by kohlmortage1 | June 12th, 2012
By Shonda Novak
Updated: 5:16 a.m. Tuesday, June 12, 2012
Published: 10:45 p.m. Monday, June 11, 2012
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.
The proposed projects include two new convention hotels as well as more housing, mostly apartments, which continue to be the hottest sector of the commercial real estate market. Downtown also could see the first new office buildings to rise since Frost Bank Tower opened in 2004. The developer of the tower, Cousins Properties Inc., plans a second high-rise with 30 stories at Third and Colorado streets, and Endeavor
Real Estate Group plans a 13-story tower for IBC Bank on West Fifth Street, across from the downtown post office.
Here’s a look at some of the new high-rises in the planning stages:
A. Gables Park Plaza II
Developer: Gables Residential
Location: 111 Sandra Muraida Way
Units: 222 apartments
Projected completion: Late 2013
B. Third and Brazos
Developer: Riverside Resources
Location: Third and Brazos streets
Units: 277 apartments
Projected completion: 2013
Developer: SkyHouse Austin LLC
Location: 51 Rainey St.
Units: 320 apartments
Projected start: July
Projected completion: October 2013
2. Colorado & Third
Developer: Cousins Properties Inc.
Location: Colorado and Third streets
Capacity: 390,000 square feet of office space and 6,000 square feet of retail
Projected start: Late 2012
3. Fairmont Austin hotel
Developer: Manchester Texas Financial Group
Location: East Cesar Chavez and Red River streets
Projected start: Spring 2013
Projected completion: 2015
Cost: $350 million
4. JW Marriott convention hotel
Developer: White Lodging Services Corp.
Location: Second Street and Congress Avenue
Projected start: Summer
Projected completion: Early 2015
Cost: $275 million
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