Carr Properties OC LLC is set to acquire a nearly one-acre property in the heart of downtown Austin. Located just across from the Austin Convention Center at 99 Trinity St., the property has enormous development potential.

The $77 million sale offer was described in the Dec. 6 filing as “upon information and belief, the highest per-square-foot price ever in the City of Austin.” It would result in a substantial $50 million profit for World Class if the sale is approved. It would also be a boon for the Mitte Foundation, which owns a 15.84% stake in the property.

Ray Chester, McGinnis Lochridge attorney representing the Mitte Foundation, described his clients as “thrilled” with the Carr Properties offer but “guarded” about how World Class might react. The property has been the subject of a legal fight between World Class and the Mitte Foundation for years.

An approved sale would enrich the property owners and set a new high-water mark for real estate in downtown Austin.

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