AUSTIN (KXAN) — The Austin Community College District announced it will begin accepting offers to purchase its Pinnacle Campus building and the nine acres it sits on in southwest Austin.
During its regular meeting Monday, the ACC Board of Trustees approved a resolution declaring the building as surplus property and authorized posting it for sale.
By Tuesday, “A number of investors, in fact, we had over two dozen sign up in an hour,” said W. Gaines Bagby, First Vice President at CBRE.
CBRE is a commerical real estate company that’s brokering the sale. Bagby said seeing that kind of interest is “not normal. This is a signature property.”
Richard Rhodes, President/CEO of ACC, said:
“Pinnacle Campus has served the district well over the years, but it’s time to take a closer look at how we might improve the campus experience for our students in the southwest region,” “This is the first step in a process that includes working with the Southwest Austin community to help us develop a learning environment for the future.”
The property sits on about 55 acres in Oak Hill. The remaining 46 acres will not be available for purchase.
“We’re still interested at this point in maintaining a presence there,” said Neil Vickers, ACC’s Executive Vice President of Finance and Administration. “Longer term, we’ve actually had studies done that show how we can expand our campus on to that site, and that’s still kind of the thought. We want to maintain as much land as possible for our future presence on that site.”
Vickers said, at this point, it’s hard to say for sure what will happen to the Pinnacle Campus. Depending on the offers they receive, he said ACC can choose to keep the building.
“We need to get it out to the market, see how much the market is willing to pay and from there, we can evaluate is that a good deal for us or no.”
The building was built in 1984 as an office building.
Bagby said if someone bought the building, they can easily turn it back to office space or apartments or condos.
“It’s a unique property. It’s a unique location. A unique height perspective to and from the city,” he said.
Once bids are received, the college will evaluate its options and make a decision to accept a bid or develop a different long-term plan for the use of the building and the entire property. The process is expected to take close to a year.
ACC closed the Pinnacle Campus in summer 2018 to evaluate needed repairs and infrastructure improvements and develop long-term plans for the property.
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