AUSTIN, TX – September 15, 2015 – CIM Group announced today that it has joined in a partnership with Aspen Heights and Constructive Ventures to develop The Independent, a 58-story, 370-unit condominium tower in downtown Austin. CIM is an investor in and co-developer of this signature property located at the northeast corner of West 3rd Street and West Avenue in downtown Austin. Aspen Heights and Constructive Ventures have been working on the predevelopment of the project.
The Independent offers residents a vibrant urban lifestyle in a walkable neighborhood. Set on approximately 1.7 acres in thriving Downtown Austin, it is surrounded by Austin’s 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, and is proximate to major employment centers.
Designed with a 50-story residential tower, 13,500 square feet of ground floor retail, and 751-stalls of parking, The Independent will be the tallest structure in Austin as well as the tallest residential building west of the Mississippi. The glass clad building’s distinctive stacked design will be an iconic addition to the Austin skyline. With floor-to-ceiling windows, residents will enjoy views of the city, nearby Lady Bird Lake and other outdoor recreation areas. In addition, the sleek, modern residences, which average approximately 1,300 square feet, offer patios or balconies, premier interior finishes and 10-foot ceilings. The Independent provides residents with abundant, attractive on-site amenities including 24-hour concierge, a resort pool and lounge on the 9th floor, theatre room, business center, conference center, children’s play area, dog-park with washing stations, and a 2,000-square-foot fitness center and indoor/outdoor sky lounge on the 34th floor.
Reservations at The Independent were offered in June and within one week 90 percent of the residences were committed. The development team will convert reservations into sales contracts in late-September.
CIM is an investor in communities throughout North America and has been an investor in Austin since 2007 when it identified Austin as a Qualified Community, possessing the attributes that fit CIM’s investment model. CIM’s Austin area investments include the Seaholm Power Plant mixed-use redevelopment, the Penn Field office and industrial complex, the District at SoCo apartment community, and the Hartland Plaza office complex.
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
About Aspen Heights
Aspen Heights is an Austin-based, national real estate developer, builder and manager. Established in 2005, Aspen Heights has developed more than $1 billion worth of projects. The Independent is one of two downtown Austin high rises Aspen Heights is currently developing, and one of three projects in the greater Austin area. Aspen Heights' experience in managing projects from conception to completion gives them a unique appreciation and passion for distinctive design and sincere customer experience. For more information: www.AspenHeightsPartners.com.
About Constructive Ventures
Widely recognized for a commitment to design, sustainability, and community benefits, Constructive Ventures Inc. is regarded as a premier Austin developer of innovative residential and mixed-use projects. Co-founded in 2004 by Perry Lorenz and Larry Warshaw, CVI has developed more than 800 residential and commercial spaces in downtown Austin. The firm enjoys a strong downtown track record, with past condo projects including Spring, BartonPlace, The Pedernales, Este, Saltillo Lofts and TwentyOne24. For more information: www.ConstructiveVentures.com.