Austin, Texas-Based Vignette Corp., Halts Plans for New Office Complex.

Byline: Stephen Scheibal

May 9--Vignette Corp. has scuttled plans to build a $350 million office complex near Town Lake, blaming an economic slowdown that has jarred technology companies around the world and hobbled the building boom in downtown Austin.

Greg Peters, chairman and chief executive of the Austin-based company, said Tuesday that Vignette's move into downtown does not make sense with the turmoil in the high-tech economy, even with the $25 million incentive package of fee waivers and reimbursed property taxes that the City Council approved in December.

"Downtown makes a lot of sense for Vignette for a lot of reasons," Peters said. "It's unfortunate that this particular deal doesn't work at this particular time."

The city incentives were dependent on the development, so Vignette's …