Capitol complex plan receives P3 policy approval

Texas– The Capitol Complex Master Plan in Austin is taking place in three phases and will consolidate several state agencies within the 50-block Capitol Complex area. The state’s Partnership Advisory Commission recently signed off on the public-private partnership (P3) policy for the plan. The first phase is estimated to cost $581 million and will add about 1 million square feet of office space, a five-level underground parking garage and a grassy open-air mall on Congress Avenue between the north steps of the Texas Capitol and Martin Luther King Jr. Boulevard.

 

The Texas Facilities Commission has outlined two new office buildings in the project: a 14-story office tower with 600,000 square feet of office space and a 12-story, 400,000-square-foot building. Joint projects with private companies or a public entity will be vetted early through the city and state channels based on a value-for-money proposition. A developer would have to deliver a project that can be done better or more economically than the state. Revisions to the preliminary P3 policy are published on the Texas Facilities Commission website.