Austin | 500 S. Congress | 5 Towers | Up to 575 Feet | Floors | Proposed
 

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.

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

https://images1.loopnet.com/i2/Ql01w.../112/image.jpg

We must protect Egos

I’ll save mine.

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

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.

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.

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

Redevelopment Planned for Six-Acre Site on South Congress

https://towers.wpenginepowered.com/w...e-1536x802.jpg

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.

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!

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

Austin | 500 S. Congress | 5 Twrs | Tallest are ~50 Flrs/575 Ft & ~40 Flrs/? Ft | Pro
 

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

https://i.imgur.com/QLRskgJ.png
https://i.imgur.com/Y25Jlj8.png

Related is no Wilson Capital. Absolutely love it.

[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.

Double post.

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?? :hmmm:

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

It's the corner with the Chevron.