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Largest Austin Redevelopment Project To Date
By Kathryn | June 22, 2008
The city of Austin has announced plans to embark on a joint venture with Trammell Crow Co., USAA Real Estate and Constructive Ventures Inc. in a redevelopment that is the largest of its kind in Austin to date. The project will include over two and a half million square feet of mixed-use space across five blocks in downtown Austin. The area is intended to be affordable and appealing to the public and will incorporate public spaces and parking garages to enhance the downtown area. A portion of this project includes the downtown wastewater treatment plant site that drew various proposals from construction companies earlier this year.
The redevelopment is going to include all different types of buildings and public spaces. It will add retail shopping, boutique hotels and new entertainment venues to the area. It will also add for-rent and for-sale residential properties that aim to be affordable to the average person interested in moving to the downtown Austin area today. This new development will incorporate five public plazas where people can gather for events and activities throughout the year. All of this is in line with the continued growth of the area and the aim of making downtown Austin a place where all of a person’s many daily needs can be met.
The old wastewater treatment plant site will make up one portion of this redevelopment. The first project planned for that site is going to be a massive underground parking garage which will be ideal for those people commuting to downtown Austin for work as well as for those new residents of the area who don’t want to give up their cars when they move downtown. That portion of the project will take about two years to be ready for construction. However, the other parts of the project can proceed in development sooner and should start going up within nine months to one year.
In addition to the benefits that this is going to bring to the people living and working in this area, the new development will bring environmental benefits to downtown Austin. There are plans for the incorporation of many different eco-friendly design features in the construction of this redevelopment. Double-skin membranes, vegetated roofs and solar panels are a few of the things that can be expected. At its completion, it is expected that this project will be valued at approximately three quarters of a billion dollars.
Topics: Upcoming Projects |