Austin’s newest class AA office tower, Third + Shoal has joined the downtown public improvement district managed by the Downtown Austin Alliance. Third + Shoal is a 29-story, 375,000 square-foot that was developed in partnership between Dallas-based TIER REIT, Inc., Invesco Real Estate, and Austin-based Cielo Property Group. Last month, the City Council unanimously approved the expansion of the Downtown PID boundary to include the Third + Shoal property.
“The Downtown Austin Alliance is excited to welcome Third + Shoal into the Downtown Public Improvement District,” Dewitt Peart, president and CEO of the Downtown Alliance, said. “Third + Shoal will be home to many companies that are integral to Austin’s growth as a corporate and technology hub, and we look forward to the partners’ involvement and support of our efforts to create, preserve and enhance the value and vitality of our downtown.”
Situated on the bank of Shoal Creek between the heart of downtown, the new Central Library and Seaholm District, Third + Shoal offers its tenants panoramic views from Lady Bird Lake to the Hill Country, eleven outdoor office balconies, a 4,000 square-foot rooftop terrace, and other amenities that office tenants demand to attract top talent.
“Thanks to the efforts of the Downtown PID, Austin is a safer, better and stronger city in which to live and work, and we’re thrilled to have Third + Shoal included within its boundaries,” Leigh Ann Hendricks, regional property manager for TIER REIT, said.
From its inception in 1993, the Downtown Alliance, a coalition made up of commercial property owners, has provided leadership, advocacy and direct services, including funding additional police officers and downtown ambassadors that help keep the area clean and safe. This stewardship of the Downtown PID has been instrumental to downtown’s exponential growth in residents, employees and visitors.
Since 2010, downtown Austin has added nearly 5,000 hotel rooms, office space has increased by 16.7 percent, and the number of residential units has increased by 66 percent—making downtown Austin one of the most desirable live – work – play destinations among U.S. cities.