AUSTIN, Texas—The owner of a Texas high-rise is getting a $80.3 million loan from a federal government agency to buy back a vacant building for a new office space.
The Texas Public Policy Foundation announced Wednesday it has secured $20 million in federal funding to buy the vacant office building at 2801 Broadway in the city’s Austin district.
The foundation said in a news release that it plans to sell the vacant property to private developers for $3.6 million.
It will take about a year to complete the transaction.
The property is located at 2841 Broadway, near the intersection of Broadway and S. Lamar Streets.
The office building is owned by a developer, GK Partners, and is a two-story building with a basement.
The foundation said the project was designed by architect Eric E. Wurman, whose office is located on the ground floor of the building.
Wurman said he will continue to operate the office as an independent company until the loan is repaid.
The announcement comes two weeks after Wurmeister said he would close his business and start an independent construction company to rebuild the building for the nonprofit Austin Foundation.
Würman is a former executive director of the Austin Planning Commission, a public body that approves or disapproves projects in the Austin region.
He also serves as a board member for the Austin Downtown Business Association, which lobbies the city to approve or disapprove projects.
The Austin Foundation is a nonprofit group that advocates for affordable housing and urban renewal.
Its mission is to build and preserve a more vibrant Austin and to connect the city and its residents to jobs, education and other services.