Class-A office space coming to SH 130 in Pflugerville
Jun 12, 2014
The Pflugerville City Council approved a land sale by the city’s development corporation on June 10, paving the way for about 130,000 square feet of class-A office space at the 130 Commerce Center.
The sale will add more businesses to the rapidly expanding business development area located on the southwest corner of SH 130 and Pecan Street. It also marks the first class-A office space to come to the SH 130 corridor, according to a news release.
“Welcome to Pflugerville. We are excited about your building. Do it quickly please,” Pflugerville Mayor Jeff Coleman said.
Russell Interests, Inc. of Austin is developing the $25 million, three-phase project called Olympus Plaza.
Builders are expected to begin construction by the end of the year on the first part of the project, Olympus Plaza 1, an $11.2 million, three-story office building, according to a news release.
“This project represents the first shot in the creation of a northeast office submarket for the Austin [area],” said Floyd Akers, executive director of the Pflugerville Community Development Corporation, in a statement. “Office developers like Russell Interests have discovered that office projects can be built quicker and cheaper in Pflugerville, delivering exceptional value to the prospective tenants and an easy commute.”
To shorten the timeline on the project and reduce risk for the office developers, the PCDC has agreed to pre-lease about 40,000 square feet—60 percent of the total floor space—in the first office building and sub-lease it to other businesses interested in moving to the location. The city council approved the PCDC's pre-lease agreement at the same time it approved the land sale.
The PCDC also owns the land on which 130 Commerce Center is being built.
The 130 Commerce Center business park is rapidly filling with tenants. Constructors are slated to break ground soon on a Best Western Plus hotel that will sit next to the new office building. A Marriott Courtyard Hotel is slated to be built by spring or summer of 2016. A FedEx distribution center and a tortilla chip factory are also coming to the business center.