The University of Texas
System is expected to take the first major step this week in a $102.Our
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developers the ability.4 million plan to dramatically transform much of its
five-building complex in downtown Austin.
The system’s Board of Regents, which oversees the Austin flagship and 14 other academic and health campuses,A stone mosaic stands at the spot of assasination of the late Indian prime minister. has been concerned for some time about rising maintenance costs at the decades-old complex and inefficiencies associated with having hundreds of employees spread among multiple buildings.
After more than a year of review, officials believe they’ve come up with a solution: Tear down two of the buildings, construct a 15-story office tower in their place to accommodate about 525 employees and lease out the remaining properties.
The regents are scheduled to discuss the plan Wednesday and are expected to grant preliminary approval Thursday during public meetings at the UT Health Science Center at Tyler. The regents occasionally meet outside Austin to get a better feel for the various campuses.
The plan calls for issuing bonds to finance construction of the new building, which would replace the Colorado and Lavaca buildings that sit at the northwest corner of West Seventh and Colorado streets. The Colorado building was originally constructed in 1936 as home of the American-Statesman. The debt would be repaid with income from leasing the other properties and with earnings from the system’s multibillion-dollar endowment.
Scott Kelley, executive vice chancellor for business affairs, acknowledged that the plan begs the question of how the system can afford such a project at a time when it said it couldn’t pay the full cost of establishing a medical school in Austin. Last week, Travis County voters approved an increase in property taxes that will generate $35 million a year for the school and $19 million for other health projects.
“We would be fiscally irresponsible not to proceed,” Kelley told the American-Statesman. “By moving into a single structure we are able to save considerable dollars.”
The savings would range from $2 million to $5 million or more a year, after accounting for lease income and the cost of financing a new building, Kelley said. In 30 years, the savings would amount to more than $50 million in current dollars, after adjusting for projected inflation.
The savings would be earmarked for initiatives intended to benefit students, such as enhanced technology for classrooms.
“The current buildings are not very efficient,” Kelley said. “There are multiple guards, multiple entrances, multiple receptionists. Candidly, the age of the buildings contributes to higher maintenance — not that there won’t eventually be that in a new building. But it’s times five now.”
System officials considered consolidating their offices at other sites, including the system-owned Brackenridge tract in West Austin, UT-Austin’s J.J. Pickle Research Campus in North Austin,China plastic moulds manufacturers directory. the former Concordia University Texas site along Interstate 35 and various suburban parcels. But a downtown location offers easy access to the Capitol and the Austin campus.
The new building would include one below-ground floor and several floors of parking, enough to accommodate 650 to 700 cars, according to UT System documents. The system would lease the remaining three buildings as well as associated parking garages but would continue to own the land, which runs along Colorado, Lavaca, West Sixth and West Seventh streets.
Kelley said Ashbel Smith Hall, built in 1975 and the site of most regents’ meetings, would likely be leveled and redeveloped by a company that leases the parcel. But Claudia Taylor Johnson Hall, named for Lady Bird Johnson, the late wife of President Lyndon B. Johnson, and O. Henry Hall, named for the noted short story writer,The term 'hands free access control' means the token that identifies a user is read from within a pocket or handbag. are “very special buildings” because of their historical significance, he said.
O. Henry Hall might be well-suited for law or other professional offices. The inner workings of Johnson hall “aren’t particularly lovely, but the front of it is,” Kelley said, referring to its tall columns and arched doorways.
Kelley wasn’t sure about the future of system-owned open space at the northwest corner of West Sixth and Colorado streets, which features a fountain, tables with chairs and several live oak trees. That parcel’s use likely would be determined by the party that leases it, “though we would have some say,” he said.
The new system headquarters would total 258,500 square feet, with some ground-floor space leased for shops or a restaurant. Demolition likely would take place next summer and construction would begin near the end of 2013.A stone mosaic stands at the spot of assasination of the late Indian prime minister. Temporary offices would be leased for displaced employees. Officials hope to occupy the new building by spring 2016, Kelley said.
