Press Release: New 400,000 sf Industrial Park Planned for N. Austin
Apr 13, 2007
Aquila Commercial
New 400,000 sf Industrial Park Planned for N. Austin
Capital City Partners to start first buildings in early May
AUSTIN - April 13, 2007 - Capital City Partners Inc. is planning a 400,000-square-foot industrial park called Harris Ridge Business Center in Northeast Austin.
The 30-acre site is located on the Northeast corner of Howard Lane and Harris Ridge Boulevard, across the street from Dell Inc. and Tech Ridge, a 1,000 acre multi-use business park.
Capital City Partners Inc. is made up of Joe Lamy and Chris Whitworth, and has been involved with several retail and mixed-use projects including Bee Cave West, 30th and Guadalupe 31 and Round Rock Crossing. This is the first industrial project in their new venture.
Site work began in early April, and construction on the first phase is slated to begin in early May. Phase one is expected to take approximately eight months to complete. It consists of two bulk warehouse buildings with a total of 145,800 square feet. The remaining future phases will be timed to meet market demand. The site has entitlements for another warehouse building with 153,000 square feet and two high-end, flex buildings with a total of 96,000 square feet. All told, the 400,000-square-foot business center represents an investment of more than million and will take one to two years to complete, based on market demand.
Aquila Commercial LLC has been tapped to handle the marketing and leasing. Aquila Commercial is a real estate firm that launched in Austin at the beginning of the year with top local heavyweights from firms like CB Richard Ellis Inc. and The Staubach Co.
"We are bullish on Harris Ridge Business Center due to its access to IH-35, close proximity to Dell's manufacturing campus, and triple freeport tax exemption status. We acquired the property in July of 2002, and have patiently waited for the market conditions to justify the development of this project," says Chris Whitworth, principal with Capital City Partners.
Joe Lamy, principal with Capital City Partners, explains the project's "triple freeport" tax exemption status means the school, city and county honor inventory exemptions for businesses that locate on the site. Specifically, it allows businesses not to pay property taxes on inventory that leaves the state within 175 days.
"The freeport tax exemption can really save a manufacturing or distribution company a lot of money, and it's one of the reasons we think this project is ideally located," Lamy says.
"We are very excited about our first opportunity with Capital City Partners and look forward to a long relationship with Chris and Joe," says Bart Matheney, co-founder and principal at Aquila Commercial. "This project will serve the needs of users in the northeast industrial market that are looking for spaces from 20,000 square feet and larger."
About Aquila Commercial
Harkening the powerful and noble Aquila eagle, Aquila Commercial LLC is a full-service commercial real estate firm based in Austin, Texas. Launched in January 2007, a group of six core founders have a combined total of more than 80 years of direct industry experience working for major national companies from CB Richard Ellis to the Trammell Crow Co. Recognized by their peers and publications as some of the top producers in their respective disciplines, Aquila Commercial seeks to emulate the Aquila eagle's reputation for flying high and maintaining the sharpest vision.
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