Austin’s skyline is moving upwards with another skyscraper sprouting south of Lady Bird Lake.
Planning documents submitted to the city outline a plan for a 475,000-square-foot building with 10,000 square feet of retail space at 311-315 South Congress Avenue, according to Austin Business Journal. The 0.8-acre site is currently owned by Wesley H. Pearson Jr. and Jerry W Pearson.
New York-based Tishman Speyer Properties is “actively exploring the potential acquisition and redevelopment” of the property, a company spokesperson told the paper.
The two parcels that make up the Pearson property were recently valued at $5.8 million. Assuming the project moves forward, the future 330-foot office tower will replace a Firestone Complete Auto Care, Bridgestone Tire Shop and River Spa Nail Salon.
The area south of Lady Bird Lake is experiencing a wave of vertical development. Just next door, the former Austin American-Statesman property is set to undergo a major redevelopment with up to 1,378 residential units, a 275-room hotel, 1.5 million square feet of office space and 150,000 square feet of commercial and restaurant space.
Real estate law firm Drenner Group submitted an application to rezone the land as a planned unit development to the city on March 13. The project “will contain pedestrian-oriented uses and an open plaza-like space at the northwest corner,” according to the application filed with the city.
Plans for the South Congress development were submitted just after Tishman broke ground last week on 321 West, a 58-story mixed-use tower on 321 West Sixth Street.
The project marks the third major investment in Austin for Tishman Speyer’s sizable portfolio, which includes the Rockefeller Center in New York. The firm dived head first into the Austin market in 2021 when it purchased 240,000 square feet of office space across a pair of East Austin buildings.
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[Austin Business Journal] — Maddy Sperling