The Art Newspaper ran a roundup of art museums’ financial cutbacks including this item:
The Austin Museum of Art shelved plans to build a new $23m branch in downtown Austin after Houston-based developer Hines Interests withdrew its plans to purchase land from the museum. The land sale would have funded a new museum on the eastern half of a site on Guadalupe and Fourth streets, and Hines planned to build a 30-storey office tower on the western half. Construction was set to begin this year and finish in 2011, but the idea of a new museum has not been completely scrapped. In a statement, Travis Overall, vice president at Hines, said the developer “is still interested in developing an office building in Austin when the market recovers, and we hope it will be in conjunction with Austin Museum of Art. Our hope would be to get a new deal together in 2009 or 2010, and then move full steam ahead”.