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Museum Park; Austin, TX | Detail 3
The Museum Park project in Austin Texas was designed by Scher Investment Group’s team for a downtown property that previously housed three car dealerships and a vacant lot. The plan is for 725,000 square feet of central business district office space, 25,000 square feet of ground-floor retail space, and below-grade executive parking, in addition to two parking structures, allowing enough space for 2,200 cars.
In order to begin the project, Scher Investment Group acquired the land in a competitive bid from a prominent Austin family. Our Museum Park design was intended to create a major office environment on the western edge of the central business district that would attract major employers.
To make the project an even greater benefit to the community, Scher initiated negotiations with the city to renovate a recreational park across the street from the project, as well as to work with the proposed Austin Museum of Art on an adjacent corner.
SIG successfully acquired the land and secured the necessary permits. The land and entitlements were sold to Intel Corporation 18 months after the land acquisition at a price more than double the acquisition cost.