The property is located in East Austin, Texas, a rapidly gentrifying micro-market within 1.5 miles from the center of the Austin CBD and a 10 minute walk to the light rail station. The East Austin neighborhood is quickly becoming one of the most progressive areas of Austin.
This asset currently consists of four tracts totaling 3.06 acres with two adjacent warehouse buildings which will be repurposed and converted to creative office space. The rehab will include an additional 15,000 square feet of mezzanine office space, which will bring the fully rehabbed square footage to 80,000 square feet. The remaining area will provide parking for the facility.
Once completed, the development will deliver Class A creative office space that is unique to the market and difficult to replicate. Construction is scheduled to commence 2nd quarter of 2017 and delivered to the market 4th Qtr 2017 - 1st Qtr. 2018.
Larry Lance, Managing Partner with EverWest, comments, "We intend to provide a state of the art asset unique to the market as part of EverWest's greater adaptive re-use 'Modernized Office Strategy', and are excited about this location in Austin."