The system’s Board of Regents, which oversees the Austin flagship and 14 other academic and health campuses,A stone mosaic stands at the spot of assasination of the late Indian prime minister. has been concerned for some time about rising maintenance costs at the decades-old complex and inefficiencies associated with having hundreds of employees spread among multiple buildings.
After more than a year of review, officials believe they’ve come up with a solution: Tear down two of the buildings, construct a 15-story office tower in their place to accommodate about 525 employees and lease out the remaining properties.
The regents are scheduled to discuss the plan Wednesday and are expected to grant preliminary approval Thursday during public meetings at the UT Health Science Center at Tyler. The regents occasionally meet outside Austin to get a better feel for the various campuses.
The plan calls for issuing bonds to finance construction of the new building, which would replace the Colorado and Lavaca buildings that sit at the northwest corner of West Seventh and Colorado streets. The Colorado building was originally constructed in 1936 as home of the American-Statesman. The debt would be repaid with income from leasing the other properties and with earnings from the system’s multibillion-dollar endowment.
Scott Kelley, executive vice chancellor for business affairs, acknowledged that the plan begs the question of how the system can afford such a project at a time when it said it couldn’t pay the full cost of establishing a medical school in Austin. Last week, Travis County voters approved an increase in property taxes that will generate $35 million a year for the school and $19 million for other health projects.
“We would be fiscally irresponsible not to proceed,” Kelley told the American-Statesman. “By moving into a single structure we are able to save considerable dollars.”
The savings would range from $2 million to $5 million or more a year, after accounting for lease income and the cost of financing a new building, Kelley said. In 30 years, the savings would amount to more than $50 million in current dollars, after adjusting for projected inflation.
The savings would be earmarked for initiatives intended to benefit students, such as enhanced technology for classrooms.
“The current buildings are not very efficient,” Kelley said. “There are multiple guards, multiple entrances, multiple receptionists. Candidly, the age of the buildings contributes to higher maintenance — not that there won’t eventually be that in a new building. But it’s times five now.”
System officials considered consolidating their offices at other sites, including the system-owned Brackenridge tract in West Austin, UT-Austin’s J.J. Pickle Research Campus in North Austin,China plastic moulds manufacturers directory. the former Concordia University Texas site along Interstate 35 and various suburban parcels. But a downtown location offers easy access to the Capitol and the Austin campus.
The new building would include one below-ground floor and several floors of parking, enough to accommodate 650 to 700 cars, according to UT System documents. The system would lease the remaining three buildings as well as associated parking garages but would continue to own the land, which runs along Colorado, Lavaca, West Sixth and West Seventh streets.
Kelley said Ashbel Smith Hall, built in 1975 and the site of most regents’ meetings, would likely be leveled and redeveloped by a company that leases the parcel. But Claudia Taylor Johnson Hall, named for Lady Bird Johnson, the late wife of President Lyndon B. Johnson, and O. Henry Hall, named for the noted short story writer,The term 'hands free access control' means the token that identifies a user is read from within a pocket or handbag. are “very special buildings” because of their historical significance, he said.
O. Henry Hall might be well-suited for law or other professional offices. The inner workings of Johnson hall “aren’t particularly lovely, but the front of it is,” Kelley said, referring to its tall columns and arched doorways.
Kelley wasn’t sure about the future of system-owned open space at the northwest corner of West Sixth and Colorado streets, which features a fountain, tables with chairs and several live oak trees. That parcel’s use likely would be determined by the party that leases it, “though we would have some say,” he said.
The new system headquarters would total 258,500 square feet, with some ground-floor space leased for shops or a restaurant. Demolition likely would take place next summer and construction would begin near the end of 2013.A stone mosaic stands at the spot of assasination of the late Indian prime minister. Temporary offices would be leased for displaced employees. Officials hope to occupy the new building by spring 2016, Kelley said.
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