One of Austin’s most recognizable homegrown developers is packing it in. Stratus Properties, the local firm behind a string of shopping centers, luxury apartments and ambitious downtown plans, is moving to shut itself down after its board signed off on a plan to sell off the company’s holdings and dissolve. The goal is straightforward, if not exactly subtle: convert bricks and dirt into cash and hand it back to stockholders, with estimated liquidating distributions of $29.73 to $37.69 per share. The move puts dozens of Austin sites, from fully leased retail centers to future apartment towers, into play and could quietly redraw the city’s development map.
Board approves liquidation plan
On March 24, the board unanimously approved a Plan of Liquidation…..