After meeting in executive session for nearly two hours on Oct. 7, the Austin Community College board of trustees did not take any action regarding the potential sale of the Pinnacle campus building and the roughly 9.5-acre tract of land it sits on.
Trustees were scheduled to consider an item that would have authorized ACC President Richard Rhodes to negotiate with a potential bidder for the property. Information on the identity of the bidders, the bid amounts, and rankings from ACC and CBRE, the commercial real estate firm working as a consultant, will not be available until negotiations are complete.
Neil Vickers, ACC’s executive vice president of finance and administration, said there is no timetable for when the board will make a decision regarding the property.
Original story: Oct. 4, 4:40 p.m.
The Austin Community College board of trustees is scheduled to decide on Oct. 7 whether to authorize the sale of the Pinnacle campus building and the approximately nine acres of property it sits on.
Trustees voted on April 1 to take the first step in the process of the sale, declaring the pinnacle building as “surplus property” and authorizing President Richard Rhodes to post the building for sale.
According to agenda materials for the Oct. 7 meeting, multiple parties put in bids to purchase the property up for sale. ACC staff and commercial real estate firm CBRE, the real estate consultants for the district, ranked the bids and Rhodes will recommend the sale of the property to the highest-ranked bidder.
A spokesperson for ACC told Community Impact Newspaper information on the identity of the bidder, the amount of the bid, the rankings of bidders will be available on Oct. 7.
The Pinnacle campus, which historically has served about 2,000 students per semester, has been closed since the end of the spring 2018 semester, when students and staff were dispersed to other campuses.
The building was constructed in 1984 as an office complex and opened as an ACC campus in 1990. The Travis Central Appraisal District appraised the building and the nine-acre property it sits on at $18.9 million in 2019, down from $21.9 million in 2018. The property up for sale sits adjacent to 46-acre portion of the Pinnacle campus ACC also owns.
The Pinnacle campus was closed because, according to district staff, the building needed significant repairs and infrastructure improvements.
Correction: This story was updated to note that students and staff were dispersed to other campuses after the Pinnacle campus closed following the spring 2018 semester.