Austin-based The Sutton Co and Dallas' Koa Partners are going all in to build a 60-story tower that would house luxury apartments, a hotel and office space in the Rainey Street District.
Groundbreaking on the two-acre site is set for mid-2017. The cost of what will be the tallest building in the city is reportedly about $460M. Developers also want to build a smaller building adjacent to it for condos and another hotel.
EXECS
The Weitzman Group promoted Gabriel Sanchez to SVP of the commercial retail division. He handles retail project leasing and retail tenant representation in the Austin area.
LEASES
Heaven Hills Distillers leased 10k SF of retail at 21015 IH-35 in Kyle. REOC’s Mark Milstead repped the tenant, while Trophy Real Estate’s Tom Guilford repped the landlord, Umphrey Family LP.
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Shaved-ice maker Sweet California Snow signed a lease at North Hill Shopping Center (2035 Austin Hwy, San Antonio). Retail Solutions’ Bill Lucas repped the landlord, and Century 21, Scott Myers Realtors’ Lanna Pedota repped the tenant.
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Burnet Marketplace, a new mixed-use/multifamily development in Austin, reached 85% occupancy with three new retail tenants. King & Rose Optical will open in July 2016; Spavia, a day spa with locations in 10 states, including two in Texas, will open in fall 2016; and Barley Bean, a café, will also open in the fall of this year. CBRE’s John Heffington and Eric DeJernett are the exclusive retail leasing advisers for Burnet Marketplace.
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Heartflow leased 11k SF and TK20 leased nearly 11k SF at UFCU Plaza in Austin. Heartflow was repped by Cushman & Wakefield’s Brian Walker and Brian Butterfield. TK20 was repped by Aquila Commercial’s Kristi Svec Simmons, Jon Wheless and Max McDonald. Aquila Commercial’s Bethany Perez, David Putman and Mike Murphy repped the landlord in both transactions.
SALES
Carroll Capital Investments bought 16 acres at Dessau Road and East Parmer Lane. REOC’s Kurt VanderMeulen repped the buyer, and Reynolds & Lapp Commercial’s Richard Lapp repped the seller.
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1301 Capview LP purchased the top floor of Capital View Center, consisting of over 12k SF. Equitable Commercial Realty’s Haley Berry and Matt Levin repped the seller, and State Street Properties’ Landon Durham repped the buyer.
FINANCE
Bellwether Enterprise closed a $13M acquisition loan for a multifamily complex in Austin. Oslo Apartments, a 176-unit apartment building, was purchased as a market-rate building, but upon acquisition, Bridge at South Point reserved 50% of the units for households earning less than 80% of AMI. Bellwether Enterprise SVP Kevin Bowen from the company’s Dallas office arranged the loan, which creates affordable units in the building and increases the supply of workforce housing in Austin.
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Thrive Lending lent $4M to cash-out refinance an office building and $917k to refinance a lot development—both in Austin.
THIS AND THAT
Freedom Solar is set to reveal Austin’s largest rooftop solar installation in Central Texas at the Strictly Pediatrics Surgery Center in Mueller. Comprised of nearly 2,500 solar panels, the 812-kilowatt system designed and installed by Freedom Solar Power includes two solar canopy structures on the parking garage, a roof-mounted solar array on the building, and an in-lobby monitoring system that shows the energy savings in real time.
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LJA Engineering acquired Longaro & Clarke Consulting Engineers, an Austin-based engineering firm. The acquisition broadens LJA's services in land development, drainage, flood control planning and utilities studies and design.
