Developer Plans Seven More Spec Buildings

"It has evolved into a destination location for medical offices because we had the underlying base," Douglas DeVine, marketing broker with Premas Commercial Realty Group in Austin, tells GlobeSt.com about the expansion, which will go up on eight acres across the street from the six-building, 48,760-sf Stonegate I at 2501 William Cannon Dr. The development tracts are situated midway between Seton Southwest Hospital and South Austin Medical Center.

DeVine says the second phase at 2502 William Cannon Dr. has been designed to accommodate 15 to 18 medical practices. Although there have been inquiries, reservations for the condo space won't begin until after construction and the pricing is locked down. "It's kind of nice to have someone chasing you," he acknowledges.

Templar Development Services Inc. is developer and general contractor for the estimated $12-million development. Like the first phase, the Tuscan-styled Stonegate II has been designed by Carson Design Associates of Austin.

Stonegate I's six single-story buildings house surgery, imaging and rehabilitation centers plus a pharmacy and professional office space. DeVine says the six-acre phase is 90% sold out--and he's holding a contract for the last building just as construction is about to wrap up. According to DeVine, Stonegate is the first medical space to rise in the neighborhood since the 1970s.