AUSTIN (Austin Business Journal) — Austin-based Cielo Property Group is buying Brazos Lofts, a condominium building near the Austin Convention Center, for future redevelopment. Demolition of the condos is at least a year away.

The development firm said it does not have specific plans for the property at this time but indicated it could build a tower of up to 885,200 square feet on the 0.81-acre parcel at 411 Brazos St., at the southeast corner of Brazos and Fifth streets. For perspective, the Frost Bank Tower nearby offers about 535,000 square feet.

The sale is scheduled to close Jan. 15, Cielo co-founder Bobby Dillard said. The sale price was not disclosed but Towers Austin reported based on anonymous sources that the final price is $55 million, which will be paid to condo owners on Jan. 15.

Read the full story on the Austin Business Journal’s website.