CIM Group Completes Construction of The Independent; First Residents Move-in to the Iconic Austin Condominium Tower
AUSTIN, Texas--CIM Group announced today that construction of The Independent, a 58-story, 363-unit condominium tower located in Downtown Austin is complete. At 685 feet, The Independent is the tallest building in Austin and with its glass-clad, stacked design it is an architecturally distinctive addition to the city skyline. CIM co-developed The Independent with Aspen Heights.
The Independent’s first residents have begun to move-in, occupying their sleek and modern homes. Floor-to-ceiling windows provide abundant light as well as sweeping, protected views to the State Capitol, Lady Bird Lake, Shoal Creek Greenbelt, Texas Hill Country, and downtown. The residences offer a diverse mix of floor plans ranging from one- to four-bedrooms and penthouses, all featuring premier interior finishes and 10-foot ceilings, and patios or balconies. The Independent provides home owners with more than 20,000 square feet of onsite amenities including a dog park/lounge, children’s playroom/playground, pool, fitness/yoga, club room, sky lounge, spa area, guest suites, theatre, business center with conference rooms, as well as immediate connectivity to Shoal Creek and the trail system.
“CIM Group utilized its expertise in owning and operating projects in developing The Independent and further enhanced the dynamic Seaholm neighborhood as well as elevating the residential options for Austin home owners,” said Avi Shemesh, Co-Founder and Principal of CIM Group.
Set on approximately 1.7 acres at the corner of West 3rd Street and West Avenue, The Independent has an exceptional position at the center of an expanding, walkable downtown Austin district. It is surrounded by premier shopping, dining and entertainment destinations and also is directly across the street from the Seaholm Power Plant redevelopment, another CIM Group project, which consisted of transforming the historic 1950-era decommissioned power plant and its surrounding five acres into a mix of office, a new residential condominium tower, retail space as well as 1.5 acres of green space and community plazas.
For more than 10 years, CIM has been an owner and operator of real assets in Austin with properties including the Seaholm Power Plant mixed-use redevelopment; Penn Field office campus where CIM recently commenced construction of a new 44,000-square foot creative office building; District at SoCo apartment community; Hartland Plaza office complex; and Eastside Village office building.
For more information regarding The Independent please visit https://www.independentaustin.com/.
ABOUT CIM GROUP
CIM is a community-focused real estate and infrastructure owner, operator and lender. Since 1994, CIM has led more than $60 billion of projects in metropolitan communities across the Americas on behalf of its own account and for its partners and co-investors. CIM’s broad in-house expertise includes decades of research, acquisition, credit analysis, development, finance, leasing and property management experience in real assets located in and serving densely-populated communities, net-lease assets and other associated credit strategies. Using its disciplined approach and extensive in-house expertise, CIM seeks to create value in projects, which ultimately enhances communities. For more information, visit www.cimgroup.com.
ABOUT ASPEN HEIGHTS
Founded in 2006, Austin-based Aspen Heights has developed 36 conventional multifamily, student housing and assisted living properties, totaling more than $1.5 billion in value. The company builds, leases and manages its own projects and also provides third-party leasing and management services. It is a mainstay in the top 10 lists of student housing development companies. The firm’s best-known project is arguably The Independent, a 685-foot-tall, 363-unit condo tower that’s both the tallest residential tower west of the Mississippi River as well as the tallest structure in Austin. For more information, visit: www.ahpliving.com.