First upscale office building planned for Pflugerville

Jun 11, 2014
Austin Business Journal

The first large-scale, Class A office building in Pflugerville is a step closer to construction

The Pflugerville City Council Tuesday night approved the sale of 5.7 acres at the 130 Commerce Center, a mixed-use development at the southwest corner of State Highway 130 and Pecan Street. The purchase price was not immediately available

The land is owned by the Pflugerville Community Development Corp., which previously approved the creation of Olympus Plaza, a three-building, 130,000-square-foot office park. Value of the project is estimated at $25 million

Veteran Austin developer William Russell, president of Russell Interests, is teaming with Jimmy Nassour, a local investor, attorney and developer

“This project represents the first shot at the creation of a northeast office submarket for the Austin MSA,” said Floyd Akers, executive director of the PCDC. “Office developers like Russell Interests have discovered that office projects can be built quicker and cheaper in Pflugerville.”

Construction on the first building should begin before the end of the year and be completed in Summer 2015

As part of the deal, PCDC will pre-lease 60 percent of the first building — about 40,000 square feet — which it will sublease to businesses or organizations. That deal, most likely, will facilitate financing and quicker timing

The 160-acre property has attracted a number of companies in the past couple of years, many which were unable to find suitable expansion opportunities within the Austin city limits. Companies headed to the master-planned business park include El Lago Mexican Foods Inc., Cortec Precision Sheetmetal Inc. and gun maker TrackingPoint

Print Article opens in new window