It’s a developer’s dream: Two unrestricted parcels in downtown Austin that could become a blank canvas on which to envision a large mixed-use project near both the Austin Convention Center and a commuter rail stop.
The dream could become a reality if a developer offers owners of the 112-unit Railyard condominiums a price they can’t refuse.
The Railyard was built in 1983 and spans two half city blocks at 201 E. 4th Street and 301 E. 4th Street. It is being put up for sale by the Railyard Condominium Owners Association in response to several unsolicited inquiries from developers.
Commercial real estate services firm CBRE, which has the listing, isn’t giving a ballpark price range for what the property might fetch but expects to see keen interest.
“The opportunity for a large-scale, mixed-use development across two unencumbered half city blocks between Congress Avenue and the Convention Center in downtown Austin will attract significant interest from national and international capital,” said John Barksdale, a senior vice president with CBRE in Austin.
Barksdale said there is a limited supply of available blocks that are unimpeded by Austin’s Capital View Corridor rules, which are designed to preserve views of the Capitol dome.
The Railyard would allow for a maximum development potential of over 1.8 million square feet across the two half blocks, CBRE said, and could include a mix of office, apartment, condominium and hotel uses.