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AUSTIN-A joint venture has broken ground on the first phase of the 26-acre Travesia Corporate Park in North Austin. The three-building value office/flex project will total 175,905 sf, with delivery planned for year’s end.

Travesia Corporate Park is the result of a joint venture between Champion Partners of Dallas, Buchanan Street Partners of Newport Beach, CA and the Austin office of Stream Realty Partners. Located at the convergence of Interstate 35, Texas 45 North, FM 1325 and MoPac Expressway, the site also is ticketed for an 80,000-sf spec building depending on market demand. Estimated costs for the project were not available, but similar developments have been built for $70 per sf to $90 per sf.

Derek Land, co-managing partner in Austin for Dallas-based Stream Realty, says Travesia Corporate Park is part of the 200-acre Raceway Crossing, a mixed-use, master-planned development with its infrastructure work now nearly complete. “We’ll be between a bunch of retail, office and other development,” Land says.

Land tells GlobeSt.com that Travesia is geared toward value tenants who require plenty of parking and good finish-out allowances without having to pay class A office lease rates. “This is right in the middle of the Round Rock area, where there’s been a lot of growth,” he explains. “But, there’s nothing there for value tenants that are looking for competitive lease rates.”

Dallas-based O’Brien & Associates Architecture designed the phase one buildings with 46,200 sf, 62,250 sf and 67,500 sf. Jacobs Carter Burgess’ Austin team did the engineering work while Zapalac/Reed Construction Co. of Austin has been hired as the general contractor. Rachel Coulter and Matt Frizzell with Stream’s Austin office will handle leasing.

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