CIM Group Completes Austin’s Tallest Tower
- Jul 10, 2019
CIM Group has completed construction of The Independent, a 363-unit condo tower that is now the tallest building in Austin. The community rises 58 stories in the heart of downtown. CIM developed the property along with Austin-based developer Aspen Heights.
Located on about 1.7 acres at the corner of W. Third St. and West Avenue, The Independent is close to a plethora of shopping, dining and entertainment options. The Seaholm Power Plant redevelopment, which is also a CIM project, is just across the street from the community. The development team first announced the project in 2015 and construction began in 2016. Last May, the building, dubbed the “Jenga tower” by locals for its glassy, stacked design, topped out at 685 feet.
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The Independent offers a mix of one-, two-, three- and four-bedroom units and more than 20,000 square feet of amenities including a dog park/lounge, children’s playroom and playground, swimming pool, fitness center, club room, sky lounge, spa area, guest suites, a theater, business center and a direct connection to Shoal Creek and the hiking trail system.
MARKET ON FIRE
Austin’s multifamily market has struggled to keep up with demand, as job growth in the Texas capital has soared over the last year. As of April, more than 23,000 multifamily units are underway in Austin. Austin’s downtown market, where The Independent is located, topped the list in a recent report for the highest rental premium in the downtown core. The average rent downtown is nearly double the market average of $1,257 per month, according to a study by Real Page.