Pathfinder PFP Retail breaks ground this week on Gateway to Falconhead, a 126k SF mixed-use project in Austin’s Bee Cave area. Phase 1 is 46k SF of boutique retail, and two tenants are already on board: Pioneer Bank and Serasana day spa. They’ll open in about 10 months, at which point the second phase will kick off—80k SF of office condos available for sale or lease.

St. Croix Capital Partners is handling leasing/sales; its John Elges says the project took longer to gain approvals than anticipated. But now he’s feeling great about the success of Gateway to Falconhead, which has 17,000 rooftops (averaging $150k a household) within five miles and 7,000 more in the pipeline. Upon completion, the 14-acre development will likely be valued over $50M. Construction Strategies Management Group’s Jay Macliver is overseeing construction, Southstar Bank provided financing, IE2 is GC, Land Strategies handled land planning, Gary Shaw is the architect, and Garrett Ihnen is the engineer.