AUSTIN--A partnership between Austin-based Generational Commercial Properties and Houston-based HTZ Investments has purchased a 34,000-square-foot site located at 801 Barton Springs Road in Austin.

The site, located between Bouldin Avenue and South First Street, is currently a parking lot occupied by food trucks, says AQUILA Commercial, who will lease the soon-to-be-built building.

The new property will consist of 90,500 square feet of office and 1,800 square feet of retail. Four stories of office will sit atop four and a half levels of parking and feature views of the downtown Austin skyline and greenbelt.

"801 Barton Springs was designed to appeal to innovative Austin companies," Joe Llamas, principal of the project's developer Generational Commercial Properties, told GlobeSt.com. "The contemporary architecture, technology-rich infrastructure and excellent parking ratio were intentionally crafted to attract a modern office tenant. The project's location at the cultural center of Austin is a major selling point for tenants seeking a central location in Austin's hottest zip code."

When complete, the building is set to be the one of the most technologically advanced buildings in Austin. The design incorporates central core network technology which allows tenants to control lighting, temperature, security and other building features from a computer or at home. This increased functionality aims to reduce operating costs and provide increased flexibility to tenants.

Austin architecture firm Runa Workshop has been hired to design the building, which features a modern design to meet LEED standards and, when complete, hopes to achieve silver status.

A site development permit from the City of Austin has been secured and construction is slated to commence in the first half of 2016.

"The reception and interest for 801 Barton Springs from the brokerage community and active tenants have been exceptional which reinforces our vision for the project and its location in the heart of cultural Austin," Bart Matheney, principal with AQUILA Commercial, told GlobeSt.com. We are talking to a number of interested parties and could not be more excited about the prospects for this building." 

Rob Wendt with Centric Commercial represented the seller and Reagan Smith with SRI Commercial represented the buyer in the transaction.

This is the partnership's first investment in Austin.