AUSTIN--The Independent, the under-construction residential building slated to be the city's tallest structure, has completed a key land acquisition, marking the final step in its predevelopment process.

Developers have closed on the purchase of 1.7 acres of land located at the northeast corner of West Third Street and West Avenue in downtown Austin, with significant funding from CIM Group supplementing equity from co-developer Aspen Heights.

The 58-story, 370-unit condominium tower acquired the property from the City of Austin under the terms of a Master Development Agreement. Demolition and site work activity will commence this month. The development team has engaged Balfour Beatty Construction as general contractor and the project has secured construction financing.