Plans for a 77-acre, $135 million corporate campus are taking shape in Southeast Austin, spearheaded by Riverside Resources, a local developer with a growing number of high-profile projects.
The Austin-based developer plans to construct three new buildings on 18.5 acres that were part of AMD’s former office campus at 5900 E. Ben White Blvd.
Riverside Resources, a real estate development, investment and management firm, released renderings of the planned buildings to the American-Statesman this week.
The buildings would have a combined 325,000 square feet — two with 125,000 square feet and a third with 75,000 square feet. Pending city approvals, construction could start as early as this fall, with the timeline for the buildings to be determined by market demand, said Stephen Swan, a member of Riverside Resources’ development team.
The 18.5 acres were part of Advanced Micro Devices’ 46-acre office campus that Riverside Resources bought from AMD in 2013.
Nearby, Riverside Resources in late March bought a former computer-chip fab from Cypress Semiconductor at 5202 E. Ben White. It was AMD’s original Austin fab and later was occupied by AMD spinoff Spansion, which Cypress acquired. Riverside Resources declined to say what it paid for the property.
“Our ultimate goal is for 5900 and 5202 E. Ben White is to jointly become a large, multi-tenant office park, or corporate campus,” Swan said. “As the new buildings are built, we will expand the trail system, making major upgrades to what currently exists, and expand it with future trails throughout the land at the 5900 property, ultimately connecting the two tracts by a pedestrian bridge. The trail system will run more than two miles, and be a critical component in tying everything together.”
Riverside Resources plans a renovation of the 330,000-square-foot fab, with work expected to begin within the next month, Swan said. Most recently, the building was leased by various movie studios during local filming, Swan said. The last movie tenant occupied the building in 2016.
The overhaul will be similar to the remake Riverside Resources did to AMD’s 2-story, 220,000-square-foot office building, which included adding a new entry and lobby, updating interior finishes, remodeling restrooms and adding new landscaping and a courtyard.
Riverside Resources sold the office building, which Centene Corp. now leases, to Broadstone Net Lease in December.
Swan said Riverside Resources sees high growth potential in Southeast Austin.
“First, it has great proximity to both the airport and the rest of Austin, particularly downtown. Secondly, prices are some of the most reasonable in Austin, which translates to a compelling financial case for tenants. Third, since it’s where the city likes seeing development, we’re able to deliver high-quality product relatively quickly,” Swan said.
When Riverside Resources bought the 5900 E. Ben White property, it renamed it 5900 Corporate Campus, a name that will remain as additional development occurs.
Swan said there has been “strong interest” from prospective tenants in both the former Cypress building and the planned new buildings, although no agreements have been signed as yet.
The planned 3-building complex will have an outdoor courtyard with seating, event spaces and places for food trucks to park.
Along with the former AMD office building, Broadstone bought a 500-space parking lot on 5.7 acres adjoining 5900 East Ben White from Riverside Resources. That lot will continue to be used for parking by Centene. Riverside Resources plans to improve the pedestrian bridge on that site, saying it will be a “vital connection” between the 5900 and 5202 E. Ben White properties.
Starting in the 1980s, AMD invested heavily in the natural features and outdoor amenities on the property, making it a mature campus today that has ample green space and large trees, Swan said. The former AMD office building once housed AMD’s corporate data center and computer-chip testing lab, along with executive offices and board rooms.
Riverside Resources said it will make updates to the existing outdoor seating, trail system, wet pond, basketball courts and sand volleyball court, while preserving the natural setting.
Once the 77-acre campus is fully built out it will have a total project cost of more than $135 million, Swan said.
In Austin, Riverside Resources has a 39-story luxury condo tower under construction at West Fifth Street and West Avenue downtown. The firm also developed and later sold the Whitley, a 16-story apartment tower downtown, and also developed Capital Ridge, an office building that Apple Inc. leases near Loop 360 and Bee Cave Road. That project also includes a Hotel Granduca Austin, which was developed in a joint partnership with Riverside Resources.