Beginning in 1998, a
joint venture composed of Civitas Investments, Highgate Holdings, and T. Stacy & Associates (collectively Block 42 Congress Partners) consolidated tracts of land at the building site on the intersection of 4th Street and
Congress Avenue. Development of the site was complicated by the lease on the museum and municipal limits on building heights to
preserve views of the Texas State Capitol. Block 42 Congress Partners acquired all of the land required for the project by August 1999, While the initial design for the building from Block 42 Congress Partners called for a tall building with 27 floors, the Cousins Properties design called for a tall office building with 33 floors, over of space, and a plaza. The building was to be the first new
high rise on Congress Avenue in two decades. Initial clearing and demolition of the preexisting buildings on the site began in November 2001. Work on the project continued despite an
ongoing recession, rising office vacancy rates in
Downtown Austin, and a downgrade of Cousins Properties's stock rating by
Merrill Lynch in response to the project's announcement. at the time, the building was the tallest in the U.S. to begin construction after the
September 11 attacks. The building's retail space was fully leased in April 2003 with the addition of a
McCormick & Schmick's restaurant. Frost Bank Tower
topped out on May 28, 2003, including the final
concrete pour and the hoisting of a
cedar tree onto the top of the building as part of the topping out ceremony. It became the tallest building in
Austin, Texas, and the fourth tallest building outside of
Dallas and
Houston, Texas, (excluding the
Tower of the Americas in
San Antonio). The crown atop the building was ceremonially illuminated for the first time on the night of January 21, 2004. Over 700 people attended the event, including Turan Duda, the skyscraper's lead architect. After Austin's skyscraper construction boom, which began in 2007, Frost Bank Tower was soon surpassed in height by the
360 Condominiums at in 2008. As of March 2011, it is the 54th tallest building in
Texas. Currently, there are many notable tenants in the building, including Frost Bank,
Morgan Stanley,
Ernst & Young,
PIMCO,
UTIMCO, and Heritage Title Co. ==Architecture==