The redevelopment of 316 W. 12th St. in Austin, which is slated to begin Oct. 10, will include an additional 26,000-square-foot floor to the building.
AUSTIN, TEXAS — Prescott Group Inc., along with an institutional investor, has acquired an office building at 316 W. 12th St. in Austin and plans an $11 million redevelopment of the property. The building is located on one acre and is within walking distance of the State Capitol, The University of Texas, Dell Medical School and Austin’s Downtown Entertainment District. The Texas State Teachers Association, which had owned the property since its completion in 1952, was the seller.
The redevelopment, which is slated to begin Oct. 10, will include an additional 26,000-square-foot floor to the building. Other planned improvements feature a new restaurant, rooftop terrace, conference room, fitness facility, bike storage and landscaped courtyard. Following the redevelopment, which should be completed in late 2017, the building will be renamed Westview.
Andersson•Wise Architects is designing the project. The Burt Group is the general contractor, Sixthriver Architects is the interior designer, Big Red Dog is the civil and MEP engineer, AEC is the structural engineer, and Co’Design is the landscape architect. The project lender is Texas Capital Bank, while HFF arranged the financing. Rachel Coulter and Kevin Kimbrough of the Austin office of JLL will lead the leasing efforts. Prescott Group is an asset management, investment and operating company based in Dallas.