Demolition could be on the way for the Town Lake Village condo community after a buyout of its 74 units at 1201 Tinnin Ford Road by new neighbor Oracle Corporation, which after establishing its new headquarters nearby on Lakeshore Boulevard in 2018 has rapidly expanded its presence with several parcels in the area under its control.
Sources close to the deal indicate a purchase price allegedly “north of $43 million,” with the software giant’s successful offer to buy out the building late last year including a free 12-month leaseback to unit owners while plans for the site are finalized. For now, Oracle is simply pursuing a demolition permit for the 2.56-acre site, with no indication of its further plans for development appearing in current filings.
That potential demolition requires a historic review by the city since the building is more than 50 years old, first built in 1968 as the Consul Apartments, a student-oriented community on the University of Texas shuttle bus line with monthly rent for a fully-furnished two-bedroom flat starting at $220 as of 1970 — all bills paid.
Lynn and Jim dig the people who live at the Consul. Not surprisingly, girl watching is a favorite sport with the male residents. “The parties really swing out here,” Jim adds, “and the people get to know each other around the pool and bar-b-que areas. Since we’re on the lake, you can always find someone to go sailing with . . . that’s a lot of fun!”
— Austin American-Statesman, January 10, 1971
Renamed to Town Lake Village in the 1980s and converted for condo use in the late 2000s, this community has witnessed significant change as the surrounding neighborhood developed and gentrified around it, with a good portion of that growth sparked by Oracle’s arrival — prior to the buyout, the going rate for a two-bedroom condo here last year was rapidly approaching $500,000.
While it’s a charming and unique structure, we doubt the city will be able to find any significant historic merit that would prevent Oracle from clearing the site and developing whatever it wants here — as long as it’s beneath the constraints of the 60-foot height limit set by the property’s current zoning, of course.