AUSTIN (KXAN) — The construction on the Seaholm Development Project is full steam ahead and it’s not showing any signs of stopping. On Wednesday, the City of Austin announced the sale of the lot at 500 W. 2nd Street to the Trammell Crow Company and Principal Real Estate Investors.
The location will be home to a new 500,436 square foot office tower. The ground floor will be reserved for restaurant and retail space. The tower will also have seven outdoor terraces and 14 levels of parking.
The tower is the second of four phases of a master planned project for the former Thomas Green Water Treatment Plant. The building is scheduled to be complete by 2017.
According to the city, construction on the first phase, a mixed-use development began earlier this year and is set to open next summer. That development will also be home to a new Trader Joe’s — which was scheduled to open by the end 2014 — but it appears that date has been pushed back.
Once the whole Seaholm development is complete, the 5-acre site will feature a mix of office space, local retail shops, restaurants, and contemporary condos.