The soon-to-be-completed Tuscany Center Five is a 101,000-sf office-warehouse facility that carries a completed price tag of nearly $5.5 million, according to the developer. General contractor Cadence McShane Corp. is in the process of completing tenant finish out for the move-in.
The Tuscany Center space will add room for the logistics operation, now housing in 85,000 sf under a short-term lease inked a few months ago at Bergstrom Technology Center.
Tuscany Center Five is part of a three-building first phase, which has a 50,000-sf office-flex structure and 80,000-sf warehouse under construction. The office-flex building is due to deliver in April and the warehouse will come to market in June. Mike Tipps, co-founder and principal of Colliers Oxford Commercial, says he is negotiating with prospective tenants for the remainder of the phase one space. "I would hope to have it leased before they're completed," he told GlobeSt.com.
In all, Tuscany Center at Walnut Creek is a 52-acre, 650,000-sf undertaking that's strategically positioned to "the high output manufacturing areas of north and northeast Austin," explains Graydon Laguarta, McShane's senior development manager. The property, which had been bought from the John Lewis Co., is close to the Austin Bergstrom International Airport, Interstate 35 and US Highways 183 and 290 plus abuts Walnut Creek Business Park. McShane is planning to develop the second and third phases in increments of 200,000 sf or more. Dirt work isn't expected to begin on phase two until the initial buildings are leased, but Tipps is optimistic that won't take long in today's Austin market. Conceivably, the second phase could be delivering by year's end, he told GlobeSt.com.
TAG International's Austin group has designed Tuscany Center, with Thomas D. Brown acting as landscape architect. Carlson, Brigance & Doering Inc. holds the project's civil engineering contract. McShane is the owner and developer while its sister operation, Cadence McShane is the builder. The going rate for the city's newest industrial complex is 50 cents to 55 cents per sf triple net.
Tipps and Charlie Hill, also of Colliers Oxford Commercial, represent McShane Corp. in Tuscany's leasing. Independent broker John Aune has acted on Three Way's behalf.
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