AUSTIN | 309 E. 3rd | FT | Up to 50 Floors

[Urbannizer]

Skyscraper likely to replace Fogo de Chão

There are indications that yet another property is being wrestled away from embattled real estate firm World Class Holdings and its owner, Nate Paul. This one involves a prime downtown site near the Austin Convention Center that's expected to go high-rise in the future.

After the top two winning bidders from the July auction failed to close, other qualified bidders were invited to re-bid on the site. DHA's $20.1 million offer was accepted, and it now faces an Oct. 10 deadline to close. Sam Affanhe, the broker representing DHA Capital in the deal, said "the money is there" to close the deal.

Sources familiar with the site told Austin Business Journal the property could support about 440,000 buildable square feet or a 50-story tower. DHA Capital would likely build a vertical mixed-use development at the site, with retail on the ground floor and condos or apartments above. The firm has primarily focused on multifamily developments in New York, according to its website.

"We would anticipate being able to start ground work and construction within a year, year and a half," Affanhe said.