39-story apartment tower planned downtown By Shonda Novak American-Statesman Staff More luxury apartments will take up residence downtown, this time in a planned $100 million tower that will rise 39 stories and feature 350 luxury apartments with views of Lady Bird Lake and downtown.World Class Capital Group, an Austin-based investment and asset management firm, confirmed Thursday that it has purchased a 1-acre tract next to the Four Seasons Hotel and Residences along Lady Bird Lake. Development plans for the site have not been disclosed. The purchase of the land at Trinity and East Cesar Chavez streets closed Tuesday at an undisclosed price.
The seller was Trinity Street Joint Venture, a partnership that includes San Antonio-based Hixon Properties Inc.
"The chance to acquire a site with high-density development potential, expansive views of Lady Bird Lake, and frontage along the Waller Creek redevelopment presented an unparalleled opportunity," said Nate Paul, president and CEO of World Class Capital Group.
The World Class Capital site is approved for 524,000 square feet of development and has no height restrictions, making the land even more valuable, said Dani Tristan, a broker with McAllister & Associates. And the lake views are "an amenity not everybody can say they have," Tristan said.