Travis Dunaway, a member of the Scheffe Group's commercial division, tells GlobeSt.com that the company is marketing the project with a price of $185 per sf and a $25 per sf finish-out allowance. "I'm selling condominium units at $200-a-foot right now," he says. "So we think we're being pretty aggressive with the pricing."

Delivery is set for late next summer or early fall, Dunaway says. Cornerstone Architects Group has designed the building and will develop it. "We've done quite a few of these things in the last 4 1/2 years and this is going to be identical to what we've done," Dunaway says.

In the past three years, Scheffe has been involved with the development of three condo projects including Juniper Ridge, a 25,000-sf office condo project in Bee Cave. The Parkstone project faces competition from a gallery of for-lease signs up and down Capital of Texas Highway. The office vacancy rate in the southwest submarket was 23.6% at the end of the third quarter.