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AUSTIN-Following its recent acquisition of the 22-acre Concordia University campus, a local developer is putting plans on the board for a $500-million, mixed-use development. Slated to get underway in early 2008, the site has been laid out for up to 2.75 million sf of high-density, mixed-use product.

Michael Hooks, vice president of Capmark Finance Inc.'s Austin office, says East Avenue Investment Group's plans aren't etched in stone yet because no major development can take place until Concordia University officially moves to its new campus at Schlumberger Ltd.'s former 250-acre campus at 2311 W. Rundberg Lane in northwest Austin. The existing Concordia campus, with its main address at 3400 Interstate 35 North, totals 300,000 sf.

"One or two of those buildings being discussed have historic value. But once Concordia is gone, the majority of the campus will be demolished and new buildings put up," says Hooks, whose firm arranged acquisition and construction financing for the project.