UT System Approves $102 Million Office in Downtown Austin
A major new tenant is moving into downtown Austin: not a hot new tech company, but the University of Texas System.
Today the UT Board of Regents approved construction of a nine-story, $102 million building and parking structure downtown “to consolidate UT System offices.” According to a press release, the system’s buildings are currently “located in five antiquated buildings,” and despite the hefty price tag, regents say the consolidation will save money in the long run: between $60 million and $240 million, in UT’s admittedly imprecise math.
The building will go on land UT already owns, on Seventh Street between Colorado and Lavaca Streets. You can read more on the purchase from KUT News’ reporting partners at The Texas Tribune.