The Buzz
Press Excerpts
From Power Plant to Civic Renewal Centerpiece
The New York Times
http://www.nytimes.com/2013/04/25/business/energy-environment/growing-supply-of-former-power-plants-offers-sites-for-renovation.html?_r=1&
By Jim Witkin
Apr 24, 2013
Rising prominently from the center of the site will be the restored Seaholm Power Plant, a massive Art Deco-style structure built in the 1950s that once burned oil and gas to supply much of the city’s power. Retail and office tenants will occupy the former plant’s 117,000 square feet of interior space. Its cavernous four-story turbine room will be dotted with displays on the plant’s history and the new energy-efficient designs featured in its makeover.
The locations of old power plants make them attractive to developers and potential tenants, Mr. Staple said. Initially built away from population hubs, many are now close to city centers as urban boundaries have expanded and industrial areas have become gentrified. The plants were also typically built on riverfronts, for access to water to cool the generator units.
... The unusual size and shape of the buildings make them ideal for repurposing, said Rick Scadden, a principal engineer with Intera, an environmental engineering company that cleans up old power plant sites. “They were often constructed with large turbine-generator halls,” said Mr. Scadden, “so this presents opportunities for doing really unique things with the space on a grand scale.”
... Preserving older buildings has also become a standard component of urban renewal projects, he said. And while many of these old plants will close because they no longer meet environmental standards, they will come back to life in restoration as showcases of the latest green building designs and features.
For example, Seaholm, which was taken out of service in 1996, will use the pipes and tanks that once held water to cool its generators to capture rainwater and irrigate the grounds. A large solar panel array on the roof will generate part of the building’s power.
The trend, Mr. Whitman said, is a sign of things to come. “Repurposing these old power plants not only signals a shift in where people live and what they do,” he said, “but also how they think about the environment and how our energy mix is changing and evolving.”
Seaholm Power Plant site to be developed into public space for retail, apartments
The Daily Texan
http://www.dailytexanonline.com/news/2013/04/21/seaholm-power-plant-site-to-be-developed-into-public-space-for-retail-apartments
By Hannah Jane Deciutiis
Apr 21, 2013
John Rosato, principal for Southwest Strategies Group, which is one of the organizations chosen to lead the redevelopment, said many factors slowed down the intricate process of securing the site, creating the development team and finalizing design plans.
“This project is unlike any other in Austin’s history, and it took an extraordinary amount of cooperation from the governing bodies and private sector to reach this point,” Rosato said. “Right of way and environmental issues slowed things down, not to mention the collapse of the capital markets. Getting all the moving pieces of this puzzle in alignment was a challenge that took a great deal of ingenuity and time to solve.”
Though the total costs for the development have not been made public, figures of more than $100 million have been estimated, according to public relations officials for the project. The city’s $27.5 million contribution will go into rehabilitation of the plant, street infrastructure, underground parking and the creation of the new Bowie Underpass, city spokeswoman Melissa Alvarado said.
... “There have been some very high-end national retailers looking at it,” Tisdale said. “There’s currently a very large user looking at the whole power plant building. They want to be in Austin because of the way Austin is — the entrepreneurial spirit and the creative energy here.”
Rosato said the location of the power plant is a feature of the site that will make a positive addition to Austin’s skyline.
“Being right along Lady Bird Lake, [the plant] offers the eye a more gradual way to build up to the other, taller structures,” Rosato said. “It also preserves an iconic architectural gemstone that helps keep some history along with the new development.”
As ground breaks this month for excavation of the parking garage area, Rosato said the whole team is ready to finally get started on the development.
“We’ve reached a historic point, and we’re really looking forward to transforming our vision into a reality,” Rosato said.
KVUE Exclusive: An inside look at the Seaholm Intake Facility
kvue.com
http://www.kvue.com/home/KVUE-Exclusive-An-inside-look-at-the-Seaholm-Intake-Facility-204002281.html
By Ashley Godeau
Apr 21, 2013
It just may be the most prime piece of real estate in the City of Austin; the Seaholm Intake Facility.
Built on Lady Bird Lake in 1950 and expanded in 1955, the facility was used to tunnel water to the Seaholm Power Plant across the street to generate electricity until the plant closed in 1989.
... The power plant is being converted into an office space with apartments and shops. The intake facility, including the land from the railroad tracks all the way to Shoal Creek, was given to the parks department to be used by the people of Austin.
"And we really want to hear the residents ideas about what they see, not only the facility, but how the surrounding site can be used," Estabrook.
... Each of the building's two stories is 5,000 square feet with 22-foot high ceilings and amazing views of the lake. The building itself is historic and has to be left intact. But the smaller building in front can be torn down or used. The possibilities are endless.
