By Anca Gagiuc, Associate Editor
Austin, Texas—A site at 308 Guadalupe Street in Austin has been considered for public use, but due to its substantial value, is now looking for a new purpose. The Travis County Commissioners Court via the Travis County Purchasing Agent and CBRE are soliciting development proposals for the 77,215-square-foot site, a full city block bounded by 3rd and 4th Streets.
The site, owned by Travis County, could be developed to a 25:1 floor area ratio based on Austin’s density bonus program. It is situated adjacent to significant development projects valued at more than $2 billion and is the most prime, undeveloped block in downtown Austin unrestricted by Capitol View Corridor limitations.
“In response to our constituents and voters, we are seeking to leverage the potential of this site, steward its value, and ultimately deliver enhanced County services by reinvesting the proceeds into our future Civil and Family Courts Complex. We are excited to be executing a competitive process that enables us to concurrently achieve County policy goals and maximize value,” said Travis County Judge Sarah Eckhardt.
A pre-bid conference will be hosted on September 21, 2016 by the Travis County Purchasing Agent and CBRE. Todd Mills, Jerry Frey and Eric DeJernett with CBRE’s Capital Markets and Advisory & Transaction Services divisions in Austin are teaming up with Peter Jansen and Michael McShea with CBRE’s Public Institutions and Education Solutions Group to represent the Travis County Commissioners Court in the solicitation process.
“We are very pleased to be assisting the County in this important effort and are deploying CBRE’s global transaction marketing resources to execute our scope,” said CBRE Project Manager Peter Jansen.
Image courtesy of 308 Guadalupe