AUSTIN--MG Properties, the real estate arm of McCourt Global, and The Sutton Co., an Austin-based real estate development firm, have announced the acquisition of a 1.39-acre parcel on the corner of Cesar Chavez and Red River streets, directly across from the firms' 1.4 million-square-foot Waller Creek development project.

Acquisition of the site provides up to an additional 607,640 of buildable square footage for the project and brings the total potential size to two million square feet.

"The Waller Creek project represents an opportunity for MG Properties to elevate mixed-use development to a new and exciting level," Jordan Lang, principal with MG Properties, told GlobeSt.com. "At up to two million square feet across multiple structures, we're talking about much more than co-locating retail, residential, hotels, and office uses. This will be a major nucleus and focal point within Austin that becomes part of the city's lifestyle, connecting whole neighborhoods, retail locations and the business district with the natural beauty surrounding Lady Bird Lake and along Waller Creek itself.”