Downtown Austin will soon be getting a massive new development, the Austin Business Journal reports.
The 1.4 acre site is currently home to a Hooters restaurant. It has been called the “Snoopy PUD” because it is owned by the family of Charles Schulz. Stream Realty has asked for zoning changes to make the building a high rise that is 195 feet tall. However, a maximum of 60 feet of height is currently allowed. The plans call for 289,000 square feet of office space. The developer has removed the residential space that was in their first plan.
The city is in the process of a redevelopment plan for the whole area around the “Snoopy PUD.” The South Central Waterfront Initiative establishes guidelines for the development of the 118 acres on the south shore.
Desired improvements include:
- making the area more friendly to pedestrians
- more open space for the public to use
- more connections to the water
- affordable housing mandates
The plan is expected to be sketched out this summer. After the plan is in place, developers won’t have to get special permission from the city for their projects. This will help developers such as those in charge of the Statesman redevelopment.
As a trade off for approval of a taller building, Stream might have to provide improved amenities to the city. Those could include upgrading streets nearby, adding pedestrian walkways, improving bike paths and more.
Construction of office space in Austin is exploding. 3.4 million square feet of office space is under construction. Office space in the Central Business District averages $52.59 per square foot. In the city as a whole, it averages $41.99 per square foot. Vacancy rates are 9.7 percent for office space. Demand is expected to continue to be high as more companies move to Austin or expand their existing operations.
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