posted on March 16, 2010 00:11
The creators of the $750 million, 23-acre University Park development have sold a portion of the former Concordia University campus.
The East Avenue Investment Group did not disclose the buyer, exact acreage or purchase price, but others have reported Austin-based Cypress Real Estate Advisors as the buyer. The seller did say the land does not include areas where a movie theater, apartment complex and hotel are planned. The company also said the sold property does not include the existing Texas Monthly magazine building and planned medical offices.
Onair Development previously purchased a plot on the southwestern end of the property, where it is planning a 120,000-square-foot medical office.
“Our company’s strategy wasn’t to warehouse or land-bank this property,” said Andy Sarwal, lead developer of University Park and representative of the selling entity.
“We did extensive due diligence and have the utmost confidence in the buyer that, when the time is right, the project will continue to be developed in a way that maintains the integrity and vision of our original development plan.”
The theater and apartment project announced in December are expected to break ground in the second quarter and take about 15 months to complete. Plans call for a 450,000-square-foot building with a theater featuring six to seven screens, about 850 seats and approximately 340 apartment units. Construction on a Hyatt-brand Andaz hotel will begin in mid-2010.
At build-out, the project is expected span about 2.5 million square feet, including 300,000 square feet of retail, 120,000 square feet of medical office space, 500,000 square feet of office, 1,000 residential units, 22 town homes and the 203-room hotel.
March 11th, 2010 | Austin Business Journal