According to the developers, plans for Block 21 — the large second street development featuring the W Hotel & Residences — have been revised to include 35,000 feet of office space. Assuming that the size of the project remains the same, office space will account for about 3.5% of the planned one million square foot multi-use project. This is the first new office space to be added downtown in a few years
The project update also included the following new facts:
– The W Hotel & Condo plans remain unchanged.
– So far, 44% of condo units are accounted for — a number virtually unchanged from the 45% under contract as of 12/1/09. According to the developers, sales have practically stopped since the beginning of the economic crisis in November. With delivery 2 years out, the developers believe they have plenty of time to sell the remaining units.
– The project is proceeding on schedule: the first floor should be poured within the next few weeks
– The size of the Austin City Limits theater may be increased from 2,200 to 2,500 square feet
The $295 million project, to be located directly behind City Hall, will be an important retail and entertainment anchor to the blossoming 2nd Street district.
Block 21 Rendering