Austin developer buys Brazos Lofts condo site

Austin-based Cielo Property Group said Wednesday that it has purchased a prime downtown site that is currently home to the Brazos Lofts condominiums, with potential plans to build a new development on the property.

Cielo is buying the Brazos Lofts at 411 Brazos Street from the owners of the 39 condominium units. The current owners and the retail tenants in the low-rise building can remain for up to a year under the terms of the sale, Cielo officials said.

The purchase price was not disclosed.

Cielo officials said they can build up to 885,200 square feet of development on the .81-acre parcel, which is at the southeast corner of Brazos and Fifth streets, near the Austin Convention Center.

Cielo said it has not yet filed any plans with the city of Austin for redevelopment of the site, and said the company "has no specific plans for the property at this time."

However, in a news release, Cielo co-founder Rob Gandy called the site "a prime location that can accommodate far more people and activity as downtown continues to grow.”

“We are excited to transform this site with a project that will make a positive contribution to the future downtown Austin," Gandy said.

Downtown has seen two other older condominium projects sell, the 58-unit Villas on Town Lake at 80 Red River Street in 2017, and the 112-unit Railyard condominiums on East Fourth Street, which sold late last year for $104 million.