Austin’s New Development Opportunity: Land for Sale on Congress Avenue
In downtown Austin, two prime properties located at 422 Congress Ave. and 101 W. Fifth St. are now on the market, offering a potential for significant local development. Currently, these sites house Shiner’s Saloon, a well-known bar, but plans for redevelopment could transform the area dramatically.
Unlimited Opportunities for High-Rise Development
One of the key features attracting interest from developers is the unlimited height restrictions for these properties. This means that the new structures built on this land could reach impressive heights, paving the way for high-rise buildings that stretch beyond the current skyline.
According to a property advertisement, both locations have a central business district zoning designation. They allow developers to achieve floor-area ratios of 8:1, with the possibility to increase that to 25:1.
Additionally, there are no Capitol view corridor restrictions, which typically limit the height of buildings to preserve views of significant state buildings. This factor makes the site particularly appealing for ambitious developers looking to build tall structures in the city’s core.
Background on Previous Development Plans
Previously, Merritt Development Group, a local hotel developer, had plans to build a 36-floor hotel at the site. This project would have cost an estimated $170 million and provided 340 hotel rooms along with a restaurant spanning 5,500 square feet on the first and second floors. This hotel was expected to enhance the downtown area significantly.
However, Merritt Development Group is no longer involved with this property. Their plans remain a benchmark for what future developments might look like in the area. Before any new projects can commence, the current 13,254-square-foot building housing Shiner’s Saloon will need to be demolished.
The Current Owners
The properties are owned by Karlin Real Estate LLC, which has not publicly commented on the sale. Information from the Travis Central Appraisal District reveals that Karlin acquired these properties as part of a larger purchase from Nate Paul’s World Class Holdings in July 2001.
Not only are these properties notable for their possible redevelopment opportunities, but they also highlight Karlin’s ongoing investment in significant real estate projects. The company successfully redeveloped a former 3M campus in Northwest Austin into what is now a sprawling 1.1-million-square-foot life sciences center.
The Future of Downtown Austin
With the properties currently on the market, local developers and economic watchers are eager to see how this prime site will be used in the future. As interest in high-rise real estate developments continues to grow in Austin, this sale could mark the beginning of an exciting chapter for downtown Austin.
For those interested in commercial property development in the Austin metro area, a list of local development firms can be found at the end of this report. With so much potential lying within these two properties, the next steps in their development can change the landscape of the city.
