The developer of a Jenga-style high rise known as The Independent has closed on the 1.7 acre parcel of land that had been owned by the city of Austin., reports Jan Buchholz of the Austin Business Journal.

Development partners Constructive Ventures, Aspen Heights, and CIM Group paid $14.5 million to the city for the site of the former Austin Energy Center at West Third Street and West Avenue. The Independent will be a 58-story, 370-unit residential condominium building, making it the tallest structure in Austin. The value of the project when completed is estimated at about $300 million, according to the Austin Business Journal.

"The land acquisition sets the stage for the start of construction of this iconic building that will positively impact the city skyline and bring needed residences to this growing dynamic area in downtown Austin," said Greg Henry of Aspen Heights in a statement.

Here, too, is Austin American-Statesman real estate reporter Shonda Novak's take on the $14.5 million land sale that sets the stage for the construction of a 58-story residential high-rise.

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