Work is under way on Downtown Austin’s latest office project,Colorado Tower. (You can see Colorado from the roof…if you have a picture of Colorado with you.) The developer is no stranger to Austin—Cousins Properties also built Downtown’s last high-rise office 10 years ago and recently purchased 816 Congress.
We snapped Cousins SVP Tim Hendricks during last week’s groundbreaking at 3rd and Colorado. The 29-story property will be371k SF of Class-A office, designed by Duda/Paine Architects. Tim says DuBois, Bryant & Campbell’s Bill Bryant (whose firm inked a pre-lease in the building) named the tower for him. It’s been 10 years since Cousins built the Frost Bank Tower—Tim says the Second Street and Warehouse districts have changed so much since then and he’s excited to be part of it. He credits the Downtown Austin Alliance’s Charlie Betts (behind Tim—near the photobombing machinery) for waking up this area and being an important figure behind this deal.
The obligatory sand shot. (We’re gonna make a coffee table book of people in suits shoveling dirt.) Charlie says with Downtown office occupancy at 90%, we need this office tower; he’s actually had to turn away users because there’s no room. The area is pretty hot, with Capitol Grille, JW Marriott, and others coming in nearby. Colorado Tower is slated to deliver in December 2014 and is 18%pre-leased; Oxford Commercial is handling leasing.
Courtesy of: Real Estate Bisnow