Four new commercial real estate developments are on the horizon in downtown Austin’s Market District (the area around Sixth St. and Lamar Blvd.). In addition to all the redevelopment going on around this area there are plans for an additional 493,000 sf of office space, 70,000 square feet of retail and 370 apartments.
The Austin market, particularly the downtown office market, continues to show signs of growth with occupancy rates at 86%. With the low inventory of available space we believe that these developments are properly warranted due to the high demand for downtown space and the national trend of people desiring to live closer to the city.
Below is a summary of the newly proposed commercial projects:
311 Bowie – Endeavor Real Estate Group is planning the tallest project for the area and will be a 35-story building with 42,586 square feet of office space, 3,385 square feet of retail and 359 apartments. The project is still undergoing the city’s site plan review process.
New Whole Foods offices – The biggest project planned in the area will consist of two buildings: 346,000 sf of office space and 52,000 sf of retail space and will accommodate Whole foods growth as they double their staff to 1,300 employees in the near future.
Third Street and Lamar Blvd – Schlosser Development’s is planning a 3 story building consisting of 16,000 sf of retail space and 8,500 sf of office space.
Seventh & Lamar Blvd – Schlosser Development is planning a 15,000 sf retail center and parking garage.
For more details on these proposed developments head over to the Austin Business Journal.
Downtown to blossom (again): Four big projects slated for ‘Market District | Austin Business Journal