Seven-story office tower in works in Southwest Austin

May 5, 2014
Austin American Statesman

Austin-based developer Riverside Resources has started construction on Capital Ridge, a seven-story office building on a prominent bluff in Southwest Austin


The project, along Capital of Texas Highway ( Loop 360) and Bee Cave Road, is part of a development that also will includes Hotel Granduca Austin, a 194-room hotel that is expected to open in late 2015. Houston-based Interfin Companies LP is developing the nine-story hotel in a joint venture with Riverside Resources


 


The office project will add 215,000 square feet of office space to the market and joins several other office developments that are under construction in the Southwest Austin area

The office building will be along the central portion of Loop 360, providing access both north and south as well as downtown. It will have a three-story lobby and private terraces on some levels. The office building and hotel will share a parking garage, which will be partly shielded from view by being built into the hillside. An underground climate-controlled tunnel will link the garage to the office building

The Southwest Austin area has the lowest office vacancy rate among all parts of the city- about 5 percent for top-tier space, according to Oxford Commercial, an Austin-based commercial real estate services firm

Presently, the Southwest Austin market has 950,000 square feet of office space under construction, of which about 33 percent is already spoken for. Buildings under way include 3700 San Clemente, which will have 250,500 square feet; Rollingwood Center, slated for 215,000 square feet; and Encino Trace, with 160,000 square feet 


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