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Feb. 10, 2014

Transaction Kicks Off TCC, Hanover Co. Redevelopment in Austin

Jeffrey Steele, Contributing Writer

GWTP_postAustin—In downtown Austin, the sale and transfer of the Green Water Treatment Plant (GWTP) parcel, known as Block 1, has officially kicked off the redevelopment of the site by a partnership involving Trammell Crow Company, The Hanover Company and Pacific Life Insurance Company.

The former GWTP site is expected to yield a 1.7-million-square-foot, mixed-use development.  Plans call for a 38-floor, three-tiered, mixed-use tower that will feature approximately 440 apartments, among them 50 affordable units.  Also included will be more than 40,000 square feet of office and retail space.

Block 1, on the southeast corner of the GWTP site, 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.

Construction will commence in mid-February.  The project will also include public art, Shoal Creek improvements and music programs.

“Downtown Austin is more vibrant than ever before, leading to the demand needed to support a mixed-use development of this scale and diversity of programming,” David Ott, development partner with The Hanover Company, tells MHN.  “The redevelopment will greatly enhance the skyline, while also creating an important nexus between the 2nd Street District and the Seaholm District, allowing for full pedestrian, bike and vehicular connectivity between the two sides of Shoal Creek and down to Lady Bird Lake.”

The orientation of the residential tower is shaped by both the lakefront setback requirements and the desire to maximize the number of residences with dramatic views up and down the lake, Ott notes.

All of the resident amenities will be centered on the structure’s eighth floor, thus enhancing the resident experience.  Outdoor features will include a large infinity-edge swimming pool, private cabanas, fireplaces and a large sun-and-observation deck that cantilevers toward the lake.

Highlighting the indoor amenity package will be a sprawling resident living room and a fitness room, both overlooking the lake.  Other amenities include media/gaming rooms, conference rooms, an expansive movie screening room and a private function room.

According to Adam Nims, principal with Trammell Crow Company, any urban redevelopment effort will face challenges, and this one has been no different.

“It has been a very positive experience working with the city of Austin and the various interest groups involved with the project,” he says.  “This will be a landmark development, of which Austin can certainly be proud.

As a result of the redevelopment, there is likely to be a new appreciation for a traditionally underappreciated feature of Austin, its waterfront.

The development, Nims says, will bring “more waterfront pedestrian, bike and vehicle connectivity; more waterfront living, dining and shopping options; more waterfront office and hotel options; thousands more jobs and a downtown urban edge that more appropriately embraces the beautiful Austin waterfront.”

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