DENVER, Dec. 3 /PRNewswire-FirstCall/ — Catellus Development Group, a business unit of ProLogis (NYSE: PLD) specializing in mixed-use development, announced today that it will develop a 156,000-square-foot office building for the Seton Family of Hospitals at the Mueller airport redevelopment project in Austin, Texas.
Seton, which operates a network of eight hospitals serving 1.4 million people in central Texas, will relocate its headquarters to the new facility. The building will house approximately 650 employees, including Seton’s entire administrative, human resources, legal, communications and marketing departments. Construction will begin before the end of the year, with completion scheduled for the second half of 2008.
“Seton’s presence will add substantially to the critical mass of high-quality jobs being established at Mueller,” said Greg Weaver, president of Catellus. “These jobs are fueling demand for other types of development at the airport site, including retail, office and residential and accelerating the overall pace of the project.”
The Mueller property spans 711 acres in central Austin. It served as the city’s primary airport for decades before closing in 1999. Catellus was selected as master developer of the property in 2002 and has since managed all key aspects of the project, including community outreach, entitlement, cleanup and public financing. The company is undertaking retail and commercial development at the site itself and partnering with other companies on residential and select commercial construction.
Mueller is already home to a 220,000-square-foot regional retail center; a 127,000-square-foot medical office building; and the Dell Children’s Medical Center of Central Texas, a 170-bed children’s hospital serving 46 counties across the state.
Phase I of residential construction at the site is currently underway, with 4,600 single- and multi-family units planned at full build-out. The University of Texas at Austin’s Dell Pediatric Research Institute, a new children’s health and biomedical research center, is scheduled to open in the second quarter of 2009.
“We continue to make strong progress in the transformation of the old airport into one of the nation’s most successful large-scale, mixed-use projects,” said Matt Whelan, Catellus senior vice president. “Demand for space at the site has been extraordinary from both business and residential customers. We expect this demand to generate solid financial performance for the company over the life of the project, while helping us to create a dynamic new community from the ground up.”
ProLogis is the world’s largest owner, manager and developer of distribution facilities, with operations in 20 countries across North America, Europe and Asia. The company has $34.4 billion of assets owned, managed and under development, comprising 483.0 million square feet (44.9 million square meters) in 2,669 properties as of September 30, 2007. ProLogis’ customers include manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises with large-scale distribution needs. Headquartered in Denver, Colorado, ProLogis employs more than 1,300 people worldwide. For additional information about the company, go to http://www.prologis.com.
Catellus Development Group, a company of ProLogis, specializes in large-scale development projects that involve brownfield sites, military bases, former airports and other locations suited for mixed-use. Catellus’ expertise covers all aspects of mixed-use master development, including planning and entitlement, public infrastructure and amenities, tax-increment financing, environmental remediation, community relations and sustainable design. Catellus also has extensive experience developing retail centers with local and national retail customers. Sample Catellus projects include the Mission Bay development in San Francisco; the Mueller airport redevelopment in Austin, Texas; Alameda Landing in Alameda, California, and Los Angeles Air Force Base in El Segundo, California. For additional information about the company, go to http://www.catellus.com.
SOURCE Catellus Development Group
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