State in the Midst of $900M Real Estate Development

The state of Texas is in the midst of an $895 million re-do of Austin real estate holdings that stretch from Martin Luther King Jr. Boulevard to 15th Street. Once completed by July 2025, the four-block redevelopment will boast 1.5 million square feet across four state buildings, below-ground parking and a pedestrian-friendly promenade. The development is being funded by taxpayer-backed bonds, the most recent of which were approved by the just-ended Texas Legislature.

The project’s main goal is to consolidate thousands of state employees who work throughout Austin into state-owned buildings in the new Capitol complex. Once the two phases are complete, state officials indicate the plan will save an estimated $25 million on leases.

The project’s first phase began in mid-2018, and is expected to be finished by May 2022. Construction on phase two is scheduled to start in late 2022. The project is being managed by the Texas Facilities Commission.

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