"You could even add a loft space in here, you can add a boardwalk, a deck on the outside, you can redesign the trail, separate it from pedestrians and bicycles," Estabrook added.
The facility is the only property in the City of Austin that actually sits on the lake and because of current city code, no other buildings can be built on the water. So the chance to decide what will go here is a once in a lifetime opportunity.
"I'm thinking it could be like a refreshment center and restaurant," said Austin resident Bill Vandersteel.
... All the ideas will be complied into a list and given to the teams working on designs. Suggestions to give new life to a piece of Austin history.
Seaholm Development back on track
RECON
Real Estate Center Online News
http://recenter.tamu.edu/recon/reconSearch.asp?CID=7770
Apr 19, 2013
More than eight years in the making, the landmark Seaholm Power Plant redevelopment is about ready to roll.
The $100 million public-private partnership deal between the City of Austin and lead developer Southwest Strategies Group is being signed, spelling out the terms of the renewal of the former power plant site.
The project calls for a 30-story, 309-unit apartment tower as well as a two-story building with a Trader Joe's, retail, office and restaurant space. The city will invest $13.6 million in infrastructure improvements to the site, plus $9.9 million for 315 city-owned parking spaces.
Apartments and the Trader Joe's grocery store are slated to open in early 2015.
Austin's iconic Seaholm plant transformation buds
RECON
Real Estate Center Online News
http://recenter.tamu.edu/newstalk/newstalkSearch.asp?CID=63822
Apr 17, 2013
Development on the southwestern edge of downtown at the Seaholm Power Plant is a go. Construction will begin immediately on the $100 million project.
The five-acre site, now owned by Seaholm Power LLC, will include a 30-story, 309-unit apartment tower and a public open-air plaza.
It will also include 60,000 sf of office, retail and restaurant space and a parking garage. One future tenant, specialty grocer Trader Joe's, has already signed a lease.
The power plant will be retrofitted into office space and two towers are to be built nearby.
The 117,000-sf Seaholm Power Plant was built in the 1950s in a classic Art Deco style. The building ceased power generation operations in the 1990s.
The project is slated for completion in late 2015.
Construction to begin on redevelopment of Seaholm Power Plant
culturemap austin
http://austin.culturemap.com/news/style/04-18-13-construction-to-begin-on-redevelopment-of-seaholm-power-plant
By Ashley Goudeau
Apr 17, 2013
But now it's time for the Seaholm Power Plant to get a 21st century makeover. Construction to convert the plant into a social hub begins next week.
"I am glad to see it go and get used for a better, upgraded use than just seeing an empty, dead building," said Austin resident Phil Capron.
The two lots around the plant won't be empty anymore either. On the north side will sit a two-story retail building with a parking garage underneath. Right now there's only one confirmed store, Trader Joe's.
On the other side of the plant will be a 30-story apartment building with 300 units.
The plant itself will become office space that will be open to the public with a plaza and green space in the middle.
The design team said their intent is to preserve the industrial feel and historical value of the power plant, so everything from the concrete structure to the crane that's at the top of the building will remain.
Construction to begin on redevelopment of Seaholm Power Plant
KVUE.com
http://www.kvue.com/news/Construction-to-begin-on-redevelopment-of-Seaholm-Power-Plant-203488331.html
By Ashley Goudeau
Apr 17, 2013
"It's unique to Austin," said Austin resident Karley Maskavich.
A symbol of old Austin and the 1950s.
"For those of us who have lived here three decades or more and passed it virtually everyday, there's a special place in our hearts for the building itself," said Jim Susman.
But now it's time for the Seaholm Power Plant to get a 21st century makeover. Construction to convert the plant into a social hub begins next week.
"I am glad to see it go and get used for a better, upgraded use than just seeing an empty, dead building," said Austin resident Phil Capron.
The two lots around the plant won't be empty anymore either. On the north side will sit a two-story retail building with a parking garage underneath. Right now there's only one confirmed store, Trader Joe's.
On the other side of the plant will be a 30-story apartment building with 300 units.
The plant itself will become office space that will be open to the public with a plaza and green space in the middle.
The design team said their intent is to preserve the industrial feel and historical value of the power plant, so everything from the concrete structure to the crane that's at the top of the building will remain.
"The building is such a jewel and so iconic in Austin's fabric that to do anything to it really would have been violating the building itself," said Susman, the design architect of the Seaholm redevelopment.
"I think it makes the funky Austin just exactly what this town needs, more than brand new projects," Capron said.
The two-story retail building will be complete by next summer. The high-rise will take 30 months to construct. The contractor will also extend 2nd Street, West Street and Seaholm Drive into the development. The City will reimburse the company.
"Constructionwise it's going to be a pain but I think in the end it will be more opportunities for more growth in the area," said Maskavich, who lives across the street.
