Trammell Crow JV to Build Austin Mixed-Use

The Austin City Council late yesterday selected a joint venture consisting of Trammell Crow Co., USAA Real Estate and Constructive Ventures Inc. to redevelop a five-block city-owned downtown site. The redevelopment (pictured), Downtown Austin’s largest to date, will consist of up to 2.6 million square feet of space, including office, retail, for-sale residential, for-rent residential, a boutique hotel, assisted living, parking and public spaces, such as five public plazas. On full build-out, the project is expected to be valued at about $750 million. The site is actually two nearly adjacent sites, one currently occupied by a water treatment plant, the other by an Austin Energy control and data center. Tim McCabe, Trammell Crow’s project manager for the redevelopment, told CPN that the 1920s water treatment plant, on the larger site, is in the process of being decommissioned and that the site should be available in about two years. The first component to be built there will be a three-story, 2,000-car underground garage. The other part of the site is also being vacated for a more modern facility elsewhere and should be available up to six months earlier. In the meanwhile, McCabe said, it will take nine to 12 months to wrap up plans with the city. The redevelopment plan, designed by Mith��n Architects and Planners, emphasizes affordability, Lance Sallis, managing director of Trammell Crow Company’s Austin office, said in a prepared statement. Twenty-five percent of the apartments will be offered at affordable rents, based on Austin’s median family income, and in addition the partnership plans to donate about $2.5 million to the city’s Affordable Housing Trust Fund. There will also be other community investments. The partnership plans to make a $500,000 donation for improvements to Shoal Creek, which runs alongside the site; donate land for the completion of the Shoal Creek Hike and Bike trail; build a pedestrian bridge connecting the water treatment plant site with Austin’s new $90 million central library, now in predevelopment; and provide other arts and cultural support, Constructive Ventures Inc. founder Perry Lorenz said in the same statement. The project is aiming for LEED Gold certification, including buildings outfitted with solar thermal collectors, double-skin membranes, solar screens and vegetated roofs. Other green aspects include earmarking parking spaces for Austin Car Share and providing electric car plug-in stations. Founded in 1948, Trammell Crow Co. has developed or acquired more than 500 million square feet of space with a value exceeding $50 billion. The company is an independently operated subsidiary of CB Richard Ellis Group Inc., the world’s largest commercial real estate services firm. A wholly owned subsidiary of United Services Automobile Association, USAA Real Estate Co. owns and/or manages approximately 49.5 million square feet of office, industrial, hotel, multi-family and retail properties, as well as land. Constructive Ventures Inc. is a real estate development firm specializing in the design, construction and sales of high-value condo projects in central Austin. The company has completed or under development more than 700 residential and commercial spaces with estimated gross sales exceeding $300 million.Blog Story and Comments