…The combination of a diversifying business center and Austin’s renowned entertainment scene has recently drawn an influx of young and highly educated workers downtown.
To meet their housing needs, about 500 apartments are under construction and several developers are poised to begin construction on other residential projects. But apartment buildings are not the full extent of this downtown resurgence. Several hotels are under construction, and there are plans for at least two substantial office towers and multiple mixed-use projects.
Click to read entire article: In Texas’ capital, construction on many corners (NY Times, 8-14-12)
Austin Planetarium Rendering
Action taken by the Texas State Facilities Commission on Aug. 15 means the vision for a science and technology museum with the largest planetarium in Texas is closer to fruition. TSFC voted unanimously to send to one of its subcommittees nonprofit organization Austin Planetarium’s unsolicited proposal to build the museum—along with a 47-story residential tower, 1,000 underground parking spaces, restaurants, a gift shop and other retail establishments—in a $240 million mixed-use development at the corner of N. Congress Ave. and MLK Jr. Blvd. on what is now State Parking Lot 7. The development was designed to meet the mixed-use and high-density criteria desired by the state.
Click to read entire article: Austin planetarium, science and technology museum closer to ground breaking (Community Impact Newspaper, 8-16-12)
Make way for IBC Bank Plaza- a 195,270 rentable square foot, class “A” office building at 500 W. 5th Street. The 13-story building will house the new IBC Bank-Austin headquarters. IBC Bank will occupy approximately 19,000 square feet in the building, including a bank lobby and drive-thru on the ground level.
Click to read the press release from IBC Bank and Endeavor (7-17-2012). For more information, read related article Planned 13-story downtown office tower to house IBC Bank’s Austin headquarters (Austin American-Statesman, 6-29-12)
Downtown Austin’s high-rise building boom is back. After a hiatus during the recession, the development pipeline is swelling with tower projects; some are under construction, some are set to start soon, and others are due to begin next year or later. If built as planned over the next several years — and even developers say it’s unlikely all will become reality — the projects would reshape downtown Austin’s skyline. …Read Entire Post
Planned Sutton Co Rainey Development
According to a recent article in The Statesman, The Sutton Co. has two acres under contract wrapping Rainey, Driskell and East Ave. with plans to build two residential towers that could reach as tall as 50 stories. Together, the towers could accommodate as many as 800 to 1,000 apartment and condominium units. Tower One, which would also feature some hotel rooms, has an estimated development price tag of $75 million to $100 million. The project still has a number of hurdles to pass before approved to move forward and is at least a year to 18 months from breaking ground.
Click to read Developer planning two high-rises at downtown Austin’s southeast edge (Austin American Statesman, 4-17-12)
Demolition work has begun on the former Whitley Printing Co. building at East Third and Brazos streets in downtown Austin to make way for a 16-story tower with 277 luxury apartments planned by Austin-based Riverside Resources. …Read Entire Post