AUSTIN – (Realty News Report) – A five-story mixed-use development is underway in an Opportunity Zone in the East Austin District.
The project, called the Red Bluff Development, is being developed by HN Capital Partners in partnership with Austin-based Red Bluff Partners, which acquired the land in 2014.
JLL Capital Markets arranged $26.65 million in construction financing from Bank OZK for the 91,635-SF office and retail development.
The building will be the first phase of a mixed-use project and consists of a five-story, Class A office building and ground-floor retail space along with a 269-stall parking structure. Designed by Studio Rick Joy, the building will feature open floor plans with ample natural light.
The developer plans to construct a boutique hotel as part of the second phase.
The building will be situated on 1.09 acres at 4713 E. Cesar Chavez St. in the East Austin District, a live-work-play area. This location provides access to the city’s trendy amenity base, which includes more than 2.2 million SF of retail and more than 6,500 multifamily units.
The Red Bluff development will be located near the Colorado River, between Highway 183 and South Pleasant Valley Road.
The JLL Capital Markets Debt Placement team representing the borrower was led by De’On Collins and Chris McColpin, Jayme Nelson and Alastair Barnes.
June 11, 2020 Realty News Report Copyright 2020
Photo: Rendering courtesy, JLL