 "Photo: Bin Chen")
Its crown rises 514 feet above the Austin skyline, 119 feet taller than the second-tallest building. But for Tim Hendricks, Austin's new skyscraper, the Frost Bank Tower, represents more than just sheer height.
"The building really signifies a new period in Austin and the establishment of Austin as a major metropolitan area in the United States," said Hendricks, a senior vice president at Cousins Properties Inc., which is developing and managing the property.
"People want to live, work and play in Austin, Texas," he said.
Hendricks said that when the national economy comes out of the current downturn, Austin will be a place on the radar screen of national businesses. The Frost Bank Tower provides space for those companies to go.
The Frost Bank Tower, located at 401 N. Congress, will officially open for business Feb. 1, 2004, following a tower lighting ceremony Jan. 22. The building will be the first new skyscraper on Congress Avenue since 1987.
"We've been excited since the program started because of the scope of the project and the design," said Marvin Ricka-baugh, a Frost Bank spokes-man.
When the tower is completed, it will be the tallest in Austin at 33 stories, according to Cousins Properties Inc. The tower includes 524,000 sq. ft., of which 20,000 will be retail space. It will also have a 1,500-car garage.
"It will allow us to consolidate our downtown operations, which includes Frost Insurance ... basically, it allows everyone to be under one roof, and we think that will be good for our customers," Rickabaugh said.
The building will house Frost National Bank, a local retail office for Cousins Properties, Constructors and Associates Inc., Dewey Ballantine LLP, Graves Dougherty Hearon and Moody PC, Jenkens and Gilchrist PC, and Winstead Sechrest and Minick PC.
The tower will also hold restaurants including McCormick and Schmick's, an upscale seafood restaurant, Taco Shack, Murphy's Deli, Seattle's Best Coffee and a workout facility.
Hendricks said the location on Congress Avenue near restaurants, entertainment opportunities, retailers and the expansion of the Austin Convention Center make the building a major draw.
"When the 400 block of Congress came available, it was really a once in a lifetime opportunity," Hendricks said. "Obviously for a high-rise office building, Congress is a preferred location. "
Charlie Betts, executive director of the Downtown Austin Alliance, said he looks forward to the building's opening.
"Obviously it's already had a huge impact on the skyline," Betts said. "I've heard mixed reviews, but most folks seem to like it. I think it's a very handsome building."
Betts said the tower fits in well with downtown Austin's balance of historic and modern buildings and will bring in businesses and retailers to help stimulate economic activity and vitality in the area.
Susan Davenport, director of economic development at the Austin Chamber of Commerce, said the building represents confidence in the future economy of Austin.
"[Developers] are acknowledging that they think the economy will be very strong and will support additional office space like this," Davenport said.
According to Emporis Corp., which researches building information, Austin has 62 completed high-rise buildings, with an additional four under construction, four proposed, 17 never built and five on hold.
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