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New York-based Avery Hall Investments dropped a record-setting price for the property. The sellers managed to flip it for twice what they paid two years ago.
The would-be buyers of the site once slated for River’s Edge II plan to build residential buildings, one 17 stories with 175 units and the other 11 stories with 350 units.
A New York firm is poised to acquire 301 W. 6th St., which includes an approved plan of development and other entitlements for two 11-story buildings connected by a skybridge.
“These guys are also reaching a point in their age where they looked around and said, ‘Maybe we should just sell the whole deal and let somebody else build it,’” said broker Bruce Milam.
The building would rise five stories on the Cary Street side and seven stories facing the river, considerably shorter than a previous proposal.