Can't Tell the Players Without a Scorecard

Third & Colorado, a limited liability corporation owned by brothers John and Jeff Wooley, will receive $150,000 a year for leasing its downtown property to AMLI and Bonner Carrington, which will develop apartment complexes on the site, and on the adjacent city-owned site.

AMLI Residential Properties Trust, a real estate investment trust, will build and rent the residential portions of both the city complex and the Third & Colorado complex. AMLI will pay rent to both Third & Colorado and the city for the lots on which the AMLI buildings will sit.

Bonner Carrington Corporation, a real estate and investment services corporation, is co-developing the two land parcels along with AMLI. While AMLI is developing the residential portions, Bonner Carrington will develop the commercial parts.

The City of Austin is negotiating behind closed doors the fees it will receive from AMLI and Bonner Carrington for the lease of its public downtown lot.

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