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Cielo buys $55M Austin, Texas, building for redevelopment

Real estate developer Cielo Property Group LLC purchased condominium building Brazos Lofts in Austin, Texas, for $55 million for future redevelopment, the Austin Business Journal reported, citing a source with knowledge of the deal.

Cielo may build a tower of up to 885,200 square feet on the 0.81-acre site but does not have specific plans for it yet, the publication said, citing the firm's statement, which added that demolition will not happen for at least 12 months under the deal's terms.

Negotiations on the sale of the 40-unit property at 411 Brazos St. have been underway for at least a year, as 80% of unit owners had to approve it, the report said.