Fourth St. Rising

According to the Austin Business Journal Middle Earth Developers Inc. is planning the next phase of West Fourth Street's renaissance, a $40 million project that will add 120 apartments and condos, 25,000 square feet of commercial space and 300 parking spots to downtown's southwest district.

The developer is negotiating with the two owners of a parking lot on West Fourth Street, nestled between Plum and Elm Streets and adjacent to the Duke Energy Center. As people have moved into the neighborhood -- population sits at 400, up from 220 in 2000 -- the need for retail has become greater. Middle Earth recently signed on Jay Fagel, a broker with Grubb & Ellis, to lease the street level of Kinsey Flats, which could house up to five retailers.
You can read the whole story of this development in theAustin Business Journal. Hopefully this does not distract them from Parker Flats.

This is also promising, according to the Enquirer, a developer, AIG/Carter, has been chosen to lead the development of The Banks. They faced many of the same hurdles building Atlantic Station that they'll face in The Banks project. The best news is that AIG thinks that after the garages are built that they can do the rest of the development without public money which up to now has been the biggest stumbling block.



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