posted on April 29, 2011 01:51
Developers are moving forward with plans for two new mixed-use towers and a parking garage downtown.
T. Stacy & Associates and Walton Street Capital LLC announced Monday refinancing a loan that will free up cash for the project first revealed about three years ago. The pair closed on a new loan with lender Aareal Bank AG for their Bank of America Tower at 6th Street and Congress Avenue, according to a press release.
The new towers are planned for the same block bound by Brazos and 5th Street, plus a half block across the street. Construction on the first phase — the parking garage — is slated for early 2012.
Officials said in 2008 they would invest half a billion in the development. One building will be 500,000 square feet and slightly taller than the 26-story Bank of America building, they said at the time. The other was slated for a hotel and condo tower rising more than 800 feet, plus 1,000-car garage, previous reports said.
T. Stacy & Associate is a veteran Austin developer. An associated fund last week bought the 108,000-square-foot AT&T Corp. call center on South Lamar Boulevard.
Walton Street Capital is a Chicago-based real estate investment company with more than $12 billion in assets under management.
4/18/11, Austin Business Journal