Project Completion: Q1 2023
Park 183 represents a phenomenal multi-phase business park opportunity in Southeast Austin, one of Austin’s preferred sub markets and one in which TCC and Clarion Partners have enjoyed perennial success as a leading owner/developer.
In March 2017, TCC began construction of Park 183 Phase I, which consisted of Buildings 1 & 2, totaling 250,106 RSF along with the initial roads and site infrastructure improvements. Construction was completed in February 2018. On June 22, 2021 TCC earned out of Phase I at 100% leased. Phase I tenants included at the time American Canning, Amplifier, Intertech Flooring, Home Trends and Architectural Division 8. In December 2018, TCC executed a lease with FedEx Corporation for an 85,000 SF BTS distribution facility (Building 4) that was completed in March 2020 along with the final phase of infrastructure improvements. TCC’s interest in Building 4 was sold in May 2020. In September 2020 TCC began construction of Phase III (Buildings 3 & 5), totaling 317,572 square feet. In January 2022 TCC earned out of Phase III at 100% leased. Phase II tenants include Move Solutions, American Canning and Revelry. In February 2022, TCC commenced construction on Phase IV (Buildings 6 & 7) which totals 308,484 and features two buildings with a shared truck-court arrangement. Construction should wrap up Q1 2023.
Opportunity, Solutions & Outcomes
This site was sourced by the TCC team through months of coordination and the development of a strong relationship with the seller, a local family that has owned the site since 1902. Based upon TCC's knowledge of the area and the zoning patterns of surrounding sites, the project team recognized an opportunity for significant value creation at the site.
With an extremely attractive purchase price, an excellent location at the intersection of Burleson Road and U.S. 183 and a clear path to added value, the site was quickly confirmed as the ideal site for Southeast Austin’s next business park.