Austin’s new, upscale, and much-needed architecture studio Austin Design Associates, formerly known as Apartment Design Associates (ADA), is the latest high-end studio to change owners.
After more than a decade, the studio is now known as Austin Design Group, and it has the most prominent, and best-known architecture staff, among them architect, landscape architect, and landscape architecture studio founder, Tony Abbott.
But its new owners have also been aggressive in their investment strategy, taking out the most recent round of $100 million in capital and selling a number of its buildings for as much as $400 million.
With this massive influx of cash, Austin Design has seen its first major real estate bust since 2006, when the office building project at 488 South Lamar Street was torn down to make way for a larger office development.
After that, it has been able to retain most of its architectural staff and still manage to remain one of the top ranked architecture firms in Austin.
In an interview with Business Insider, Abbott said that he and his team had been in the Austin Design space since 2005, and they had seen a dramatic change in the architectural landscape after the financial crisis hit in 2008.
“We were at the peak of the recession, and we had been doing a lot of building, but we had not been doing the kind of architecture that we thought we needed to do,” he said.
“We saw that there was this huge influx of capital coming in, and so we wanted to build the next thing that would allow us to grow the business and continue to expand.”
While it has seen more changes in architecture since the crisis, Abbott says that he thinks the biggest shift has been in architecture itself.
“There is a real shift in architecture from a traditional landscape architecture that has always been built with structural and physical elements,” he explained.
“A lot of that has been built on a very simple foundation, but it’s a much more complex architecture that is based on a lot more elements.”
The new owners of Austin Design, however, are taking that architecture to the next level, with a new architectural studio, Austin Architecture Studio, set to open in 2017.
The company’s latest architectural venture is a project called Apartment Architecture, which will house more than 200,000 square feet of design space, including two floors of mixed-use apartments.
The studio’s design will feature a combination of modern and traditional, Abbott noted, and will include a wide variety of spaces, from small studios, to large, multi-level apartments.
In the coming months, Austin Development Group plans to announce its plans to purchase the remaining 1.8 acres of land adjacent to the Austin-Bergstrom International Airport.
And if you’re a fan of Austin’s architecture, you might want to check out the new, sleek and modern architecture studio, which has a total of 586 floors of office space, according to a report by The Wall Street Journal.