AUSTIN - Construction has begun on The Lakes at TechRidge, a $400 million commercial development near I-35 and Howard Lane.
The 66-acre development is being developed by a joint venture of two Canadian companies — Ledcor Group and Qualico.
The two-phase project will compete head-to-head with Parmer, another large suburban mixed-use development under construction to the northeast.
Both developers are appealing to the value-driven tenant that doesn't want to pay the extreme rates being charged for downtown Austin high-rises.
In all, there will be about 800,000 sf of office space — enough to fill out two Austin-sized skyscrapers if it had been built downtown — with an emphasis on appealing outdoor spaces, breezeways and a dog park.
Phase I — about 137,000 sf — should welcome its first tenants in October.
Though no tenants have finalized contracts, interest has intensified particularly for the larger Phase II, which could accommodate single or multiple users of as much as 700,000 sf.
"The look and design of the property is geared more toward creative and technological users, but we have also had a lot of interest in traditional office users that are seeking efficiencies in their real estate cost but do not want to sacrifice quality in construction," said JLL Vice President Brent Powdrill.
See The Lakes at TechRidge for more information about the development.