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Kim Gatley
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enior Vice President & Director of Research at REOC Austin

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Jenga-style downtown Austin tower reveals cost, construction dates

HardHatIconDevelopers appear to be moving ahead with plans to build what would be Austin’s tallest building — a 58-story condo tower dubbed “The Independent,” with proposed costs and construction dates revealed in permit documents.

State and city entities have received documents from the developers — a partnership between Constructive Ventures and Aspen Heights, both Austin-based companies. There is still no word about financing on the project, though multiple people close to the development have told me deep-pocketed financial partners are ready to sign on.

Here’s what we now know:

  • The tower will cost about $145 million to build on the former site of the Austin Energy control center at 301 West Ave. Previous reports described the proposed development as valued at $300 million. The $145 million may be construction costs only.
  • Documents filed with the Texas Department of Licensing and Regulation indicate that the owner is represented by Ryan Fetgatter, the vice president of development for Aspen Heights. Rhode Partners Inc. is the architect. According to those documents, construction will begin in January 2016 and be completed in May 2018.
  • City documents for the project have been filed by Melissa Hawthorne of Austin Permit Services. The fees for filing the case were close to $27,000 and billed to Austin 3rd & West Partners LP. The official application was filed August 11.

Click to read entire article: Jenga-style downtown Austin tower reveals cost, construction dates (Austin Business Journal, 08-25-15)

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