New Business Tower is an emblem of Austin’s Prosperity
published on April 24, 2012
Things have been looking up for Downtown Austin for a while. It’s about to start looking way up, though: Cousins Properties, Inc. recently announced it will be building a 30-story high-rise business, residence, and retail space on the lot behind Whole Foods Market on 6th. Rhonda Toming, senior vice president of capital markets with Oxford Commercial, said there is "tremendous momentum" in downtown’s top-flight (Class A) office market. Many business owners, especially the up-and-coming tech companies flourishing in Austin, are looking to relocate to a more central base.
Of course, the addition will be a welcome area for new restaurants and retailers to open their doors to the influx of Austin residents. More and more of these residents are relocating to condos downtown, and this development carries with it the promise of new and exciting places for residents to relax and enjoy Central Austin.
Cousins hasn’t yet signed on any businesses, but the company is welcoming interested patrons. They hope to have about half of the space committed to renters before beginning construction. Residents who have been toying with the idea of starting their own independent business could see this as a promising opportunity.
Over 1 million square feet of office space has been added to downtown Austin, but no office towers have been constructed since the 33-story, 525,000-square-foot Frost Bank Tower opened in December 2003. The artist’s sketches of the proposed development show a modern complement to downtown’s skyline — the sleek, strong, mirrored glass recalls the architecture of the Frost Tower. It all points towards the direction in which Austin is heading: progressive, accommodating, and always anticipating positive growth.
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