Although the first-phase office groundbreaking wasn't contingent on signed deals, Andy Sarwal, point man for the Austin-based East Avenue Investment Group LP, tells GlobeSt.com that "the plan was to have the office completely leased up by the time we open." Sarwal says more office leases will be signed in the coming weeks for the mixed-use project at Interstate 35 and 32nd Street. The quoted rate is $27 per sf, triple net.
Chad Barrett and Bart Matheney, principals of Aquila Commercial LLC in Austin, represent East Avenue Investment Group. Well-known local broker Jay Lamy and Liz Tucker, vice president in Austin for Dallas-based Staubach Co., represented Texas Monthly, which now offices at 701 Brazos St.
The office building is slated to deliver in second quarter 2009. Meanwhile, vertical work has begun on East Avenue's other components--30,000 sf of retail space, a 210-room Hyatt Andaz and 315-unit apartment building being developed by AMLI Residential of Chicago. "Everything, for the most part, is breaking ground this year," Sarwal says. "There's a fair amount of construction happening all at once."
The project calls for demolishing the remaining buildings at Concordia College, which has just moved to a new campus at 2311 W. Rundberg Lane in northwest Austin. Sarwal says the remaining material will be put to good use through recycling. "We're donating some of the stuff to schools in East Austin and we're working with Habitat for Humanity to reuse other materials," he says.
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