Seaholm Redevelopment Goes to Council Vote
October 10, 2010 21:29 Filed in: News
It was announced in May that Constructive Ventures plans to build 425 new condos in two 400-500 foot towers on an Austin Energy site just West of the 360 condo project downtown. This week, the City council's draft agenda for the 10/14 meeting includes an agenda item to review the master development agreement for the site.
The new project by the developers of Spring would include 425 condo units and 15,000 square feet of retail in two point towers on a 1.7 acre site adjacent to 360 and the decommissioned Green Water Treatment Plant downtown. The project would cost $220 million and construction would begin in 2013.
According to the Austin Business Journal, "unanswered questions regarding the cost for Austin Energy to relocate its control center from the Seaholm redevelopment area stalled the residential condominium project planned to replace it. Austin City Council members questioned what’s behind Austin Energy’s request for approval of a not-to-exceed $67 million budget to move the control center, which was estimated two years ago to cost $17 million."
On the slate for review are the terms of the agreement between the developers and the City which includes a $14.5 million payment foe the site; City review of site plan, facade design, and landscape plans; a plan for the towers to be LEED-Gold certified; $4M in additional payments from the developer to fund affordable housing, art in public places, infrastructure, and a Seaholm art wall; an extension of the Shoal Creek trail, and a commitment to recruit only local business for the retail space on the site.
If the agreement and plan is approved, the project would be able to move forward, although construction is not slated to begin until 2013.
The new project by the developers of Spring would include 425 condo units and 15,000 square feet of retail in two point towers on a 1.7 acre site adjacent to 360 and the decommissioned Green Water Treatment Plant downtown. The project would cost $220 million and construction would begin in 2013.
According to the Austin Business Journal, "unanswered questions regarding the cost for Austin Energy to relocate its control center from the Seaholm redevelopment area stalled the residential condominium project planned to replace it. Austin City Council members questioned what’s behind Austin Energy’s request for approval of a not-to-exceed $67 million budget to move the control center, which was estimated two years ago to cost $17 million."
On the slate for review are the terms of the agreement between the developers and the City which includes a $14.5 million payment foe the site; City review of site plan, facade design, and landscape plans; a plan for the towers to be LEED-Gold certified; $4M in additional payments from the developer to fund affordable housing, art in public places, infrastructure, and a Seaholm art wall; an extension of the Shoal Creek trail, and a commitment to recruit only local business for the retail space on the site.
If the agreement and plan is approved, the project would be able to move forward, although construction is not slated to begin until 2013.