Block 1 Mixed-Use Tower kicks off 1.7 MSF Mixed-Use Development
AUSTIN, TEXAS – February 5, 2014 The Economic Development Department of the City of Austin and its development partner, a partnership between Trammell Crow Company, The Hanover Company and Pacific Life Insurance Company, are pleased to announce the sale and transfer of the Green Water Treatment Plant (GWTP) parcel known as Block 1 in downtown Austin.
Representatives with Economic Development and the development team closed on the property transaction on January 31, 2014.
Block 1 is located on the southeast corner of the GWTP site and is bordered by San Antonio Street and Cesar Chavez Street on the east and south, and the planned extensions of 2nd Street and Nueces Street on the north and west.
This transaction officially kicks off redevelopment of the former GWTP site, a pivotal downtown waterfront development that, when complete, is expected to deliver 1.7 million square feet of mixed use development. Block 1, totaling 1.776 acres of land, is slated for development of a 38 floor three-tiered mixed-use tower that will include approximately 440 apartments, including 50 affordable units as well as more than 40,000 square feet of office and retail space.
“The City is pleased to be partnered with Trammell Crow Company, The Hanover Company and Pacific Life in advancing the vision for this important project. This vision includes a pedestrian-friendly area framed by its natural surroundings that supports our community’s core values,” said Economic Development Director, Kevin Johns. “The development will provide affordable housing options and access to transit options featuring a stop for Capital Metro’s new Metro Rapid bus service.”
In mid-February, the development team will commence construction of Block 1 and the first phase of public streets and utilities, including the extension of both 2nd Street and Nueces Street. These street extensions will complete connectivity from the adjacent 2nd Street district to the new Central Library and the Seaholm District.
“The development of GWTP continues the City’s efforts to complete its vision and master plan for the Seaholm District, which will complete the transformation of former industrial land adjacent to Lady Bird Lake into a vibrant mixed-use core with residences, offices, hospitality retail and open space,” said Adam Nims, Principal with Trammell Crow Company’s Austin Business Unit. “We have a world-class ownership and development team and thrilled to be a part of this amazing project that will truly reshape the Austin landscape.”
"We're excited about beginning a new partnership with Trammell Crow Company, continuing a history of great developments with Pac Life, and once again developing a luxury residential tower over looking Lady Bird Lake, said David Ott, Development Partner with The Hanover Company."
The project will also include public art, Shoal Creek Improvements and music programs.
About the Economic Development Department
The City’s Economic Development Department, formed in 2002, and has led redevelopment, small business development, business recruitment, international economic development, and the cultural arts, music, and film programs for the City. With a focus on revitalizing Downtown, Economic Development has implemented catalyst redevelopment projects, including the five-block 2nd Street Retail District, which won the 2011 Gold Award from the International Economic Development Council for Public-Private Partnerships.
About Trammell Crow Company
Trammell Crow Company, founded in 1948, is one of the nation’s leading developers and investors in commercial real estate. The Company has developed or acquired nearly 2,600 buildings valued at nearly $60 billion and over 540 million square feet. As of September 30, 2013, Trammell Crow Company had over $5.2 billion of projects in process and $1.6 billion in its pipeline.
Trammell Crow Company’s teams are dedicated to building value for its clients with professionals in 15 major cities throughout the United States. The company serves users of and investors in, office, industrial, retail, healthcare, multi-family residential and mixed use projects. For those who occupy real estate, TCC can execute the development or acquisition of facilities tailored to meet its clients’ needs. For investor clients, the company offers large strategic joint ventures, opportunity funds, and other targeted investment options.
Trammell Crow Company is an independently operated subsidiary of CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, and the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). For more information visit www.TrammellCrow.com.
About The Hanover Company
Headquartered in Houston, Texas and founded in 1982, Hanover is one of the most active private real estate investment and services companies in the United States, specializing in the development of high-quality multifamily and mixed-use properties.
As a vertically integrated real estate company, Hanover’s capabilities include in-house development, construction, architectural, quality assurance, legal/risk management, capital markets, asset management, property management, and financial operations.
Hanover development history accounts for nearly 43,000 units, totaling approximately $7.8 billion in project capitalization. As of January 2014, Hanover has 34 projects in its development pipeline with a market capitalization of $3.14 billion.
About Pacific Life Insurance Company
Offering insurance since 1868, Pacific Life provides a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Pacific Life counts more than half of the 100 largest U.S. companies as its clients. For additional company information, including current financial strength ratings, visit Pacific Life online at www.PacificLife.com. Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Client count as of May 2013 is compiled by Pacific Life using the 2013 FORTUNE 500® list.