Cousins Properties to Commence Development of Domain 9 in Austin
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ATLANTA, April 29, 2021 /PRNewswire/ Cousins Properties (NYSE: CUZ) announced today that it plans to commence development of Domain 9, a 335,000 square foot office building in Austin, during the second quarter of 2021. The total project cost is anticipated to be approximately $147 million with delivery slated for mid-2023. Since our entry into the Domain submarket of Austin in 2019, demand for Class A office space from fast-growing, high-credit customers has only grown, said Colin Connolly, President and Chief Executive Officer of Cousins Properties. Commencing development of Domain 9 gives us the opportunity to continue to capture this demand. Our existing 2.1 million square foot Domain portfolio is 98% leased, and we have the ability to develop an additional 1.7 million square feet, including Domain 9, in the heart of the submarket.
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Construction has already begun on a 148K SF retail space that will serve as the anchor tenant for the mixed-use development.
The Grid is being developed by StreetLevel Investments and joint venture partner Provident Realty Advisors. Construction of the 192-acre mixed-use development began in 2018 and will be completed in multiple phases.
Some of the offerings include 350K SF of retail, restaurant and entertainment concepts; 2,400 residential units; 500K SF of creative office space; multiple hotel brands and concepts; a health club; a network of pocket parks, jogging and bike trails; and activated public space. Architecture firm Gensler and landscape architecture company TBG are consultants on the project.
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Atlanta will determine the fate of an old Confederate statue that s long sat at the foot of a Norfolk Southern office building, memorializing the railway company s first president.
The company sold the building to real estate investment company Cousins Properties in March 2019. The company then asked the city, which owns the statue, for its immediate removal, citing concerns over its historical context. This monument is now deemed controversial because it was recently published that the railroad founder had served in the Confederate Calvary. Because the historical narrative has changed recently, the best plan is to store the monument until a permanent solution for displaying the monument can be determined, states a legislation request to the City Council slated for a vote on April 19.