Austin is a construction company’s dream right now. You can’t seem to look around downtown without seeing at least two or three construction cranes in view. You might even now think that Austin has an official city bird, the crane. Austin’s downtown skyline is certainly growing, it seems like every month a new tower is completed.
We’re excited about all the growth and new opportunities continuing to emerge in the downtown area. With that enthusiasm we’ve analyzed and broken-down the top downtown Austin property developments that will have the biggest impact in the downtown market within the next few years.
The Independent
Developers have unveiled their plans to build a 58-story condo expected to reach 685 feet tall. When complete this the tower would become the tallest building in Austin, along with the tallest residential building west of the Mississippi River. Rhode Partners is the architect for this 950,000 total square feet construction.
The Fairmont Austin
This 50-story hotel will be located at the northeast corner of Cesar Chavez and Red River.
With its adjacent location to the Austin Convention Center a skywalk will be built connecting the two buildings. The Fairmont hotel will feature over 100,000 square feet of function space and over 1,000 guest rooms. With a rise of 580 feet, The Fairmont will become the second largest structure in downtown Austin’s skyline. This project is headed up by Manchester Texas Financial Group and will cost an estimated $350 million to complete. This hotel is expected to open its door in 2017.
Waller Walker Place
This development project is expected consist of three different towers. Tower A will be designed as a 30-story office building and a total building size of 300,000 square feet. Tower B will be a 47-story multi-family apartment building. Tower C will be a hotel and condominium tower expected to reach 55 stories with 200 hotel rooms and 200 condos. The three-acre development site is located between Cesar Chavez and Red River. This is the largest private development ever contemplated in downtown Austin.
Colorado Tower – Colorado & Third
This is a 30-story office building, including 390,000 square feet of office space expected to break ground this year. The property will also include 6,000 square feet of retail space and 900 parking spots. Silver Ventures, a San Antonio company, and Cousins properties will partner on the tower. The estimated cost of construction has not been disclosed yet.
5th & West
This project will be a 37-story residential tower at 718 West 5th. The new building development is expected to bring 163 upscale condos to the market. The building architecture is a triangular tower designed to manage the Capital View Corridor that’s across from the site diagonally. This building has a whopping target price of $740 per square foot.