AUSTIN, TEXAS — A joint venture between Generational Commercial Properties and Fairway Real Estate has received $124 million in construction financing for Zilker Point, a 207,000-square-foot office development in Austin.
The project, which is located at 218 South Lamar Blvd. in the city’s Central Business District South, will offer 192,000 square feet of office space across the building’s top six floors upon completion. The development will also feature 15,000 square feet of ground-floor retail and amenity space and 635 parking spaces.
Building amenities are set to include a 3,600-square-foot rooftop deck with views of the downtown Austin skyline; a 1,240-square-foot fitness center with men’s and women’s showers and lockers; an art gallery with exhibitions by local artists; bike storage; and a courtyard with shaded seating, an outdoor bar and a live music stage.
Zilker Point is located across from Lady Bird Lake and adjacent to hiking and biking trails including the Barton Springs Road Bike Trail, Barton Creek Greenbelt Trail and West Bouldin Creek Preserve Trail.
The development was designed to meet the WELL Building Standard and will include open floor plans with expansive window walls, an advanced hybrid HVAC system, a clean air system with hospital-grade filtration and touch-less technology. A timeline for the project was not announced.
Dustin Stolly, Jordan Roeschlaub, Nick Scribani, Chris Kramer, Chase Tagen and Dan Morin of Newmark secured the financing through MSD Partners on behalf of the developers. Terms of the loan were undisclosed. AQUILA is handling leasing for the development.
Austin has become a top choice for company migrations and has experienced a 67 percent increase in Class A rents since 2008, according to Newmark. Companies with offices in the city’s Central Business District include Google, Indeed, Amazon, Apple, HP, Dell, Facebook, Tesla and Oracle.
Locally based Generational Commercial Properties is a real estate investment and development firm specializing in office, industrial and medical office projects in Texas.