AUSTIN--The Independent, the under-construction residential building slated to be the city's tallest structure, has completed a key land acquisition, marking the final step in its predevelopment process.

Developers have closed on the purchase of 1.7 acres of land located at the northeast corner of West Third Street and West Avenue in downtown Austin, with significant funding from CIM Group supplementing equity from co-developer Aspen Heights. 

The 58-story, 370-unit condominium tower acquired the property from the City of Austin under the terms of a Master Development Agreement. Demolition and site work activity will commence this month. The development team has engaged Balfour Beatty Construction as general contractor and the project has secured construction financing. 

"Austin's skyline is undergoing a tremendous amount of change, and that change is a direct result of how much people want to live and work downtown," Greg Henry, CEO of Aspen Heights, told GlobeSt.com. "This building helps bring residences to an ideal location with an unbeatable view. We're excited the market has embraced it so warmly and look forward to bringing a spectacular addition to our phenomenal city."

The Independent includes key community benefits such as a public plaza that connects the 3rd Street footbridge to West Avenue, an easement and trail improvements along Shoal Creek, and voluntary contributions of approximately $2.7 million to the City of Austin's Affordable Housing Trust Fund and $1 million for city infrastructure.

In 2010, the City of Austin and Constructive Ventures entered into a Master Development Agreement for the sale and redevelopment of the full city block, the former site of the Austin Energy Control Center. The Economic Development Department led the project on behalf of the city.

"The start of construction of The Independent is a major milestone in the city's efforts to create a vibrant, walkable, ecologically sensitive downtown, where people live, work and play," says Kevin Johns, director of the City of Austin Economic Development Department. "It is the last and most visible high rise to be developed in the 85-acre Seaholm District, which adds vital new office, retail and residential development that supports Austin values of sustainability, open space, affordability, public art and trails.  This project shows the vision of downtown and Austin leaders, in the city's first Eco District, as a futuristic urban regenerator and waterfront preservation project."

"The land acquisition sets the stage for the start of construction of this iconic building that will positively impact the city skyline and bring needed residences to this growing, dynamic area in downtown Austin," says Henry.