As aging office properties face an uncertain future, a building like this one in Austin will become condominiums.
Mill Creek Residential has submitted plans for an eight-story condo project at 1601 Grand Street. While the exact number is subject to change, the document says the building will have 215 units and occupy 250,000 square feet.
The estimated cost of the project is $70 million. That’s almost $326,000 each. Work is scheduled to start in February and last for two years.
The property’s ownership entity, 1601 Rio Grande Owner LP, traces back to Endeavor Real Estate Group, the Austin developer behind projects like the Austin American Statesman Redevelopment and Domain. Deed records show Endeavor has owned the property since 2016 and Endeavor List the building on their website. Neither company responded to a request for clarification.
The document also lists construction firm GFF.
Meridian Plaza is a five-story office building built in 1984. The building has 57,000 leasable square feet of which approximately 8,100 square feet are available for rent. It is located just south of West Campus, within walking distance of the State Capitol and the Central Business District, and close to some of the city’s largest residential markets.
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Since its inception, Mill Creek has built or purchased nearly 41,000 rental homes, according to the company website.
