A new industrial park is coming to Southeast Austin.
Trammell Crow Co. and New York-based Clarion Partners have purchased 95 acres for a project that over time will deliver 964,000 square feet of industrial space to the market.
Called Park 183, the master-planned industrial business park will be built in phases at Burleson Road and U.S. 183. Construction on the first phase due to start in January, the developers said.
The first phase will have two buildings totaling 247,000 square feet, along with road, drainage and utility infrastructure for the overall business park. Austin attorney Richard Suttle Jr. handled entitlements for the project.
The project comes as the region’s industrial market is seeing rapid growth that has pushed rental rates to an all-time high, said Brad Maples, senior vice president with Trammell Crow Co.
“Tenants across the spectrum are looking for ways to control their increasing real estate costs while still maintaining a first class image for their growing businesses,” Maples said in a written statement. “Park 183 was specifically conceived to offer tenants Class A space at a price point that is far below all other new product in the market and more in line with historical averages.”
Trammell Crow and Clarion did not release a cost for the project. They also did not discuss prospective tenants, if any.
Among other amenities, the project will offer parking, truck access and loading options for distribution users, Trammell Crow and Clarion said.
The new project will benefit from the completion of the U.S. 183 south project, which broke ground in April 2016, and upon completion will connect U.S. 290 to Texas 71 with uninterrupted freeway from southeast Austin to far Northwest Austin.
The design team for Park 183 includes STG Design, Jones|Carter, Wylie Consulting Engineers and Bihner Chin Engineering, Ltd.
Leasing and marketing will be handled by the CBRE Austin team of Mark Emerick, John Barksdale, Ace Schlameus and Darryl Dadon.