AUSTIN – (Realty News Report) – A five-story mixed-use development is now under construction in an Opportunity Zone within East Austin.
The project, named Red Bluff Development, is being developed by HN Capital Partners in partnership with Austin-based Red Bluff Partners, which originally acquired the site in 2014.
JLL Capital Markets arranged $26.65 million in construction financing from Bank OZK for the 91,635-square-foot office and retail project.
The initial phase consists of a five-story Class A office building with ground-floor retail and an attached 269-stall parking garage. Designed by Studio Rick Joy, the building will offer open floor plates and abundant natural light.
Plans for a second phase call for a boutique hotel to complement the office and retail components.
The building will occupy 1.09 acres at 4713 E. Cesar Chavez St. in East Austin, a neighborhood positioned as a live-work-play district. The site benefits from proximity to Austin’s expanding retail and multifamily amenity base, which includes more than 2.2 million square feet of retail and over 6,500 multifamily units nearby.
Red Bluff Development sits near the Colorado River, between Highway 183 and South Pleasant Valley Road, offering convenient access to major transportation routes and neighborhood destinations.
The JLL Capital Markets debt placement team representing the borrower was led by De’On Collins, Chris McColpin, Jayme Nelson and Alastair Barnes.
June 11, 2020 Realty News Report Copyright 2020
Photo: Rendering courtesy, JLL