First look: Austin to get first high-rise since 2003

Cousins Properties Inc. has commenced construction on Colorado Tower, a 371,000-sf Class A office development in Downtown Austin, Texas.

The 29-story building, designed by Duda/Paine Architects, will be the first high-rise tower built in Austin since Cousins developed Frost Bank Tower in 2003. The formal ground breaking ceremony is scheduled for June 4th.

“We have a long, successful history in Austin and are very excited about the prospects for Colorado Tower,” said Larry Gellerstedt, President and Chief Executive Officer of Cousins. “This building – with its great location and best-in-class amenity package – is particularly well positioned to capitalize on the vibrant market in Austin’s central business district.”

Located in the heart of Downtown Austin’s Warehouse District, Colorado Tower will offer a variety of amenities, including a top quality fitness facility and state-of-the-art conference center. The building is being developed under the Austin Energy Green Building 2 star program and will be substantially complete by December 2014.

Pre-leasing activity has been strong, with two high-profile companies – DuBois, Bryant & Campbell LLP and Scott, Douglass & McConnico LLP – officially committed to the building and several other prospective tenants in active discussions.

Cousins has played a prominent role in the Austin real estate market for more than 20 years, with a list of notable projects including Frost Bank Tower, Palisades West, and the recent acquisition of 816 Congress.

Spending on nonresidential buildings will see a modest 4% increase in 2024, after increasing by more than 20% last year according to The American Institute of Architects’ latest Consensus Construction Forecast. The pace will slow to just over 1% growth in 2025, a marked difference from the strong performance in 2023.

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