Cielo Pays a Reported $55M for Brazos Lofts Condo Buyout

Cielo Property Group paid a reported $55 million to buy out unit owners at Brazos Lofts, a condominium located in downtown Austin. The local developer is planning to redevelop the 0.8-acre site at 411 Brazos St. The two-story building currently contains 39 condo units.

While an exact redevelopment plan hasn’t been approved or released, Cielo indicated the site could eventually hold up to 855,200 square feet. As part of the deal, the new owner is permitting Brazos Lofts owners to remain for up to a year.

The building, which dates back to the mid-1920s, was originally home to workshops, and then the showroom of local auto dealership Capitol Chevrolet. Sutton Co. converted the property to condominiums in 1999.

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