Third + Shoal joins downtown PID

City Council voted to expand the city’s downtown public improvement district boundary to include Third + Shoal, a 29-story building developed by TIER REIT Inc. and Cielo Property Group. The development partners formally requested inclusion in the PID in November. The properties in the downtown district, which was created in 1993, are assessed an additional 10 cents per $100 in assessed value (with exemptions) which is more than $8.3 billion. Money captured by the PID (about $7.8 million) is used by the Downtown Austin Alliance, which uses the funds for things like safety, cleaning and promoting growth. In a press release about the new addition, Dewitt Peart, president and CEO of the Downtown Austin Alliance, said he was excited to welcome the property into the PID. “Third + Shoal will be home to many companies that are integral to Austin’s growth as a corporate and technology hub, and we look forward to the partners’ involvement and support of our efforts to create, preserve and enhance the value and vitality of our downtown.”