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Airport Commerce Park
11.57 of 64.77 Acres For Sale - (.80 to 4 Acres)
Airport Commerce Park Executive Summary
Commercial Lots at US 183 and SH 71, Austin, Texas 78741
Location/Use: The site is bounded by US 183 on the East, SH 71 ( Ben White Blvd.) on the south and East Riverside Drive on the West. The SE corner of the intersection is occupied by Austin-Bergstromm International Airport, and the property is directly across from the entrance to the Met Center, a high tech/flex center complex with over 1,000,000 SF completed to date. This major intersection is approximately 4 miles from IH-35, a major national transportation and distribution artery Sites are zoned for restaurant, hotel, conventional retail, major retail, distribution, and light industrial uses.
News
"Project could add industrial capacity ; Developer team's plan calls for warehouse complex near airport
Kate Miller Morton, AMERICAN-STATESMAN STAFF
14 February 2006
© 2006 Austin American Statesman. Provided by ProQuest Information and Learning. All Rights Reserved.
Two Austin developers are teaming up to add warehouse space in Southeast Austin in the latest sign that the Central Texas industrial market is finally recovering from a five-year malaise. Hill Partners and Simmons Vedder & Co. have placed about 60 acres under contract in Airport Commerce Park near the confluence of Texas 71, U.S.
183 and Riverside Drive. The partners plan to begin construction later this year on the project's $20 million first phase, set to include about 350,000 square feet of distribution warehouse and "flex" space, which can be used as
warehouse or office space.
The first phase will consume about half of the partners' property.
The site offers unusually good access and exposure, Simmons Vedder vice president John McKinnerney said. "It
just seems natural to develop it for that use." The industrial project will be the first of its kind in Austin for Simmons Vedder, which has several multifamily
projects under construction here. The company is involved in larger industrial projects in Houston and Atlanta.
Hill Partners is a well-established player in the local industrial development community and has a 100,000-squarefoot
speculative warehouse under way at Wells Branch Parkway and North MoPac Boulevard (Loop 1).
Partner Richard Hill said his company will be involved in design, leasing and management of the new project, but
Simmons Vedder will lead the development.
Austin's industrial market is undoubtedly improving. Total vacancy dropped to 15 percent at the end of last year, according to NAI Commercial Industrial Properties. That's the lowest rate reported since 2001 and marks a considerable decline from the nearly 22 percent vacancy
rate in 2002. Brokers say rent rates have increased up to 15 percent in the past year, but developers are only now beginning to
consider adding new buildings. "Rates have increased in warehouse space fairly dramatically, but construction costs have probably increased more
dramatically," Hill said. "Our construction costs today are probably 20 percent higher than it was three years ago." The partners hope rental rates will continue to rise to make up for the higher construction costs. And Simmons Vedder and Hill Partners aren't the only ones aiming to add industrial buildings in the area."
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Size: 64.77 acres total in lots ranging from .85 to 18 acres.
Current Availability:
Lot # |
Acres |
Square Feet |
PSF |
11A |
4.0 |
174,240 |
$8.00 |
3A |
1.0 |
43,560 |
$16.00 |
|
.82 |
35,850 |
$16.00 |
4A |
.80 |
34,848 |
$14.00 |
|
1.0 |
43,560 |
$16.00 |
5A |
1.0 |
43,560 |
$14.00 |
|
1.45 |
63,075 |
$16.00 |
6A |
1.40 |
60,984 |
$14.00 |
7A |
1.5 |
65,340 |
$14.00 |
8A |
1.10 |
47,916 |
$14.00 |
10B |
2.25 |
98,106 |
SOLD |
11B |
1.90 |
174,240 |
SOLD |
12B |
1.82 |
79,149 |
SOLD |
1B |
.57 |
24,999 |
SOLD |
2B |
1.29 |
56,001 |
SOLD |
6B |
1.41 |
61,245 |
SOLD |
9B |
3.20 |
139,400 |
SOLD |
|
18.00 |
784,080 |
U/C |
13B |
1.5 |
65,340 |
U/C |
14B |
1.5 |
65,340 |
U/C |
15B |
1.4 |
60,984 |
U/C |
16B |
1.4 |
60,984 |
U/C |
17B |
1.4 |
60,984 |
U/C |
18B |
1.4 |
60,984 |
U/C |
|
7.0 |
304,920 |
U/C |
20B |
3.25 |
141,570 |
U/C |
7B |
1.50 |
65,340 |
U/C |
8A |
1.10 |
47,916 |
U/C |
|
3.20 |
139,392 |
U/C |
9A |
8.00 |
348,480 |
U/C |
Owner will consider alternative configurations
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2002 Traffic Data:
- Riverside Drive at Ben White Drive 49,000 vpd
- Ben White at Montopolis 38,000 vpd
- US 183 North of Ben White Drive 70,000 vpd
- Ben White east of US 183 63,000 vpd
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Zoning:
- Commercial Services - Conditional Overlay (CS-CO) Restricted to a maximum building height of 120 ft
- Limited Industrial Services - Conditional Overlay
- See map section of specific zoning
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Utilities: Lots fully developed with utilities available at each site
Demographics:
| Data Set |
1 mile |
3 miles |
5 miles |
| Population 2000 |
4,592 |
42,495 |
132,301 |
| Population 2003 (est) |
4.875 |
45,939 |
142,252 |
| Population 2008 (proj) |
5,295 |
51,920 |
154,689 |
| Household Income 2000 |
$40,424 |
$34,499 |
$41,536 |
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