Another 1.6M SF of Office Coming to Austin’s CBD
Construction cranes abound in Austin with more on the way as Shoal Creek Walk broke ground on a 212k SF mixed-use project six weeks ago and The Sutton Co plans to start demo work after the New Year on a 1.4M SF mixed-use project. These projects are among the reasons we’re excited to bring you Bisnow’s annual Austin State of the Office event on Oct. 21 at Encino Trace (5707 Southwest Pkwy).
Gearing up to break ground after the first of the year is the 1.4M SF Waller Park Place at the corner of Cesar Chavez and Red River on Waller Creek in Downtown Austin. The project will include for-lease residential, condominiums, hotel and retail, says the developer, The Sutton Co chairman and co-owner Mac Pike (an event speaker, pictured with wife Jenny at a Formula 1 race). Mac tells us Sutton partnered on the project with NY-based McCourt Global to create one of the largest mixed-use projects in Downtown; it will be built in two phases for as much as 2M SF altogether. About 1M SF of that will be office. Mac says the site development for the first phase is ready, and demolition should start after the first of the year with a targeted opening for Phase 1 in early 2019.
The project is on two sites: the first is 3.26 acres in the CBD with no height restrictions. The second is about 1.5 acres (which could include up to 600k SF of development.) Mac tells us he has a hotel lined up for the project, but isn’t ready to announce the deal yet. He’s got ample parking with an eight-story double helix parking garage on the main site. The project is being designed by IBI, and Mac says he’s in talks with a GC right now. The timing is good for the project, he tells us, because of the dearth of large blocks of office in Austin. There’s a lot of office users without a place to go, he says.
The 212k SF Shoal Creek Walk mixed-use project broke ground six weeks ago at the corner of 6th and Bowie streets. The 15-floor tower with ground-floor retail should deliver by Q2 ’17, says Schlosser Development Corp leasing director Daniel Morton (another event panelist). The project has a lead tenant, Cirrus Logic, taking 85k SF. Daniel (left, with friend Ryan Senior in Napa) says the building’s best amenity is its location. The project is part of Schlosser’s award-winning Market District, which is home to Whole Foods Market HQ, HomeAway HQ, Cirrus Logic’s existing HQ, GSDM and SXSW. Whole Foods Market's flagship store is a short jaunt from the project at 6th and Lamar streets.
Daniel says Schlosser is developing and redensifying the remaining blocks of the Market District. The newest additions include Shoal Creek Walk and 405 N Lamar. Efforts are also in the works to improve the retaining wall along the hike and bike trail (on the east border of Shoal Creek Walk), which connects the building to Ladybird Lake. Shoal Creek is one of the two creeks that feed the lake. The new tower will have direct access to the hike and bike trail and with the improvements, will enhance access to the lake.
Learn more about these projects, among others, at Bisnow's Austin State of the Office on Oct. 21 at Encino Trace (5707 Southwest Pkwy). Register here.
