The Travis Central Appraisal District values the land at $137 million. No wonder the property owner, the State of Texas, is looking to get moving on a sale. The Austin Business Journal reports the long-planned redevelopment of the William P. Hobby Jr. State Office Building is proceeding.

The state will soon begin accepting submissions from developers to turn the 1.75-acre site near Guadalupe and Third Streets into housing. The building — constructed in 1984 and located at 333 Guadalupe St. — was for decades home to state workers before they relocated in recent years to the Texas Capitol Complex to the north. The three-building complex, measuring 419,000 square feet, had fallen into disrepair.

The state decided not to move forward with the repairs and instead put the site on the market.

The site, in the shadow of downtown towers, could support a large development. The land is 76,666 square feet and offers 1.9 million buildable square feet.

Qualified investors will be able to submit proposals to the General Land Office. After 90 days, the state agency will review the proposals and make a recommendation for the top submissions.

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