AUSTIN, TX – December 1, 2015 – CIM Group announced that it has funded the acquisition for the purchase of 1.7 acres of land located at the northeast corner of West Third Street and West Avenue in downtown Austin. This transaction marks another major milestone in the development of The Independent, a 58-story, 370-unit condominium tower. The property was acquired from the City of Austin under the terms of a Master Development Agreement. Demolition and site work activity will commence this month.
The Independent is located in thriving downtown Austin, surrounded by premier 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, the new Central Public Library, and is proximate to major employment centers. The glass-clad building’s distinctive stacked design will be an iconic addition to the Austin skyline. CIM Group, Aspen Heights, and Constructive Ventures are co-developers of The Independent.
About CIM Group
CIM Group is a leading real estate and infrastructure investment firm that since 1994 has systematically and successfully invested in dynamic and densely populated communities throughout North America. CIM Group draws on its experienced team of real estate, investment and finance professionals to identify and pursue investment opportunities in five strategic categories: repositioning and development projects, well-positioned operating properties, value-add properties, debt, and infrastructure. Headquartered in Los Angeles, CIM maintains regional offices in New York, the San Francisco Bay Area, Bethesda, and Dallas. For more information, please visit www.cimgroup.com