AUSTIN-The Austin Museum of Art and Hines have revealed development plans for a 40,000-sf museum and 425,000-sf Museum Tower, a class A office building. Construction on the CBD projects is set to begin in 2009, with delivery scheduled for 2011.

The project will be located on one square block at Fourth and Guadalupe streets. A $23-million campaign has been initiated to cover construction costs for the three-story museum. The development cost for the 30-story Museum Tower has not been determined. The museum is currently operating in 16,000 sf of a renovated bank building at 823 Congress Ave.

Travis Overall, vice president of the Houston-based Hines, says the museum owned the entire block, but didn’t need the whole parcel for its new structure. After considering many developer proposals, the museum board sold half of the block to Hines.

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