{"id":1304,"date":"2011-06-05T10:50:12","date_gmt":"2011-06-05T16:50:12","guid":{"rendered":"http:\/\/insideacc.austincc.edu\/?p=1304"},"modified":"2011-06-05T10:50:12","modified_gmt":"2011-06-05T16:50:12","slug":"acc-under-contract-for-final-piece-of-highland-mall-land-2","status":"publish","type":"post","link":"https:\/\/sites.austincc.edu\/newsroom\/2011\/06\/05\/acc-under-contract-for-final-piece-of-highland-mall-land-2\/","title":{"rendered":"ACC Under Contract for Final Piece of Highland Mall Land"},"content":{"rendered":"

For answers to frequently asked questions, see <\/em>FAQs – ACC’s Highland Mall Real Estate Transactions<\/em><\/a>\u00a0(PDF).<\/em><\/p>\n

The Austin Community College District is under contract to purchase the remaining tract of land at Highland Mall \u2013 the former J.C. Penney building and surrounding parking lot \u2013 for $15.9 million, including closing costs and fees.<\/p>\n

The acquisition will include approximately 17.3 acres of land and more than 225,000 square feet of space in a two-story building and a smaller retail site located directly along Airport Boulevard. The deal is expected to close in August.<\/p>\n

\u201cThe role of the board is to ensure a solid foundation for ACC\u2019s future, so we can continue providing quality, affordable education,\u201d says Dr. Barbara Mink, chair of the Board of Trustees. \u201cIncreasing educational and workforce training opportunities is key to economic development in Central Texas. Highland Mall allows us to expand our programs and services in a central location while consolidating college administration.\u201d<\/p>\n

The Board of Trustees will consider the preliminary official statement for the issuance of revenue bonds Monday night (June 6), which would clear the way for the transaction to be financed. ACC went under contract May 26 and is purchasing the former J.C. Penney tract from RedLeaf Properties, LLC, which acquired the other pieces of Highland Mall before selling them to the college.<\/p>\n

\u201cThe Highland Mall acquisitions made financial and strategic sense as we grow to meet the dramatic increases in enrollment mandated by the state\u2019s Closing the Gaps initiative,\u201d says Dr. Stephen B. Kinslow, ACC president\/CEO. \u201cHighland Mall plays a key role in the college\u2019s Master Plan, and the J.C. Penney purchase is the final piece of the puzzle.\u201d<\/p>\n

ACC\u2019s intentions for Highland Mall include additional instructional space, consolidation of administration, a Continuing Education center, a convocation center, space for nonprofit affiliates, a conference center, and a wellness and professional development center. The site has many advantages, such as access from major roadways, proximity to public transportation (including a new Capital MetroRail stop on Airport Boulevard), and ample parking.<\/p>\n

ACC is currently growing by some 4,000 students a year, with a record 45,056 credit students enrolled in spring 2011. The Master Plan calls for ACC to accommodate enrollment growth through expansions of existing campuses and new construction.<\/p>\n

When the J.C. Penney deal closes, ACC will own 100 percent of the land at Highland Mall (approximately 80.8 acres) and three of the four anchor buildings (more than 642,000 square feet). The acquisition history includes:\u00a0<\/p>\n