Who wants to redevelop a site near the Texas Capitol?

Apr 17, 2014
Austin Business Journal

The Texas State Teachers Association building near the Texas State Capitol is available for redevelopment, and CBRE Group Inc. in Austin has nabbed the marketing assignment


The original building at 316 W. 12th St. was constructed in 1950 and includes an addition and parking garage built in 1972. In all, there currently are 86,370 square feet of office space and 104 parking spaces


“Qualified investors have several options for this asset,” said Walter Saad, CBRE first vice president, in a written statement. “(They could) establish a joint venture partnership with TSTA, repurpose or redevelop the existing office building on a long-term ground lease or acquire the site and develop a new facility.”


TSTA will require up to 36,000 square feet to maintain its operations, though that might be a flexible factor


“They prefer to remain near the Texas State Capitol, but would consider a relocation if the right offer is presented,” said Cathy Nabours, CBRE first vice president


No list price was disclosed, though the property was valued in 2013 at about $9.9 million by the Travis Central Appraisal District


The site is zoned Downtown Mixed Use, but with a zoning change to Central Business District, it could potentially be redeveloped up to 275,000 square feet


Saad and Nabours are representing the state teachers’ association, which dates back to 1880


In February, the University of Texas announced that it was interested in a redevelopment deal for several older buildings downtown now that the school is building a new office tower on West Seventh Street. Details are available here   (http://www.bizjournals.com/austin/blog/real-estate/2014/02/ut-plans-102-million-office-building-architects.html)


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