May 17th, 2007 5:17 PM by Heather Brown
Earvin "Magic" Johnson and his private equity fund are investing $50 Million in a $260 Million dollar project that could transform a vacant downtown block in Austin. Plans for Block 21, include an upscale 250 room W hotel and 200 luxury condominiums in a 35 story tower. The project will also house the Austin Children's Museum and "Austin City Limits" sound and production studio.
Prices for the condos will range from about $400,000 to more that $3 Million.
The Block 21 project is expected to create thousands of construction jobs and hundreds more jobs once the project opens.
The project is planed to break ground in September and will be built on a lot north of city hall.
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