Riverside Resources Started Construction on Capital Ridge Office Development
- May 09, 2014
The 38 acre office/hotel campus site located at the intersection of Loop 360 and Bee Cave Road has turned into a construction site that will give Capital Ridge, a 215,000 square feet seven-story Class A office building. The developer is Riverside Resources, which specializes in investment, development, and management of commercial real estate in Central Texas.
The office building will include a glass façade that overlooks most of Loop 360 and features an expansive three-story lobby highlighted with private terraces on various levels. The development will be built to LEED standards and will have 32 acres of dedicated green space. Financing for the project has been arranged by HFF, reported Doug Opalka, Senior Marketing Director for HFF.
The overall complex includes Hotel Granduca Austin, which is scheduled to be finalized by the end of 2015. The apposition of the two projects will make Capital Ridge the only market-area office building in Southwest Austin within walking distance of a hotel and full-service Italian restaurant.
The two developments will share a common structured parking garage with three underground floors. The free parking and the suburban tax rates considerably lower the operating expenses of the office building, making it a difficult to refuse offer.
Win Smith, a member of the development team, says, “We are excited for the opportunity to deliver 215,000+ square feet of Class A office space in a hill country setting. With the hotel, the views, and its central location, we think it’s a very attractive option.”