You have reached your limit of free articles this month.

Enjoy unlimited access to myStatesman.com

Starting at just 99¢ for 8 weeks.

GREAT REASONS TO SUBSCRIBE TODAY!

  • IN-DEPTH REPORTING
  • INTERACTIVE STORYTELLING
  • NEW TOPICS & COVERAGE
  • ePAPER
X

You have read of premium articles.

Get unlimited access to all of our breaking news, in-depth coverage and bonus content- exclusively for subscribers. Starting at just 99¢ for 8 weeks

X

Welcome to myStatesman.com

This subscriber-only site gives you exclusive access to breaking news, in-depth coverage, exclusive interactives and bonus content.

You can read free articles of your choice a month that are only available on myStatesman.com.

Developer plans $11 million remodel for downtown Austin building


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.


Reader Comments ...


Next Up in Business

Up the Ladder

Construction Journeyman Group has named Ross Hamilton vice president of development. Technology National Instruments has named Karen Rapp chief financial officer. The Clinical Data Interchange Standards Consortium has named Dave Evans, Masanori Fukushima and Steve Rosenberg to its board of directors.
Fitness Connection is latest addition to Shops at Tech Ridge
Fitness Connection is latest addition to Shops at Tech Ridge

A New York real estate firm is wasting no time filling up empty storefronts at a North Austin shopping center it recently acquired. RD Management last year took ownership of Shops at Tech Ridge, 12901 N. Interstate 35, shortly after a SuperTarget store closed, leaving more than 100,000 square feet of space vacant. First, RD Management and The Retail...
Top Local Business Stories of the Week

TAX CHANGE Texas Senate OKs plan to phase out state’s franchise tax: A measure that could eliminate Texas’ franchise tax — the state’s primary tax on business — within a decade won approval from the Texas Senate last week. Senate Bill 17, filed by state Sen. Jane Nelson, R-Flower Mound, and backed by the Texas Association...
Use economic research to call a truce in divorce wars

Thanks to their rich parents, my friends “Joe” and “Sue’s” wedding was a three-day, 200-guest extravaganza on Maryland’s Chesapeake shore. Day 1 featured a fantastic clambake. Day 2’s barbecue was to die for. Day 3’s nuptials were black-tie, with tears, cheers, mouth-watering canapes, filet mignon, Dom...
Austin job growth eased in 2016, but just to a more sustainable sprint
Austin job growth eased in 2016, but just to a more sustainable sprint

The latest revisions to last year’s workforce data confirmed that Austin-area employers added jobs at a much faster rate than initially reported — but also that its growth eased from the sizzling pace of the prior four years and has remained on that more modest trajectory through the start of 2017. The number of jobs in the Austin metro...
More Stories