{"id":1004050601,"date":"2012-03-28T05:49:54","date_gmt":"2012-03-28T13:49:54","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=41761"},"modified":"2022-12-04T16:19:27","modified_gmt":"2022-12-05T00:19:27","slug":"trammel-crow-plans-project-on-former-water-treatment-site","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/trammel-crow-plans-project-on-former-water-treatment-site\/","title":{"rendered":"Trammel Crow Plans Project on Former Water Treatment Site"},"content":{"rendered":"<p><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/03\/TM-logo.gif\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-41766\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/03\/TM-logo.gif\" alt=\"\" width=\"294\" height=\"45\" \/><\/a>By Camelia Bulea, Associate Editor<\/p>\n<p>An old water treatment site in downtown Austin could be transformed into a $500 million real estate project, a vision that the city council made public a week ago. The city and Trammel Crow envision a pair of high-rise apartment complexes, an office tower, a hotel and a wide array of retail space at the location, according to <em>The Austin-American Statesman<\/em>.<\/p>\n<p>Construction work could start as early as this year, with Trammel Crow as the developer. The publication says that the company would pay $42.4 million for the 4.4 acre site currently owned by the city.<\/p>\n<p>The developer plans 1.75 million square feet of development, divided as follows:<\/p>\n<ul>\n<li>The <strong>826 apartments<\/strong> spread throughout two towers, each at least 30 stories tall;<\/li>\n<li>The <strong>17-story hotel<\/strong> housing about 200 rooms;<\/li>\n<li>The <strong>28-story office tower<\/strong> housing 456,000 square feet of space.<\/li>\n<\/ul>\n<p>Moreover, the project will also include 82,000 square feet of retail space and 2,700 parking spaces, as reported by <em>The Statesman<\/em>.<\/p>\n<p>The new development will not only change the face of the southwest part of downtown, but it will also generate $112 million in property taxes and $9.6 million in sales taxes for the city over 30 years. Among other benefits that the project could bring to the city are $250,000 for improvements of Shoal Creek, a $375,000 contribution for public art and a $150,000 donation to support on-site music programs. The agreement is scheduled for a city council vote on April 5.<\/p>\n<p>In other local real estate news, the city council approved an $8.6 million economic development grant for Apple Inc. Although this makes $35 million in incentives that the tech giant has already received, Travis County still has to decide whether to give an additional $6 million, according to the <em>Austin Business Journal<\/em>. If Apple decides to build the $304 million campus in Austin, it is expected to add 3,600 jobs to the area.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Camelia Bulea, Associate Editor<br \/>\nAn old water treatment site in downtown Austin could be transformed into a $500 million real estate project, a vision that the city council made public a week ago. The city and Trammel Crow envision a [&#8230;]<\/p>\n","protected":false},"author":271,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1578,21742],"tags":[],"class_list":["post-1004050601","post","type-post","status-publish","format-standard","hentry","category-austin","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Trammel Crow Plans Project on Former Water Treatment Site - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/trammel-crow-plans-project-on-former-water-treatment-site\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trammel Crow Plans Project on Former Water Treatment Site\" \/>\n<meta property=\"og:description\" content=\"By Camelia Bulea, Associate Editor An old water treatment site in downtown Austin could be transformed into a $500 million real estate project, a vision that the city council made public a week ago. The city and Trammel Crow envision a [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/trammel-crow-plans-project-on-former-water-treatment-site\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-03-28T13:49:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-05T00:19:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/03\/TM-logo.gif\" \/>\n<meta name=\"author\" content=\"Camelia Bulea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/trammel-crow-plans-project-on-former-water-treatment-site\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/trammel-crow-plans-project-on-former-water-treatment-site\\\/\"},\"author\":{\"name\":\"Camelia Bulea\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/71754b36bc1882cf2fc692fe215d26c7\"},\"headline\":\"Trammel Crow Plans Project on Former Water Treatment Site\",\"datePublished\":\"2012-03-28T13:49:54+00:00\",\"dateModified\":\"2022-12-05T00:19:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/trammel-crow-plans-project-on-former-water-treatment-site\\\/\"},\"wordCount\":306,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/trammel-crow-plans-project-on-former-water-treatment-site\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2012\\\/03\\\/TM-logo.gif\",\"articleSection\":[\"Austin\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/trammel-crow-plans-project-on-former-water-treatment-site\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/trammel-crow-plans-project-on-former-water-treatment-site\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/trammel-crow-plans-project-on-former-water-treatment-site\\\/\",\"name\":\"Trammel Crow Plans Project on Former Water Treatment Site - 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