Colliers Oxford is redeveloping the 22,500-sf three-story Yaring's building in a partnership with Orlando-based Partners Development on behalf of an unidentified Austin businessman who bought it last year. Scott Lewis of Colliers Oxford is the construction manager on the project.
"The owner, developer and Colliers have come together to preserve the integrity of the building and also to preserve Congress Avenue," Kimbrough, who is the exclusive leasing agent on the property, tells GlobeSt.com. "This is going to provide new life to a building that has sat vacant for the last four years."
Yaring's is a local landmark. Joel Simon and his brother-in-law Leon Schmidt opened Yaring's Department Store on Congress Avenue in 1938. At its height, the Yaring's chain consisted of 10 stores in Austin. In 1993, Simon and Schmidt sold Yaring's to an Alabama retailer. The final three Yaring's stores, including the Congress Avenue location, closed four years ago. Simon, 91, died last month.
Kimbrough says he is working with the city to preserve the original spirit and 1940s art deco look of the Yaring's building. Current plans are to add a rooftop balcony and some minimal parking behind the building. Kimbrough's goal is to lease the property, either to one or multiple tenants. "It is an ideal building for office space because it has very flexible floor plans," Kimbrough says. "The floors are very wide open with only a small number of columns. I think we're going to adapt the space to any number of plans."
Most buildings on Congress Avenue between Town Lake and the Capitol either have been rehabilitated or are in the process of being redeveloped, says Kimbrough. Major landmarks, such as the Littlefield and Scarbrough buildings near Sixth and Congress, also have changed hands in the last 18 months.
Julie Fitch, program manager of the Downtown Austin Alliance agrees with Kimbrough, saying she is aware of only a handful of smaller leases now available on Congress Avenue for office or residential use. "I think the most noteworthy change on Congress Avenue is the large number of residential spaces that are being created and renovated. We're really excited to see that happen," Fitch tells GlobeSt.com. "We're seeing a lot of multifamily and condo users, many with first-floor office or retail space."
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