Wednesday, March 5, 2008

In the largest redevelopment opportunity ever for downtown Austin, the city has issued a request for proposals for the purchase and redevelopment of the Thomas C. Green Water Treatment Plant and the adjoining Austin Energy Control Center. The two properties total about 6.1 acres or 5 city blocks.

The Green and Austin Energy sites are being heralded by city and business leaders as the missing anchor between the Second Street Retail District and the future activity of the Seaholm District redevelopment. The properties could bring the most significant retail to downtown to date, city leaders say. The city also plans to direct 40 percent of the property tax proceeds from the redevelopment to an Austin Housing Trust Fund towards creating affordable housing in the urban core.

The minimum purchase price will be based on the final appraised value of the properties. The preliminary appraised value is $41 million, but a final appraised value should be determined before March 31.

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