AUSTIN, TEXAS — In what will be Austin’s largest redevelopment project in history, the partnership of Trammell Crow Co., Constructive Ventures and USAA Real Estate Co. have been chosen to redevelop 2.6 million square feet of space downtown.
The partnership was selected to spearhead the redevelopment of the Green Water Treatment Plant and the adjoining Austin Energy Control Center sites.
Spanning six acres and five blocks, the project will include condos, apartments, offices, and retail space. Plans also call for a senior living facility, a boutique hotel and more than 5,000 parking spaces. LEED Gold status will be sought on all buildings.
The partnership also proposes to make 25 percent of rental units affordable to families at 80 percent median family income and will donate approximately $2.5 million to the City’s Affordable Housing Trust Fund.
Managing Director of Trammell Crow Austin, Lance Sallis, said the project will take Austin to a new level.
“We are honored to have been selected by the City to lead this historic project, which will clearly change the face of downtown Austin,” Sallis said. We will work collaboratively with the City, our partners and the community to transform these sites into a dynamic new residential, commercial an cultural hub for Austin,” he said.
Founder of Constructive Ventures, Perry Lorenz, said Austin’s cultural aspects will be kept throughout the project.
“We believe in the potential of this project to be transformational for downtown Austin, so our goal is to make a place where Austin’s core values are embraced and promoted. We want the entire community to benefit from what happens here,” Lorenz said.
The project is scheduled to begin in 2010.