Trammel Crow Company, Principal Real Estate Investors, and City of Austin Begin Second Phase at Thomas Green Water Treatment Plant

Trammel Crow Company in partnership with Principal Real Estate Investors announced the acquisition from the City of Austin of the Green Water Treatment Plant (GWTP) lot known as 500 W 2nd Street in downtown Austin. Construction of a 29-story office tower is scheduled to begin immediately, with the finalization date set for the first quarter of 2017.

Trammel Crow Company in partnership with Principal Real Estate Investors announced the acquisition from the City of Austin of the Green Water Treatment Plant (GWTP) lot known as 500 W 2nd Street in downtown Austin. Construction of a 29-story office tower is scheduled to begin immediately, with the finalization date set for the first quarter of 2017.

The development will encompass 500,436 square feet, featuring 489,403 square feet of Class A speculative office space and 11,033 square feet of restaurant/retail space on the ground floor. Taking after the Second Street District, the ground floor is designed to offer high ceilings and outdoor/sidewalk dinning locations. The floor plates of the project will average around 32,500 square feet, placing the project among the largest in downtown Austin.

The tenants will benefit from seven outdoor terraces on six different levels throughout the building. Two parking levels underground and 12 levels above grade with access from San Antonio and Nueces Streets are included in the architectural plan. The development aims at receiving LEED Gold certification and an Austin Energy Green Building 2-Star rating.

On the 14th floor there will be a tenant amenity space with a flexible 8,628-square foot conference center and a great room, plus a 2,739 square feet outdoor terrace. Moreover, an expansive fitness center with locker rooms and showers will be placed on the mezzanine level.

500 W 2nd Street represents the second phase of the four phases of a master project for the former Thomas Green Water Treatment Plant. Once finalized, the master planned development will add more than 1.7 million square feet of mixed-use commercial development.

“We are pleased to officially kick off the second phase of the Green Water Treatment Plant redevelopment with our partner, Principal Real Estate Investors and the City of Austin,” says Adam Nims, Principal with Trammell Crow Company’s Austin Business Unit. “500 W. 2nd Street offers an irreplaceable location in the middle of the thriving  2nd Street mixed-use neighborhood, and a design that provides large efficient floor plates, incredible views, advanced building systems and infrastructure, and unmatched amenities to prospective tenants.”

The development was designed by the Austin office of Gensler; the general contractor for the project is Beck Commercial Construction. Adam Nims, Aaron Thielhorn, Brad Maples and Mark Fowler with Trammell Crow Company and Joe Wanninger from Principal Real Estate Investors will lead the development team. Leasing will be handled by Troy Holme, Casey Ford and Katie Ekstrom with CBRE Austin.