Travis County Seeks Developer For Prime Piece Of Downtown Austin Real Estate

AUSTIN, TX -- Wanted: Real estate professionals to develop a prime downtown site into something generating high return on investment for acreage once considered for public use. Serious inquiries only.

Travis County officials, the county's purchasing agent and CBRE Group Inc. executives put out a call on Monday soliciting development proposals for a prime downtown Austin infill site comprising a full city block, according to a news advisory. The proposals could include a sale of the property, a spokesman with the brokerage firm told Patch.

"The county seeks proposals that maximize value for the 77,215-square-foot site, which could be developed to 25:1 floor area ratio (FAR) based on the City of Austins density bonus program," county officials wrote in an advisory.

The site at 308 Guadalupe St. is bounded by Third and Fourth streets to the south and north, and Guadalupe and San Antonio streets to the east and west. Previously considered for public use, the site was recently re-positioned "...to leverage its substantial value," officials noted.

In an email to Patch, a spokeswoman for CBRE described her company's role as the real estate brokerage firm working on the county's behalf in the marketing and transaction. She said the county is considering proposals for either a sale of the property or a long-term ground lease.

This is not some cheap piece of land: "The site is adjacent to significant development projects valued at more than $2 billion and is the most prime, undeveloped block in downtown Austin unrestricted by Capitol View Corridor limitations," officials wrote.

Travis County Judge Sarah Eckhardt expounded on the goals: “In response to our constituents and voters, we are seeking to leverage the potential of this site, steward its value, and ultimately deliver enhanced County services by reinvesting the proceeds into our future Civil and Family Courts Complex. We are excited to be executing a competitive process that enables us to concurrently achieve County policy goals and maximize value.”

The Travis County Purchasing Agent and CBRE will host a pre-bid conference on September 21, 2016, and invites interested parties to attend, officials said. Communications throughout the solicitation process are limited to the County Purchasing Agent and pre-approved County Agents. Questions can be submitted only through the County Procurement website.

CBRE Group, Inc., a Fortune 500 company headquartered in Los Angeles, is the world's largest commercial real estate services and investments firm, company officials said. For more information on the company, visit www.cbre.com.

>>> Image via Shutterstock