The Seaholm District was once an industrial area in the southwest section of downtown Austin, Texas. The last few years have seen the District transitioning into a “vibrant urban neighborhood.” Two billion dollars in both public and private funds have been invested in the area, which is projected to bring in millions of dollars in property and sales tax revenue in the years to come.
One of the latest developments happening in Seaholm District is the construction of The Independent, a 58-story high-rise tower with over 350 luxury condominiums. It will hold the title as both Austin’s tallest building and tallest residential building west of the Mississippi River.
Pricing for the building’s units has started at $350,000 and has gone up to more than $3 million. It was announced earlier this year that, within a week, 90 percent of those units had been reserved.
With 1.7 acres of land having recently been purchased for a reported $14.5 million, ground could break in early 2016 for the project that is slated to cost $300 million.
“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,” said Greg Henry, who founded and is currently CEO of Aspen Heights, a partner in bringing The Independent project to life.
The introduction of The Independent will play a role in helping the Seaholm District to transition into its next phase, while benefiting the surrounding community by, among other things, voluntarily contributing around $2.7 million to Austin’s Affordable Housing Trust Fund and $1 million for infrastructure throughout the city.
