Austin's Next Big Real Estate Development Project

The State Capital is set to see some major improvements within the coming years. The Texas State Capitol Complex, drawing from a master plan made in 2016, is a $900 million dollar project currently being constructed. This project takes over four blocks in Downtown Austin. This project’s main goal, The Capitol Complex, is to centralize all state agencies. Upon completion, planned for 2025, this project is set to save taxpayers $25 million on leases each year due to its accessibility and infrastructure. This two-phase development plan includes 4 new buildings, around 1.5 million square feet in total. These 4 buildings will include underground parking, as well as a 3-acre pedestrian mall. Looking at the pictures provided of the development project, green space is incorporated throughout the site, allowing easy pedestrian transportation, pairing well with the new buildings. The first phase of this development project started up in 2018, using $581 million, which includes the 603,000 sq ft George H.W. Bush Building at 1801 Congress Ave. This first phase also includes the 416,000 sq ft 1601 Congress Ave. Facility. Phase 1 was completed in 2022. Currently in the construction process, Phase 2 closely began in 2022 following the completion of Phase 1. Phase 2 is set to be completed in 2025, including a pair of office buildings, along with an extension of the mall. 

Along with the construction of new office buildings surrounding the capital, infrastructure improvements are being made as well. These infrastructure improvements include a cleanup and upgrade of the inlet to Waller Creek at 18th and San Jacinto, along with irrigation/water lines. These new water lines are designed to be reclaimed-water ready. Not only does this development project positively affect the Austin economy, it also provides value for the environment surrounding the project, which I believe is a vital piece that many major development projects lack. 

“We have also worked with the city of Austin and Texas State Preservation Board to reshape the site’s one-way streets to two-way streets and have planned for B-cycle stations at various locations,” Prince Chavis, project manager with TFC, told CPE. I personally have had a negative experience with the one-way roads in Downtown Austin, so hearing this from the project manager was good news. Also the incorporation of B-cycle stations positively affects the public transportation offered in Downtown Austin. 

Another positive impact this project has on the city is incorporating incentives for shared-use vehicles, carpool and electric vehicle charging stations, as well as multiple strategies in building automation design. This reduces the carbon footprint in Austin, which has a positive environmental impact, pairing well with the improved infrastructure changes being made. The green space that this development project is implementing had more than 900 caliper inches (measures thickness) of new trees planted in Phase 1 in 2022. This project also made sure to incorporate sustainable building materials, along with the minimization of waste through innovative construction methods. This project has a major focus on improving the health and quality of life of employees, visitors and residents. Not only will this project provide jobs and save taxpayers money annually, following the construction of these new office buildings, it will also reduce the carbon footprint and improve the drainage infrastructure throughout Austin.

Papp, T.-E. (2021, November 29). Top projects that will reshape Austin. Commercial Property Executive. https://www.commercialsearch.com/news/top-projects-that-will-reshape-austin/