For about a year, a small mystery existed regarding the future of one of the most famous buildings in Austin. It began in 2015 when the Cox family purchased the Austin-American Statesman building, a property on Congress Ave, just south of Lady Bird Lake. Anyone who has been to the Congress Ave Bridge to view the bats coming out at dusk has seen the nondescript building just south of the knoll where many stand to view the iconic Austin bats.
The intriguing thing about this purchase, and perhaps why it drove so much curiosity, was the fact that the Cox family has owned the publication since 1976.
Speculations quickly began among local real estate companies in 2015 about whether this expensive property was soon to return to the market. Recently, some of the questions about the future of the Austin-American Statesman building were answered.
What is the Future of the Austin-American Statesman?
If you’ve ever visited The Domain in Austin, then you’ve seen the handiwork of Endeavor Real Estate Group, a local development team. The Domain is a large office, restaurant, and residential center that opened in 2007. It is characterized by a bright and welcoming design that every day effortlessly mixes commercial and residential space in an inviting way. The shops, cuisine, beverages, and open-air sidewalks make for an enjoyable place to spend an entertaining evening in Austin.
Bizjournal.com recently published that Endeavor Real Estate Group’s next venture is the redevelopment of the Austin-American Statesman building. The 18.9-acre property was recently valued at 62 million dollars, and the Cox family was in the market to find the right development team to take on the task of giving their publication a new face. With the team now decided, redevelopment at the famous South Congress property is expected to soon be underway. Austin residents are curious to see what becomes of the property, but for now much is left unknown.
Austin's Commercial Real Estate Outlook
The redevelopment answers a few questions and sparks a few more. One thing is clear: Austin’s commercial scene is booming, and properties like that of the Austin-American Statesman are sure to add more vitality to the already lively city.
Austin’s commercial real estate is diverse, and the city is home to businesses of many shapes, sizes, and fields. If you are in the process of trying to locate a new office for your business, reach out to a JB Goodwin real estate agent today. We will help you locate a venue that is right for your team.
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