Wednesday, March 5, 2008 - 7:12 AM CST
Austin seeks firm for Green redevelopment
Austin Business Journal
In the largest redevelopment opportunity ever for downtown Austin, the city has issued a request for proposals for the purchase and redevelopment of the Thomas C. Green Water Treatment Plant and the adjoining Austin Energy Control Center. The two properties total about 6.1 acres or 5 city blocks.
The Green and Austin Energy sites are being heralded by city and business leaders as the missing anchor between the Second Street Retail District and the future activity of the Seaholm District redevelopment. The properties could bring the most significant retail to downtown to date, city leaders say. The city also plans to direct 40 percent of the property tax proceeds from the redevelopment to an Austin Housing Trust Fund towards creating affordable housing in the urban core.
The minimum purchase price will be based on the final appraised value of the properties. The preliminary appraised value is $41 million, but a final appraised value should be determined before March 31.
Interested parties can obtain the RFP through the city of Austin's purchasing department website,
www.ci.austin.tx.us/vss/Advantage. A link is also available on the city's Seaholm District website,
www.ci.austin.tx.us/seaholm/green.htm.
According to the city, the decommissioning and deconstruction of the Green Water Treatment Plant is expected to be finished by February 2010, with construction beginning shortly after.
The city has begun the process of rezoning the properties to Central Business District-Central Urban Redevelopment, potentially eliminating floor-to-area ratio restrictions. The sites, however, are subject to Waterfront Overlay and Capitol View Corridor setback and height restrictions.
The city will conduct a pre-proposal meeting to answer questions and concerns about the RFP on March 17. Proposals are due by April 30.
Public presentations of proposals will begin May 14 and the City Council will choose the successful bidder in June.