Downtown’s skyline poised for a remake « Downtown Austin Condos

Downtown’s skyline poised for a remake

by | 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:

Ari

A. Gables Park Plaza II

Developer: Gables Residential

Location: 111 Sandra Muraida Way

Stories: 18

Units: 222 apartments

Projected completion: Late 2013

Cost: Undisclosed

Ari

B. Third and Brazos

Developer: Riverside Resources

Location: Third and Brazos streets

Stories: 16

Units: 277 apartments

Projected completion: 2013

Cost: Undisclosed

Ari

1. SkyHouse

Developer: SkyHouse Austin LLC

Location: 51 Rainey St.

Stories: 23

Units: 320 apartments

Projected start: July

Projected completion: October 2013

Cost: Undisclosed

Ari

2. Colorado & Third

Developer: Cousins Properties Inc.

Location: Colorado and Third streets

Stories: 30

Capacity: 390,000 square feet of office space and 6,000 square feet of retail

Projected start: Late 2012

Cost: Undisclosed

Ari

3. Fairmont Austin hotel

Developer: Manchester Texas Financial Group

Location: East Cesar Chavez and Red River streets

Stories: 50

Rooms: 1,000

Projected start: Spring 2013

Projected completion: 2015

Cost: $350 million

Ari

4. JW Marriott convention hotel

Developer: White Lodging Services Corp.

Location: Second Street and Congress Avenue

Stories: 33

Rooms: 1,012

Projected start: Summer

Projected completion: Early 2015

Cost: $275 million

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