New Austin High Rise moving ahead near downtown.
The Austin Business Journal reports that the 1.4 acre site is currently home to a Hooters restaurant. However, Stream Realty will soon build an Austin High Rise on the site nicknamed the “Snoopy PUD” because it is owned by the family of Charles Schulz.
Stream Realty has asked for zoning changes to make the building an Austin high rise that is 195 feet tall because only 60 feet is currently allowed. The plans include 289,000 square feet of office space.
The city is in the process of creating a redevelopment plan for the whole area around the “Snoopy PUD.” The city calls the plan the South Central Waterfront Initiative. The city will put guidelines into the plan for how it wants the 118 acres in the area on the south shores of Lady Bird Lake to be developed. The initiative will also make future Austin High Rises easier to build in the area.
Desired improvements for the area south of downtown include:
- a more pedestrian-friendly landscape
- more open space for the public to use
- more connections to the water
- affordable housing mandates
The city expects to sketch out the plan this summer.
Other developers won’t have to get special permission from the city for their Austin high rises once the plan is complete.
Stream may have to give the city improved amentities in order to have a taller building approved. These improvements could include upgrading streets nearby, adding pedestrian walkways, bike paths and more.
Austin office space construction is exploding. 3.4 million square feet of office space is currently under construction.
The average price for office space in the Central Business District is $52.59 per square foot. It averages $41.99 per square foot In the city as a whole. Vacancy rates are 9.7 percent for office space.
Demand is expected to continue to be high as more and more companies make the move to Austin or expand their operations here.