The former municipal power plant was redeveloped into a mixed-use anchor for the district. Two new buildings, an underground parking garage and green roof plaza were added to the existing generator building. The site features a mix of office space, retail, residential, a public plaza and an outdoor terrace overlooking Lady Bird Lake. The preservation and adaptive reuse of the historic power plant building was the impetus for the project and the main community benefit. Other community benefits include the plaza and enhanced south lawn and a $100,000 contribution for Art in Public Places. All three buildings achieved LEED Gold and AEGB 3 Star greenbuilding ratings. Other sustainable features includes the reuse of underground cooling infrastructure for an award winning, innovative rainwater harvesting / stormwater quality treatment system that serves both the development parcels and surrounding public infrastructure. Upon completion of construction in 2016, the original developer sold the property to a permanent investor. The sale triggered a provision in the Master Development Agreement that required the reimbursement to the City of 100% of eligible incentives paid to date, totally $11.5 million The new tax base is estimated at over $100 million. The Economic Development Department’s Redevelopment Division lead this project on behalf of the city.
May 5, 2019