Developer Jumpstarts Northeast Office Submarket in Austin Area with $25 Million Class A Office in Pflugerville
The first building in Olympus Plaza will be 60,000 square feet and the first Class A office available along SH 130 in Central Texas.
PFLUGERVILLE, Texas—The Pflugerville Community Development Corporation (PCDC) today announced the development of Olympus Plaza, a three-phase project that will add a total of 130,000 square feet of the first Class A office space available along SH 130 in Central Texas. The $25 million project will be developed by Austin-based Russell Interests, Inc., at 130 Commerce Center, a mixed-use development at the southwest corner of SH 130 and Pecan Street.
Olympus Plaza I will break ground by year-end and includes a $11.2 million, 60,000-square-foot, three-story office building on Helios Way adjacent to the new Best Western Plus, a 70-room, 15,863-square-foot hotel project announced in February. The first building in Olympus Plaza will front on SH 130 and will be highly visible to motorists along the corridor, according to real estate investor Jimmy Nassour and William Russell, president of Russell Interests.
“This project represents the first shot in the creation of a Northeast Office submarket for the Austin MSA. Office developers like Russell Interests have discovered that office projects can be built quicker and cheaper in Pflugerville delivering exceptional value to the prospective tenants and an easy commute along the SH 45 and SH 130 tollways,” said Floyd Akers, executive director of the PCDC.
Charles Harvey, a commercial real estate broker and vice president with Don Quick and Associates, Inc., represents the PCDC in the sale of the land. CBRE First Vice President Greg Marberry represents the buyer.
Marberry brought the investment and commercial real estate opportunity to Russell, a longtime Austin resident who has developed more than 75 commercial projects, many in the Austin and Pflugerville areas.
“130 Commerce Center has the right mix of highway access, proximity Austin and the regional and international airports, affordable land, nearby businesses, and market need in a pro-business community for me to make an investment of this significance,” Russell said. “This project takes advantage of the SH 130 corridor while also delivering affordable commercial lease space to the Austin MSA.”
At the June 10 Pflugerville City Council meeting, the sale of the land from the PCDC was approved, as well as a contract for the PCDC to pre-lease 60 percent, or 40,000 square feet, of the first building. The PCDC will then sub-lease that space to businesses or organizations. This will enable the project to break ground as soon as possible upon completion of design plans. With an 8-to-10-month construction timeline, the project is estimated to be complete during summer 2015.
David Rothenberg with BWM Group was selected as the architect, and Tim Moltz of Catalyst Engineering Group is the civil engineer. A general contractor has not yet been selected for the project.
About 130 Commerce Center
130 Commerce Center is a 160-acre, master-planned, mixed-use development located at the southwest corner of SH 130 and Pecan Street in Pflugerville.
Pecan 130 Business Park is a light-industrial/flex project within 130 Commerce Center. Since construction began in fall 2012, two of six planned 120,000-square-foot light industrial/flex buildings have attracted a wide variety of tenants, including: EIEIO, Inc.; D-BAT Baseball & Softball Training Academy; BullTiger Productions; Tracking Point, Inc.; and El Lago Mexican Foods.
Single-tenant users at 130 Commerce Center include Community Impact Newspaper, Thin-nology, Inc.; FedEx Ground regional distribution center; Cortec Precision Sheet Metal, Inc., the city’s first hotel—a 70-room, $5 million Best Western Plus; and a 3-star, 120-plus room, $20 million Courtyard Marriott hotel with a 17,500-square-foot conference center. For more information on 130 Commerce Center, call 1-877-970-7232 (PCDC), visit www.130commercecenter.com or www.donquick.com.
About the Pflugerville Community Development Corporation
The Pflugerville Community Development Corporation promotes Pflugerville as a desirable place for new businesses to operate. The organization also supports existing businesses by helping to address their needs. PCDC can provide funding for use as an incentive to businesses to begin doing business in Pflugerville. PCDC funds, which are 4B money generated from a half-cent of the city’s sales tax revenue, can also be used to construct needed infrastructure such as roads, utilities and drainage projects. Located 16 miles northeast of Austin and just south of Round Rock, Pflugerville is well-situated in Central Texas. New state highways 45 and 130 and Interstate Highway 35 all offer direct access to other nearby cities and the region’s main airport. For more information, visit www.pfdevelopment.com.