High-rise project planned for downtown Austin block

From Austin-

Another high-rise development is destined for yet another downtown Austin block.

The Episcopal Church has selected Austin-based Cielo Property Group to partner in developing a church-owned block, with plans calling for a large mixed-use project, along with a permanent home for the church’s historical archives.

Cielo Property Group, a commercial real estate investment and development firm, released conceptual renderings of what a mixed-use project might look like on the site, known as Block 87 and bounded by Seventh, Eighth, Trinity and Neches Streets.

A tower could rise somewhere in the 30-story range, with the mix of uses not yet determined, said Rev. Canon Lang Lowrey III, the asset manager for the property who is representing the church in its search for a development partner.

More here-

http://www.statesman.com/business/high-rise-project-planned-for-downtown-austin-block/uGk8FRZFOYZZL6gOK7tGnI/

Episcopal Church buys downtown block for archives

The Episcopal Church has bought a block in downtown Austin where it plans to build a facility to house its national archives and provide space for meetings, exhibits, research and other purposes.

The church purchased the block, now a parking lot bounded by Seventh, Eighth, Trinity and Neches streets, from Jimmy Nassour, an Austin real estate attorney. The purchase price was $9.5 million, said Mark Duffy, director of the Archives of the Episcopal Church.

The church, which borrowed against its endowment to buy the land, plans to launch a capital campaign next year to raise money to repay that loan and pay for the new facility. The cost of the project, which is in the "very preliminary" planning stages, will be almost $40 million, Duffy said.

The building probably will be five stories, with up to 70,000 square feet and a garage with some public spaces. Duffy said the start of construction is at least two years away.

In addition to archives and meeting space, the building will be a place "for Episcopalians nationally to gather and to study, reflect on and feel proud of their heritage," Duffy said.

"The idea is to build something that will be a visible presence for the Episcopal Church in the community, as well as a place where church members and the public can explore issues of vital importance to the church today," Duffy said.

The archives — the official repository for the church's papers, electronic records, photographs, memorabilia and artifacts — are now housed in three locations in Austin, including leased space at the Episcopal Seminary of the Southwest, and at one site in New York City.

More here-

http://www.statesman.com/business/content/business/stories/realestate/2009/06/09/0609block87.html

Major-Gift Initiative Could Fund Archives’ Move

The estimated $30-million cost of relocating the Archives of The Episcopal Church could be paid for by “three to four” major donors, according to the Rev. Susan McCone, director of the Mission Funding Initiative. Ms. McCone made a presentation to members of the national Executive Council, which is meeting in Portland, Maine, April 20-22.

The meeting—the last meeting for Executive Council during the 2007-2009 triennium—began with a plenary that included a presentation by the Archives Strategy Committee. The committee is seeking approval to proceed with a plan to spend $9.5 million plus closing costs to buy a vacant block in downtown Austin, Texas. The archives are currently located on the campus of the Episcopal Theological Seminary of the Southwest in Austin, but a variety of factors necessitate relocation, which Executive Council already has approved.

Treasurer Kurt Barnes said funding should not be a problem. He noted that gross annual income on the lot, which is currently used for parking, is $570,000. That amount “will more than cover the carrying costs of this acquisition” until enough money is raised to construct the new building, he said.

The cost of relocation could be funded as part of The Episcopal Church’s first-ever attempt to cultivate large gifts. The project has a goal of $250 million. Ms. McCone told council that the Mission Funding Initiative committee has identified 500 Episcopalians “with a verified giving capacity” of at least $1 million each. About 125 of those potential donors are capable of giving $500 million. Ms. McCone encouraged members of Executive Council to see the project through to completion.

http://www.livingchurch.org/news/news-updates/2009/4/21/major-gift-initiative-could-fund-archives-move