NORTHBROOK, Ill., Sept. 28, 2023 /PRNewswire/ — Hilco Real Estate, LLC (HRE) announces November 9, 2023, as the managed bid deadline for the sale of two mixed-use development sites located near downtown Austin, Texas. Nearing completion in the entitlement process, these sites offer a combined total of approximately 650 proposed residential units. Buyers can bid on one or both parcels as part of the sale process.
The first parcel sits at the intersection of Airport Boulevard and Kirk Avenue in the desirable neighborhood of East Austin. Minutes from downtown, this 3.4-acre mixed-use parcel has zoning entitlements for the development of over 300 residential units situated above ground floor commercial space. Often referred to as an “authentic” view of Austin, and possibly the best kept secret in town, the neighborhoods within the East Austin submarket exude an electric, trendy vibe that attracts younger professionals and features strong underlying demographics. The area has become synonymous with a vibrant nightlife and live music scene, award-winning microbreweries and popular restaurants, educational museums, and local boutiques and vintage shops. East Austin has benefited from thoughtful revitalization and boasts a perfect mix of historic and new construction. The area immediately surrounding the subject site features numerous residential, office and commercial projects slated or currently under construction, including a 363-unit, Class-A apartment community across Airport Boulevard, as well as modern workplace projects like Springdale General and the Springdale Green project.
The second parcel is located five miles north of downtown Austin, three and a half miles north of the University of Texas at Austin and mere blocks from Austin Community College Highland campus. The premier two-acre development site is located in an area of high growth within the Midtown Austin submarket. The site is also nearing full entitlement status with Site Development Permits and Building Permits and will feature a proposed five-story over two-story podium building with 326 multifamily units situated above desirable ground floor commercial space. The site wraps around the popular Austin-based burger stand, P. Terry’s, and sits across from the Texas Department of Public Safety, providing high visibility along heavily traveled Lamar Boulevard, a Core Transit Corridor. The property offers immediate access to major area thoroughfares, including I-35, MoPac Expressway (Loop 1), Highway 290 and Highway 183, making it accessible to a range of residents. To help address the explosive growth Austin has experienced in recent years, the city has plans in place for the future construction of a light rail line running from 38th Street along North Lamar Boulevard through downtown. Future extensions of this light rail network would push the line north past the subject site to Crestview, supporting residents with a myriad of transportation options to enjoy all the city has to offer.
After a decade ending in 2020 saw a 33.0% increase in population, Austin, Texas, recently became the 10th largest U.S. city in the nation, with an estimated population now totaling 974,447. Further, Austin is set to become the fastest-growing large metro area by 2028, and eventually the third largest metro area in the nation by 2100. The catalyst for this growth includes an influx of global technology companies including Tesla, Dell, Samsung and others, a high concentration of venture capital, low cost of living, dynamic cultural offerings and a warm climate. These factors have combined to fuel Austin’s stratospheric population growth and staggering economic output, drawing migrating talent from around the world and providing a sustainable environment for businesses to thrive.
Steve Madura, senior vice president at Hilco Real Estate, stated, “These development parcels are located within the single hottest market in the country and provide an incredible opportunity for savvy multifamily developers to get in on the action.” He continued, “With entitlements virtually completed, these sites represent the chance for a new developer to hit the ground running, complete the entitlement process and get shovels in the ground – a fact that should make this sale extremely compelling to a host of local, regional and national developers.”
Adam Zimmerman, MAI, vice president at Hilco Real Estate added, “Based on the locations of these sites within the neighborhoods of East Austin and Midtown, the finished developments will cater to a variety of potential tenants. As such, we expect an overwhelming response to this sale. Even amid the higher interest rate environment we currently find ourselves, investors are on the lookout for secure havens amid the prevailing global uncertainty, and historically, real estate, particularly strategically positioned infill land in high-growth regions, has delivered the enduring stability and diversification that investors are after.”
The managed bid deadline is scheduled for Thursday, November 9, 2023. Bids must be delivered to the offices of Hilco Real Estate on or before 5:00 p.m. (CT) on the day of the deadline to be considered. Interested buyers should review the detailed sale terms for requirements in order to participate in the sale process available on HRE’s website. For further information, please contact Steve Madura at (847) 504-2478 or [email protected].
For further information on the property, an explanation of the sale process, sale terms or to obtain access to property due diligence documents, please visit HilcoRealEstate.com or call (855) 755-2300.
About Hilco Real Estate
Hilco Real Estate (“HRE”), a Hilco Global company (HilcoGlobal.com), is headquartered in Northbrook, Illinois (USA). HRE is a national provider of strategic real estate disposition services. Acting as an agent or principal, HRE uses its experience to advise and execute strategies to assist clients in deriving the maximum value from their real estate assets. By leveraging multi-faceted sales strategies and techniques, aggressive repositioning and restructuring experience, a vast and motivated network of buyers and sellers, and substantial access to capital, HRE exceeds expectations even in the most complex transactions.
SOURCE Hilco Real Estate
Originally published at https://www.prnewswire.com/news-releases/hilco-real-estate-announces-the-sale-of-two-exceptional-mixed-use-development-sites-in-austin-texas-301942261.html
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