Located In The Center Of Austin’s New Downtown – The Coming of Third and Shoal

Located in the center of Austin’s "New Downtown" district, surrounded by restaurants, entertainment and residences, this 29-story, 345,000 SF Class AA office building brings everything you love about Austin to your front door.

The development partnership of Austin-based Cielo Property Group and Dallas-based TIER REIT have yet to choose a general contractor for what's estimated to be a project valued at $76.5 million — at least that's the value ascribed to it on the Texas Department of Licensing and Regulation website.

The tower is projected for a late 2017 completion.

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See the full renderings of the new tower Third and Shoal

Cielo has been a company on the move in Austin, founded by young real estate investors Bobby Dillard and Rob Gandy. During the past four years, the duo has been upping their game by acquiring major properties along Congress Avenue, i ncluding 823 Congress Ave. and 220 S. Congress Ave. and then buying the Austin Music Hall at 208 Nueces St. in 2014.

Actually, Cielo purchased a ground lease. The land has been held many years by Austin businessman and real estate investor Michael Kuhn.

The property currently is valued by Travis Central Appraisal District for a little more than $7.1 million, a drop of about $2 million from 2014 — and likely a temporary reflection of the pending change of use.

Initially Cielo planned to maintain the music venue since it's only 20 years old, but ultimately that wasn't a viable plan. This summer Cielo announced it had arranged a partnership to redevelop the site with TIER REIT, formerly Behringer Harvard Investments.

Gensler designed a structure that big on glass and steel — a trend very apparent in downtown Austin — and is slated to be LEED Gold certified.

Ten of the 12 offices floors — the other levels are mostly parking — will have direct access to balconies that overlook Lady Bird Lake. Bicycle users will have access to valet parking, showers and lockers.

The largest floor plate in the 345,000-square-foot structure is 24,000 square feet.

All tenants in the building will have access to an expansive rooftop terrace.

Troy Holme and Casey Ford with CBRE Group Inc. have the exclusive listing assignment.

Article Provided By- The Austin Business Journal

 

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Author: Monte Davis

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