AUSTIN – A San Antonio-based developer has unveiled plans for a 62-story mixed-use tower that would become the tallest building in Austin, according to reporting by Shonda Novak of the Austin American-Statesman.
Designed by the global architecture firm Gensler, the proposed tower would include approximately 300 residential units and more than 500,000 square feet of combined office and retail space, says Michael Lynd of The Lynd Company. The Lynd Co. is collaborating with Lincoln Property Company on the project.
The development site is a full city block bounded by West Sixth Street, West Seventh Street, Guadalupe Street and San Antonio Street. The developers have entered into a contract to purchase the existing Extended Stay America hotel currently operating at 600 Guadalupe, Novak reports.
At present, The Austonian condominium tower is Austin’s tallest building. Designed by the firm Ziegler Cooper, The Austonian rises to 683 feet. By comparison, the proposed Lynd tower would reach about 850 feet, making it the city’s new high-rise landmark. While this height would set a local record, several taller buildings already exist in Houston, including the 75-story Chase Tower developed by Hines in the early 1980s.
The Lynd organization already has a presence in Austin. Most recently the firm partnered with Endeavor Real Estate to develop the 36-story Bowie residential tower in downtown Austin, demonstrating Lynd’s ongoing interest and experience in the city’s high-rise market.
Austin’s office market remains robust. A recent example is the 500 West 2nd tower, a roughly 500,000-square-foot office building anchored by Google, which opened nearly fully leased at about 95 percent occupancy.
Overall vacancy in the Austin office market stayed relatively low at 8.7 percent in the second quarter, according to Avison Young. The brokerage noted continued demand for office space from large technology tenants relocating to and expanding within Austin, a trend that is supporting leasing activity and pushing rental rates to new highs.