According to the Austin Business Journal - 5:09 PM CST Thursday, February 15, 2007...
The Austin City Council on Thursday gave final approval to a project that will bring two new condominium towers to the south shore of Town Lake. Grand Prairie-based Fairfield Residential LLC plans to build 200-foot tall towers on a 10-acre site adjacent to the Hyatt Regency Austin. The company asked the city to relax the zoning to allow for more impervious cover at the site.
The council voted unanimously to give the project preliminary approval in early January and did so again Thursday. The number of units Fairfield has planned for the project is uncertain at this point. Fairfield purchased the Hyatt hotel and the adjacent property in 2005. In December, the company put the 448-room hotel up for sale, retaining the land for the condo project.
You may be wondering if there are too many condos coming in Central/SouthCentral Austin. Only time will tell, but with our expected growth and the huge number of boomers and relocation buyers, demand is expected to increase.
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