Alongside a team of seniors and associates from real estate and investment management firm JLL, Alastair Barnes helped secure a massive development deal for a one-acre parcel in Austin, Texas. The development is to be located in a Qualified Opportunity Zone and is being described as a “live-work-play” hybrid that seeks to encapsulate the spirit of the city.
Austin is the state capital of Texas and is famous for its “Keep Austin Weird” slogan, its robust outdoor exploration scene, its beloved live music culture—including festivals such as SXSW and Austin City Limits—and of course, its delicious Tex Mex cuisine. It’s the perfect location for this new work-hard-play-hard development, which features a mixed-use five-floor office and retail space. The plan is sure to make a splash in Austin’s working class.
An Exciting Development
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment advisory, debt placement, equity placement, or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
As their mission statement puts it, “We embrace the human side of business, which makes us better at delving into the business side of business.” This new building reflects that—it’s a multifaceted space that has the potential to fulfill both work and social needs. A JLL investment brokerage team consisting of analyst Alastair Barnes, Senior Directors De’On Collins and Chris McColpin, and Associate Jayme Nelson worked on behalf of developer HN Capital Partners to secure a $26.65 million dollar loan for this upcoming Austin project. The construction financing will cover the fabrication of a multi-story office and retail space that spans over 90,000 square feet.
Stephanie Plains, the Global CFO said, “We believe our culture shines in these moments and our long-term beyond strategy, global full-service platform, strong balance sheet, and best in industry talent enable us.” With that heart in mind, this building is said to be the first phase in an ongoing and future plans include the development of a boutique hotel with access to the city’s wide array of amenities and recreational facilities.
The design plan, crafted by states that the building will incorporate open floor plans and provide ample access to natural light. Studio Rick Joy’s portfolio also includes the design of a five-story apartment building in Mexico City, a Princeton University transit hall, the Amangiri Resort and Spa. His architecture incorporates an elegantly fun style that has investors especially excited about this new project.
The inclusion of this multimillion-dollar investment into the Austin community is part of an ongoing effort to boost the local economy. Austin is one of the most-moved-to cities in the United States, so the city is working hard to provide the amount of entertainment and practicality to keep its unique Texas culture alive.
Something New in East Austin
The first-phase building will be located in the East Austin District. East Austin is one of the most rapidly growing areas in the Austin area, and its neighborhood showcases an eclectic drinking and dining scene, independent boutiques, and unbeatable nightlife. It’s also a neighborhood that prioritizes cultural enrichment—Six Square is a staple of Austin’s African-American population, and other cultural centerpieces include the George Washington Carver Museum and the Cultural and Genealogy Center.
The development’s address is at 4713 E. Cesar Chavez Street. If you live in the Austin area or ever travel to Texas, this is certainly a project to have your eye on. It will make a natural addition to the lively East Austin area.