It was on January 11 when developers first broke ground on The Independent, a 58-story tower on West Third Street and West Avenue downtown that will definitely change Austin's skyline.
Also called the Jenga Tower for its unique stacked design (photo rendering here), the tower is currently being developed by Austin-based Constructive Ventures Inc. (whose principals are Perry Lorenz and Larry Warshaw), Austin-based Aspen Heights, and Los Angeles-based CIM Group.
Former Austin mayor and current state senator Kirk Watson, as well as current Mayor Steve Adler, praised the project, noting that new high-rises in the downtown area are helping boost the city's tax base.
"Vibrant, vital, successful cities have vibrant, vital, successful downtowns," Watson said. Meanwhile, Adler added that downtown "is not only the city's living room it is our city's piggy bank."
As it turns out, residents of downtown Austin are reaping significant benefits from the construction of the Jenga Tower. Bloomberg reports:
"Adlers said The Independent will make the largest single contribution to the city's affordable housing fund ever -- $2.5 million. The project's developers are also making a $1 million contribution to city infrastructure, along with other community benefits, including a public plaza connecting the Third Street footbridge to West Avenue and trail improvements along Shoal Creek."
"Even better, Austin is adding housing downtown where residents are more likely to walk or bike to work," noted Adler. "By helping us address affordability and mobility, this building is a very big win-win for Austin."
According to the CTBUH, Balfour Beatty Construction will serve as the building's general contractor. Developers purchased the 1.7 acre site for $14.5 million from the city of Austin back in December.
An existing building on the site is currently undergoing demolition. The land was previously home to the Austin Energy Control Center, which has since relocated to East Austin.
Here are a few key facts to know about The Independent:
- The building will stand at 685 feet, making it the tallest tower in Austin as well as the tallest residential building found west of the Mississippi River.
- The project is estimated to have a value of $300 million
- There will be 370 units in the tower.
- It will take approximately three years to complete the tower.
- Units in the tower will have prices ranging from the mid $400,000s to $3.4 million.
- There will be 20,000 square feet of space allotted for amenities including a sky lounge, a club room, a theater, and a dog park.