The Seaholm project will be changing the perimeter of downtown, by rejuvenating an Austin treasure.
Seaholm Power Plant Project ready to begin
myFOXaustin
http://www.myfoxaustin.com/story/22005045/seaholm-power-plant-project-ready-to-begin
Apr 17, 2013
Construction is ready to begin on the Seaholm Power Plant Project.
The latest renderings released by the developer show how the power plant and the surrounding five acres will be transformed into a mixed-use site with retail and restaurant space.
This week the developer took control of the property from the city the historic power plant will be leased and used as office space.
There are plans for a 30-story apartment building, along with shops and restaurants.
Contractors are expected to begin work immediately. The project could take around two-and-a-half years to complete.
City closes deal with Seaholm developers
KVUE.com
http://www.kvue.com/news/City-closes-deal-with-Seaholm-developers-203364381.html
By Jessica Vess
Apr 17, 2013
The papers are signed and the work will soon begin at the iconic Seaholm Power Plant in downtown Austin. Crews are redeveloping the entire property.
Artist's renderings were released Tuesday when the City of Austin closed the deal with developers. The project includes the plant itself and the surrounding five acres. Developers are incorporating a mixed-use complex with shops and housing.
There are plans for a 30-story, 309-unit apartment tower and another 60,000 square feet of office, retail and restaurant space. Developers estimate the build-out will take about two and a half years to complete.
According to the developer, crews will begin work immediately on the power plant and the parking garage. Afterward they will begin putting up the retail and residential towers. One of the most anticipated projects in the complex is the new Trader Joe's grocery store.
“I think it's exciting, I think there is a big need for that and I think it will be a big hot spot in Austin,” said Austin shopper Tracy Johnson.
"I think it's a very good match for a market like Austin. They focus on high quality products at good prices. It's been shown here with Central Market and Whole Foods that Austin has a strong group of consumers interested in those products," Dr. Wayne Hoyer with the UT McCombs School of Business said.
The plant has been sitting unused since the 1990s when the city shut down power operations. However, residents didn't want to see the iconic building disappear from Austin’s skyline. Developers are working to maintain the structure. They say there will be changes, but the building should still have that open, industrial feel. Developers also agreed to make sure that the public will still have access to the main hall.
Seaholm deals signed; construction begins in downtown Austin
Austin Business Journal
http://www.bizjournals.com/austin/blog/real-estate/2013/04/seaholm-agreements-signed.html
Apr 16, 2013
As the Austin Business Journal reported last week, the developers of the Seaholm Power Plant finalized the necessary real estate transactions with the city of Austin and will begin construction immediately on the $100 million project.
The five-acre site, which includes the iconic Seaholm Power Plant in downtown Austin, is now in the hands of Seaholm Power LLC.
The power plant will be retrofitted into office space and two towers are to be built nearby. One will contain apartments and the other will offer retail and office space.
Seaholm Power LLC released new renderings of the project, which will be fully built-out in about two-and-a-half years.
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“This marks an historic milestone for the city, for the power plant and for future generations of Austinites,” said Austin Mayor Lee Leffingwell. “We’re glad this agreement has been reached, and that the redevelopment can begin.”
Construction begins at Seaholm plant
kxan.com
http://www.kxan.com/dpp/news/local/austin/construction-begins-at-seaholm-plant
Apr 16, 2013
Development on the southwestern edge of downtown at the Seaholm Power Plant is a go.
The City of Austin and Seaholm Power announced Tuesday the completion of a lease and purchase of the property.
The historic 1950 art deco plant and the surrounding five acres will be transformed into a mixed-use site with residential and retail spaces.
“This marks a historic milestone for the city, for the power plant and for future generations of Austinites,” Austin mayor Lee Leffingwell said. “We’re glad this agreement has been reached, and that the redevelopment can begin. This is a key piece of the future of downtown Austin and I look forward to the transformation."
In June 2012, the Austin City Council authorized an amendment allowing to Seaholm Power to lease the plant as office space. The building ceased power generation operations in the 1990s.
“We appreciate how this public-private partnership will help bolster the continued revitalization of this significant community of Austin,” said John Rosato, principal with Southwest Strategies Group and managing partner of Seaholm Powerr. “We’re excited to find an adaptive use to this iconic property that is so much a part of Austin’s history.”
Contractors will begin work immediately on the power plant and a parking garage. Then, construction will start on an office and retail building and a residential tower.
The project is slated for completion in late 2015.
The five-acre area is bounded to the west by the planned Seaholm Drive from Third Street south to Cesar Chavez Street; on the south by Cesar Chavez Street from the planned West Avenue east to Seaholm Drive; on the east by West Avenue from Cesar Chavez Street north to Third Street; and on the north by Third Street between Seaholm Drive and West Avenue.
