{"id":1004072453,"date":"2013-05-09T12:13:13","date_gmt":"2013-05-09T20:13:13","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=124584"},"modified":"2020-04-08T06:55:16","modified_gmt":"2020-04-08T14:55:16","slug":"500m-mixed-use-trio-of-towers-proposed-for-downtown-austin","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/500m-mixed-use-trio-of-towers-proposed-for-downtown-austin\/","title":{"rendered":"$500M Mixed-Use Trio of Towers Proposed for Downtown Austin"},"content":{"rendered":"<p style=\"text-align: justify;\"><em>By Anca Gagiuc, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify;\">\u201cEvery project begins with a vision, and this is a grand vision on a great site,\u201d said local real estate consultant Charles Heimsath about the proposed plan to build a $500M mixed-use project downtown Austin. If the plan receives approval from the city, the Austin skyline will change dramatically through the addition of three new towers, one of which could become the city\u2019s tallest building. \u00a0<a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/05\/IBCGroup_050213.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-124586\" title=\"IBCGroup_050213\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/05\/IBCGroup_050213.jpg\" alt=\"\" width=\"239\" height=\"300\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">Developers Mac Pike and Wally Scott, principals of Sutton Company, revealed they plan to build the project on three acres of prime real estate along the banks of Waller Creek. This could become Waller Center, a trio of towers that includes a residential tower of 35 to 45 stories, an office\/retail tower of 17 to 20 stories, and a condo\/hotel tower that aims for 65 stories.<\/p>\n<p style=\"text-align: justify;\">Shops and restaurants are part of the original plan, similar to the design of San Antonio\u2019s Riverwalk. Pike said he intends to submit a site plan to the city in the next 90 days, hoping to start work on all three towers in mid-2014, pending city approvals.<\/p>\n<p style=\"text-align: justify;\">The tract has no height limitations, as the area is zoned for dense downtown development, said Pike in an interview with <a href=\"https:\/\/www.mystatesman.com\/news\/business\/proposed-project-3-downtown-towers-one-up-to-65-st\/nXdk3\/#modal-3371522\" target=\"_blank\" rel=\"nofollow\">the Austin American-Statesman<\/a>. And it might stand a chance of becoming a reality thanks to a major equity player on board, Klabzuba Realty\u2014a family-owned real estate, oil and gas investment company based in Fort Worth.<\/p>\n<p style=\"text-align: justify;\">The Waller Creek tract is either owned or controlled by entities of local developer Perry Lopez, who says that \u201cthese are serious buyers with an ongoing substantial financial investment in the property.\u201d<\/p>\n<p style=\"text-align: justify;\">\u201cThey control it and are working on all aspects of use and design,&#8221; he adds. &#8220;Obviously, it is a real challenge to put together a project of this magnitude, but we feel they are up to it or we\u00a0wouldn&#8217;t\u00a0be working with them.\u201d<\/p>\n<p style=\"text-align: justify;\">While the estimated cost has been made public, the acquisition manager for Klabzuba, Paul Nauschutz Jr., did not reveal the extent to which the Fort Worth company would finance the project. He confirmed the partnership, meeting Heimsath\u2019s opinion, who stated: \u201cWith a substantial equity partner in the deal, I think this project has a good potential to get over the finish line.\u201d<\/p>\n<p style=\"text-align: justify;\"><em>Photo credits:\u00a0<a href=\"https:\/\/www.mystatesman.com\/\" target=\"_blank\" rel=\"nofollow\">www.mystatesman.com\/<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&ldquo;Every project begins with a vision, and this is a grand vision on a great site,&rdquo; said local real estate consultant Charles Heimsath about the proposed plan to build a $500M mixed-use project downtown Austin. If the plan receives approval from the city, the Austin skyline will change dramatically through the addition of three new towers, one of which could become the city&rsquo;s tallest building.<\/p>\n","protected":false},"author":237,"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":[39411,1815],"class_list":["post-1004072453","post","type-post","status-publish","format-standard","hentry","category-austin","category-latest","tag-austin","tag-national"],"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>$500M Mixed-Use Trio of Towers Proposed for Downtown Austin - 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\/500m-mixed-use-trio-of-towers-proposed-for-downtown-austin\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$500M Mixed-Use Trio of Towers Proposed for Downtown Austin\" \/>\n<meta property=\"og:description\" content=\"&ldquo;Every project begins with a vision, and this is a grand vision on a great site,&rdquo; said local real estate consultant Charles Heimsath about the proposed plan to build a $500M mixed-use project downtown Austin. If the plan receives approval from the city, the Austin skyline will change dramatically through the addition of three new towers, one of which could become the city&rsquo;s tallest building.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/500m-mixed-use-trio-of-towers-proposed-for-downtown-austin\/\" \/>\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=\"2013-05-09T20:13:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-08T14:55:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/05\/IBCGroup_050213.jpg\" \/>\n<meta name=\"author\" content=\"Anca Gagiuc\" \/>\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\\\/500m-mixed-use-trio-of-towers-proposed-for-downtown-austin\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/500m-mixed-use-trio-of-towers-proposed-for-downtown-austin\\\/\"},\"author\":{\"name\":\"Anca Gagiuc\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/340a1a5e8e7dd137bd91ca1dd3a2e9d7\"},\"headline\":\"$500M Mixed-Use Trio of Towers Proposed for Downtown Austin\",\"datePublished\":\"2013-05-09T20:13:13+00:00\",\"dateModified\":\"2020-04-08T14:55:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/500m-mixed-use-trio-of-towers-proposed-for-downtown-austin\\\/\"},\"wordCount\":392,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/500m-mixed-use-trio-of-towers-proposed-for-downtown-austin\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2013\\\/05\\\/IBCGroup_050213.jpg\",\"keywords\":[\"Austin\",\"National\"],\"articleSection\":[\"Austin\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/500m-mixed-use-trio-of-towers-proposed-for-downtown-austin\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/500m-mixed-use-trio-of-towers-proposed-for-downtown-austin\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/500m-mixed-use-trio-of-towers-proposed-for-downtown-austin\\\/\",\"name\":\"$500M Mixed-Use Trio of Towers Proposed for Downtown Austin - 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