transfer a Green Water Treatment Plant parcel known as block one in downtown Austin to development partners Trammell Crow Co., Hanover Co. and Pacific Life Insurance Co


Block one spans 1.8 acres on the southeast corner of the Green Water site and is bordered by San Antonio and Cesar Chavez streets. The city-owned parcel was sold for $15.8 million to the development partners and is to house a 38-floor, three-tier tower with 390 market-rate apartments, 50 affordable apartments and 40,000 square feet of retail and office space. The development team expects to begin construction in mid-February, according to the city


The transaction was completed on Jan. 31, and follows Council's decision to move forward with the $42 million deal for the entire 4.4 acre site in May 2012


The Green Water Treatment Plant redevelopment is expected to deliver a total of 1.75 million square feet of mixed use development near the Seaholm Power Plant redevelopment and the city's future public library. Projections for the site have included as many as 826 apartments, a hotel as well as office and retail space with a price tag as high as $500 million


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