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AUSTIN-Luci Baines Johnson’s LBJ Holding Co. is abandoning plans to transform a downtown Austin office building into a 40-unit luxury condominium unit.

Company officials say the Gracy Title Building project, 220 W. Seventh St., has been unable to attract sales necessary to push it ahead, according to a published account. The units were being offered at $430,000 to more than $1 million. Pre-construction costs reportedly totaled close to $1 million.

The company is csaid to be onsidering a replacement project that calls for development of the Sand Beach Reserve at Town Lake and Lamar Blvd. That property is owned by Lumbermen’s Investment Corp., which is locked in a lawsuit with the city over the property’s development.

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