January 16, 2019
Cielo Property Group struck a deal with the Episcopal Church to acquire approximately 1.6 acres in downtown Austin. The site is on Block 87, which is bounded by Neches, Trinity, Seventh and Eighth Streets, and comprises 13 parcels.
The church acquired the site in 2009, with the goal of building a national archives facility. In 2017, the church tapped Cielo to help with the archive’s development. Ultimately, “while the original intent was to create a new home for the archives on this site, the appreciation on the property and the use of income from the parking lot to pay down debt, presented an unforeseen opportunity: to sell the property and with the proceeds, explore other locations and accelerate building of the Archives,” said church advisor Rev. Canon Lang Lowrey III.
Cielo Property is planning to build a mixed-use development on the site, with construction launch planned for later this month.
Pictured: Rendering for Block 87 Development
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