City, developer sign Seaholm deal
statesman.com
http://www.statesman.com/news/business/business-digest/nXNq3/
posted by Staff
Apr 16, 2013
The city of Austin and Seaholm Power LLC have closed on the lease and purchase of the site that houses the decommissioned Seaholm Power Plant, setting the stage for construction to immediately begin on an estimated $100 million mixed use project that will further the transformation of downtown’s southwestern edge.
The closing Tuesday turns over control of the prime waterfront block on West Cesar Chavez, including the 1950s power plant and surrounding 5 acres, to Seaholm Power LLC, the team the city selected in 2005 to redevelop the site. An agreement signed with the city details terms of the developer’s 99-year lease of the power plant building, as well as the purchase of surrounding land where a 30-story, 309-unit apartment tower will be built, along with a 2-story building that will have office, restaurant and retail space, including a Trader Joe’s. The 117,000-square-foot power plant structure will also be renovated for tenants.
Work will begin immediately on the power plant and the parking garage, with other components to follow, said John Rosato, lead developer for the project. The development will take about 2 ½ years to complete.
The city is a partner in the public-private venture, and is making a multimillion investment in the project. In conjunction with a new apartment project rising just west of Seaholm, the projects are expected to generate $53.3 million in additional property and sales taxes for the city over 30 years.
Seaholm project set for groundbreaking
Austin American-Statesman
http://www.statesman.com/news/business/seaholm-redevelopment-ready-to-break-ground-at-las/nXMzM/
By Shonda Novak
Apr 16, 2013
It’s been several years coming, but redevelopment work is set to begin on Austin’s former Seaholm Power Plant, with plans calling for a $100 million mixed-use project that will reinvigorate the area and add millions to the city’s tax base over coming decades.
The project on downtown’s western edge will include a 30-story tower with 309 apartments, a two-story building with a Trader Joe’s store, plus other retail, office and restaurant space.
This week, the city of Austin and the development team it chose for the project eight years ago are expected to sign the document that outlines terms of the public-private venture — a move that will trigger the official launch of construction.
... John Rosato, a principal with Austin-based Southwest Strategies Group, the lead developer on the project, said the imminent groundbreaking is a momentous occasion.
“I do think that what was done here was historic, in terms of working with the city and working through the economic downturn to keep the vision alive, and we’re ready to move forward now,” Rosato said. “The significance of it is keeping the vision alive through all the twists and turns.”
... Rosato said that when construction commences, the general contractor will begin work on the power plant renovation and a parking garage. After that, the apartment tower will begin rising, and construction will start on the 66,000-square foot low-rise building that will have office space and a Trader Joe’s store slated to open in early 2015.
The first apartments should be ready for tenants by early 2015, Rosato said. The tower will include 8,000 square feet of retail and restaurant space.
Evins said Seaholm is part of a larger area on the west end of downtown that over the past decade represents $2 billion in both new and planned development, with the future development to include a new central library and the redevelopment of the former Green Water Treatment Plant site east of Seaholm.
A tax increment financing district created for the Seaholm area, which includes the Seaholm site and a new apartment tower Gables Residential is building to the west, will generate $53.3 million in additional property and sales taxes for the city over 30 years, Evins said. The Green Water site redevelopment is expected to add $44.9 million in sales and property taxes over 30 years, he said.
“We’re quite excited about all the pieces that are coming together,” Evins said. “This is our first major milestone, in the context of everything else about to kick off, and we’re very excited about moving our vision forward.”
Congratulations to the Fikes!
Apr 13, 2013
Tonight we were able to celebrate the marriage of TWO of our Southwest Strategies Group family members - Katie Dudnick & Adam Fike. The ceremony was romantic and the evening was extraordinarily lovely. Adam's band which includes two of his brothers performed an amazing set. We send our best wishes for their honeymoon and look forward to hearing about it when they return May 1st. We wish you happily ever after! xoxo
Seaholm project groundbreaking is imminent
Austin Business Journal
http://www.bizjournals.com/austin/blog/real-estate/2013/04/seaholm-project-groundbreaking-is.html?surround=etf&ana=e_article
By Jan Buchholz
Apr 11, 2013
The long wait for the Seaholm Power Plant project to begin construction appears to be over. Developer Southwest Strategies Group Inc. — which formed Seaholm Power Development LLC to oversee the office-residential-retail project — confirmed Thursday afternoon that the associated real estate transactions with the city of Austin will close Friday or Monday at the latest.
General contractor FlintCo LLC is on site — the power plant is in the southwest portion of downtown near Cesar Chavez Street and North Lamar Boulevard — and prepared to start work immediately, said John Rosato, managing partner of Seaholm Power Development.
“It’s more gratifying than you know,” Rosato said of finally closing the deal. “It took much longer than anybody expected.”
