The development team of Aspen Heights, Constructive Ventures and CIM Group have broken ground on The Independent, a 58-story, 370-unit condominium tower in downtown Austin. Located at the corner of West 3rd Street and West Avenue, the property was acquired from the City of Austin in November 2015 under the terms of a Master Development Agreement.
“When I became Austin’s mayor, parts of downtown were dotted with blight and virtually dead at night,” said Senator Kirk Watson at the groundbreaking ceremony. “Some of us saw the potential to bring our downtown alive but needed some pioneering developers to take a chance and be the first. The people behind The Independent were among those pioneers and they have helped transform Austin’s downtown into the vibrant and inviting community it is today. Breaking ground for The Independent demonstrates that our shared vision is now a part of downtown’s reality.”
As part of a program of public benefits, The Independent team will make voluntary contributions of approximately $2.5 million to the City of Austin’s Affordable Housing Trust Fund and $1 million for city infrastructure. In addition, the project is designed with a public plaza connecting the 3rd Street footbridge to West Avenue and provides an easement and trail improvements along Shoal Creek.
“Great cities do big things, and building the tallest residential tower west of the Mississippi in downtown Austin is a big deal, but The Independent’s height is not what the biggest thing for Austin is,” said Mayor Steve Adler, of the City of Austin. “The Independent will make the largest single contribution to Austin’s affordable housing fund ever. Even better, Austin is adding housing downtown where residents are more likely to walk or bike to work. By helping us address affordability and mobility, this building is a very big win-win for Austin.”
The Independent will offer residents an urban lifestyle in a walkable neighborhood. Set on approximately 1.7 acres it is surrounded by shopping, dining and entertainment destinations; offering boutique retailers, casual and fine dining, daily needs services and grocers including Trader Joe’s and Whole Foods’ flagship store, and is proximate to major employment centers.
“Austin champions innovation, and we appreciate the visionary leadership from the City of Austin in helping to shape this neighborhood into a growing and vibrant district for residents and businesses. We wanted to capture the bold, energetic and entrepreneurial spirit that has long buoyed Austin’s economy, reputation and success. The Independent’s exceptional location and innovative design will enhance this burgeoning neighborhood,” said Greg Henry, CEO of Aspen Heights on behalf of the development team. “Our team has held steadfast in its commitment to making The Independent a reality and stayed the course throughout various challenges to be able to celebrate today the start of construction of this premier residential icon.”
Designed with a residential tower having floor-to-ceiling windows, The Independent will be the tallest residential tower in Austin and west of the Mississippi offering residents unparalleled views. The glass clad building’s distinctive stacked design will be a notable addition to the Austin skyline.
The Independent’s 370 residences provides a diverse mix of floor plans ranging from one- to four-bedroom units and penthouses. The sleek, modern residences, which average approximately 1,300 square feet, offer patios or balconies, premier interior finishes and 10-foot ceilings. The Independent features abundant on-site amenities including downtown’s first indoor/outdoor area for children, a 24-hour concierge, a resort pool and lounge on the 9th floor, theatre room, business center, conference center, dog-park with washing stations, and a 2,000-square-foot fitness center and indoor/outdoor sky lounge on the 34th floor.
UrbanSpace, The Independent’s exclusive broker is actively closing contracts, with current available units starting in the mid-$400,000s.