A Dallas-based developer plans to remodel and expand a 60-year-old building that’s just a block from the state Capitol.
Prescott Group Inc. said Wednesday that it has acquired the former Texas State Teachers Association headquarters at 316 W. 12th St. and will spend $11 million to renovate the property, with construction set to start Monday.
A sale price for the building, which sits on a prime 1-acre downtown site, was not disclosed. The Travis Central Appraisal District valued it at $12.5 million this year.
The Texas State Teachers Association has relocated to temporary office space at 8300 N. MoPac Blvd. (Loop 1), a spokesman said, and will move into a building that it recently purchased at 8711 N. MoPac Blvd. once renovations are complete in March.
Prescott Group’s plans for the downtown property include adding a floor to one half of the building, which would create about 26,000 square feet of new office space. In total, there would be about 100,000 square feet of rentable space once work wraps up. About 2,000 square feet of ground-floor space will be set aside for a restaurant.
Prescott Group plans to name the building “Westview.”
Aside from the additional office space, other amenities will include a rooftop terrace, conference room, fitness center, showers and lockers, bike storage and a courtyard featuring a tree that’s believed to be about 100 years old.
“We look forward to undertaking this major redevelopment and delivering a product that competes with new Class A office product,” said Brian Leslie, Prescott Group’s managing director. “This location is superb and certain other classic features simply can’t be replicated today, like a massive oak tree that will become a new focal point and gathering place. The concept behind our renovation is to save the best of what exists and pair it with the best of what’s current in terms of architecture, design and appealing amenities.”
More windows will be added to the building, Prescott Group said, restrooms and elevators will be modernized and there will be a focus on installing energy-efficient fixtures.
Austin-based Andersson-Wise Architects is handling the project.
“When all is said and done, we will have created something that respects the original design … while providing downtown with a new structure with timeless appeal,” Andersson-Wise principal Arthur Andersson said.
Rachel Coulter and Kevin Kimbrough with the Austin office of JLL have been selected to line up tenants for the project. Office space should be ready for move in by late 2017, Prescott Group said.
“Downtown is experiencing so much organic growth and continues to have an outstanding track record of absorbing new space,” Coulter said. “Additionally, Prescott Group brings an incredibly strong track record in repositioning older properties. This is being done in such a thoughtful and distinct way, we have no doubt the new Westview will be appealing to a wide range of tenants.”
Other properties refurbished by Prescott Group include ones located in Dallas, Houston, Fort Worth and Seattle.