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.