The mixed-use development that houses ACL Live at the Moody Theater and the W Austin Hotel is up for sale, Austin Business Journal reports. According to a report filed with the U.S. Securities and Exchange Commission on Thursday, January 29, the owners alerted investors to a potential sale of Block 21 (as the development is called).
In addition to W Hotel and ACL Live, Block 21 also includes office and retail space. Current businesses within the development include a Starbucks, an Urban Outfitters, real estate agency DEN as well as the hotel's TRACE restaurant and Away Spa. The residences within the W Hotel will not be part of the potential listing.
Block 21 is a joint venture between Stratus Properties Inc. and Canyon Johnson, who own 40 and 60 percent of the development, respectively. "The partnership has listed the property with Macquarie Capital," chairman and CEO of Stratus Properties Beau Armstrong tells ABJ. "The Austin market is very attractive and we believe this is an opportune time to sell this extraordinary asset."
The report does not specify why the property is on the market, however this is the second time that partnership has done so. Block 21 was briefly up for grabs in 2013 before the owners changed their minds and refinanced. The asking price for the property won't be released until a transaction has been finalized or the owners decide to reveal that information. The SEC document states that Block 21 has a projected net operating income $17.5 million for 2015.