Friday, September 19, 2014

Austin investor World Class Capital buys Uptown site

Real estate brokers say the new owner is planning a high-rise for the property on McKinney Avenue and Cedar Springs Road. (Steve Brown)
An Austin real estate investor and developer has acquired an Uptown building site.
World Class Capital – the same company that owns downtown Dallas’ 34-story KPMG Centre – bought triangular block at McKinney Avenue and Akard Street, Dallas County deed records show.
World Class has had the property under contract to purchase for several months.
Real estate brokers say the new owner is looking at the property for a high-rise residential project.
In 2001 developers proposed a 10-story condo tower for the site, but never went ahead with plans.
The 1-story commercial building on the bock at 1899 McKinney previously housed a nightclub.
World Class Capital is an opportunistic real estate investor headed by businessman Nate Paul. The company makes purchases of office, retail, industrial and apartment properties.
It purchased the KPMG Centre tower in March.