AUSTIN | Gables at Park Plaza | 223 FT | 18 floors | U/C | T.O.

[KevinFromTexas]

Friday, April 16, 2010
Downtown Austin’s first new multitenant office tower planned in nearly a decade
15 stories to rise next to Seaholm site
Austin Business Journal - by Francisco Vara-Orta ABJ Staff

Austin real estate developer Capital City Partners LLC is planning to build downtown’s first new major multitenant office tower in nearly a decade along the banks of Lady Bird Lake.

Dubbed Park Plaza, the planned 15-story tower will feature 189,000 square feet of predominately Class A office space off the northeast corner of West Cesar Chavez Street and Lamar Boulevard — next to the newly opened Gables Park Plaza residential complex. Gables owns the 1.8-acre tract where the new office building is planned, and has contracted with Capital City to build and lease the structure, which will also include approximately 10,000 square feet of ground-floor retail space. Dirt could turn as early as October.

While office vacancy rates have increased as a whole in the Austin market during the downturn, Class A office space downtown has historically fared better throughout the last decade well into the recession, with today’s rate at 17 percent compared to 25 percent in 2004 in the Central Business District, according to Oxford Commercial data.

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http://austin.bizjournals.com/austin...l?b=1271649600