29-story office tower set for downtown Austin site

Dec 11, 2014
Austin American Statesman

Trammell Crow Co. says it is set to begin work on a 29-story office tower in downtown Austin, kicking off the second phase of its redevelopment of the site that once housed the Thomas C. Green Water Treatment Plant

And more development is in store for the 4.4-acre site, which Trammell Crow is purchasing in phases from the city of Austin for $42.4 million as it transforms the former industrial land into one of the largest mixed-use projects downtown

Next up at the site, city officials say, will be a boutique hotel and condominium project. Trammell Crow on Wednesday declined to comment about that part of the project

Trammell Crow Co. and its partner in the office project, Principal Real Estate Investors, announced details about the building Wednesday following Trammell Crow’s purchase of the office tract from the city

Trammell Crow said construction will begin immediately on the new office tower, to be called 500 W. 2nd Street. The firm, which the city in 2008 chose to redevelop the Green water plant site, is not disclosing the cost of the tower. It will rise on a half-block bounded by San Antonio, Nueces and Second streets, south of Ballet Austin

The building will have 489,403 square feet of office space, plus street-level restaurant and retail space

Local office brokers say the building will be a welcome addition

“They cannot build this project fast enough,” said Diana Holford, managing director of the Austin office of Jones Lang LaSalle, a global real estate services firm. “Downtown Austin continues to be a destination of choice among employers looking to attract and retain the best talent. Large users are devouring space at a record pace; consequently, we need more office space to provide for the organic growth needs of existing tenants.”

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