At least two office towers in the works; some doubt near-term financing...
This article shows that Austin Real Estate continues to strengthen. Developers from across the country are choosing Austin because of the strong economy and the growing educated population.
"At least two new office buildings are being planned for downtown Austin and would be among several buildings competing to land a 200-employee law firm. Signing a tenant like that would entice banks to finance such a project.
Austin-based Cypress Real Estate Advisors plans a 120,000-square-foot, six-story, Class A office building at 800 W. Sixth St., said David Cox, Cypress vice president of development.
Also, the stalled Ovation development, originally reported to be a 37-story condo tower on Block 51 by Atlanta-based Novare Group Inc. and Austin-based Andrews Urban LLC, is being revamped. It now involves a partnership with International Bank of Commerce and more office space than originally planned, Andrews Urban principal Taylor Andrews said in an e-mailed statement.
The plan revisions are in the beginning stages, and specifics will be available in mid-2010, he said."
Courtsey of ABJ
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