The Woodlands Development Company has announced plans for the latest Class A office building to be located in Town Center, at 10 Waterway Avenue.

Susan Vreeland-Wendt, director of marketing for The Woodlands Development Company, said the building will be located on the south side of The Woodlands Waterway, across from 24 Waterway Avenue that currently holds a surface parking lot.

When completed, the 20-story building will be the third tallest within Town Center, next to the two Anadarko Corp. towers at 30 and 31 stories, respectively. The new building will be constructed LEED Silver Certified, she said, and will feature 500,000 square feet of rentable office space.

Vreeland-Wendt said the development company is seeking potential occupants and once a major tenant is secured, a construction timeline would be determined.

"We are now pre-marketing this building, but the design could change depending upon the needs and desires of the tenant or tenants," she said.

The building at 10 Waterway Avenue is the latest in a flurry of new office facilities either under construction or proposed. According to the development company, office vacancy rates in The Woodlands are less than 2 percent.

Currently under construction is 3 Waterway, which will be the headquarters of Waste Connections, Nexeo Solutions and Energy Alloys.

Also planned by the development company for the waterway corridor is an improved pedestrian walkway across the Waterway, a high-rise condominium and a hotel.

"This building would be part of the plans for the south side of The Woodlands Waterway, and would be at the heart of The Waterway Square District within walking distance of The Woodlands Mall and other retail," Vreeland-Wendt said.