Luxe Austin Homes - commercial

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

Posted by Grossman & Jones Group on September 19th, 2022

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…

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Crane Watch: High-rise hotel to replace bar previously called Russian House; Tesla plans another Austin store

Posted by Grossman & Jones Group on August 30th, 2022

Indiana-based White Lodging is gearing up to develop a 269-room high-rise hotel at the intersection of Fifth and Trinity streets.

The project, planned at 307 and 311 E. Fifth St., would rise 128 feet and encompass 188,640 square feet, according to public documents.

While White Lodging is developing the project, the owner is listed in public documents as 311 E 5th Series, a subsidiary attached to Finley Company.

The project site is about four-tenths of an acre. The space is currently occupied by low-slung buildings that were once home to the Trinity Hall event venue and House restaurant and bar (formerly Russian House), both of which have closed.

White Lodging declined to discuss more granular details of the development at this time.

In…

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First phase of 1,400-acre Mirador neighborhood in Del Valle takes step forward

Posted by Grossman & Jones Group on August 18th, 2022

Plans to develop a huge residential and commercial hub on the southeastern edge of Austin have taken another step toward.

With little discussion, the city's Zoning and Platting Commission on Aug. 16 unanimously approved a preliminary plan for the first phase of construction for the planned community on 1,400 acres near Pearce and Wolf lanes. That is in the unincorporated community of Del Valle, east of Circuit of The Americas race track and south of Tesla's new gigafactory.

Houston-based real estate developer Hines purchased the land earlier this year with the intention to create Mirador, a master-planned community that includes 2,500 single-family lots and 75 acres of commercial space.

The project also includes 50 acres of multifamily homes…

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