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Multi-Housing News: Construction Starts on Austin’s Next Skyline Topper
January 26, 2016
By Anca Gagiuc, Associate Editor
Austin, Texas—Developers broke ground recently on the soon-to-be tallest building in Austin’s skyline, The Independent, at a site near Third Street and West Avenue.
Schedule for completion in 2018, the 58-story residential tower will reach 685 feet in height. The value of the building is estimated at more than $300 million. Balfour Beatty Construction secured the general contractor assignment. Through a property tax increment associated with the project, the city will receive significant funds toward its affordable housing trust fund, Austin Mayor Steve Adler said at the groundbreaking event.
The Independent will offer 370 residential units ranging in price from the mid-$400,000 to over $3 million. Amenities will include a dog park, spa, 24-hour concierge, community plaza, theater and conference rooms, as well as approximately 14,000 square feet of ground-floor retail space, according to marketing materials.
The team behind The Independent consists of Aspen Heights, Constructive Ventures, Rhode Partners, and Urban Space. The list of preferred lenders includes Tony Trungale & Jonathan Conrad of First Choice Loan Service Inc., Michael Task Team of Oak Mortgage Group, Chandra Carthrae of United Lending, Ed Solter & Brian Pratt of Fairway Independent Mortgage Corp., Max Leaman of PrimeLending, and Sean Patrick Condon of Wells Fargo Private Mortgage Banking.