City of Austin’s Underused/Abandoned Property Placed On The Market
The city of Austin is ready to find a contractor to redevelop on property it purchased for $6.5 million in 2017.
Sitting on the land is a former rehab facility, located at 1215 Red River St., and adjacent parking garage, located at 606 E. 12th St., that closed in 2016.
The request for proposals (RFP) is due January 16.
The hospital is 88,944 square feet and sits on a 1.38-acre tract, and the garage contains 62 spaces.
The property has been appraised for $36.3 million. Options for contractors that are presented in the RFP include:
- Buy the hospital and garage at maximum value and present a potential development concept that addresses community priorities;
- lease the property through a fully paid ground lease or ongoing payments; or,
- develop a transaction providing the city with sale or ground lease revenue, affordable housing and other in-kind benefits, or a hybrid of the two.
This article was originally published by Strategic Partnerships Inc.
