Five firms submit proposals for Green plant

In the largest redevelopment opportunity ever for downtown Austin, the city has received five proposals for the purchase and redevelopment of the Thomas C. Green Water Treatment Plant and the adjoining Austin Energy Control Center. The two properties total about 6.1 acres or five city blocks.

The five firms that have submitted proposals to redevelop the soon-to-be decommissioned plant include: Cleveland, Ohio-based Forest City; Austin-based Stratus Properties; Denver-based Catellus Development; Dallas-based Trammell Crow Co.; and Austin-based Simmons Vedder Partners. The proposals vary significantly in vision and scope, but all call for about 1,000 apartments and condos, and hundreds of thousands of square feet of retail and office space.

The actual offer amounts were not disclosed by the city. The appraised value of the land is $55.5 million.

The decommissioning and deconstruction of the plant is expected to be finished by February 2010, with construction beginning shortly after.

Public presentations of proposals will begin May 14 and the City Council will choose the successful bidder in June.

The Green and Austin Energy sites are being heralded by city and business leaders as the missing anchor between the Second Street Retail District and the future activity of the Seaholm District redevelopment. The properties could bring the most significant retail to downtown to date, city leaders say. The city also plans to direct 40 percent of the property tax proceeds from the redevelopment to an Austin Housing Trust Fund towards creating affordable housing in the urban core.