AUSTIN—Developer Riverside Resources has begun construction on the first phase of a 100-acre mixed-use campus on Parmer Lane in Cedar Park.
The first phase of the campus, called Presidio, will ultimately feature 74,000 square feet of office space, a 100-room hotel, 320 urban lofts and 21,000 square feet of retail/restaurant space. That initial phase spans 26 acres off the southeast corner of Parmer Lane and Ranch Trails Court.
The remaining 74 acres, on the other side of Ranch Trails Court, spans north and west along Parmer Lane backing up to Brushy Creek. That overall size of the mixed-use development, firm reps say, means Presidio will be able to accommodate a major office campus with upwards of 500,000 square feet, along with additional lofts, retail and restaurant space.
"We believe Cedar Park is ready for a large-scale, mixed-use project where the development components are truly integrated and walkable," Win Smith of Riverside Resources told GlobeSt.com.
It is the design's intention to bring a more urban campus to Parmer Lane and Cedar Park, "loaded with popular modern touches like a trail system, local restaurants, a park and a food trailer court."
Smith also notes that Riverside Resources "considers this project to be an extension of the area's 'technology corridor' that has continued to grow in the northwest part of the region." The Parmer Lane location is northwest of major technology companies like Apple, Google and Xerox.
The first phase office building has been 50 percent pre-leased to American Constructors and will be ready for occupancy in the fall.
"Our organization's growth has enabled us to explore new office options. The timing of Presidio presented an opportunity for American to be part of a new, leading edge development while remaining central to our client base," says Marty Burger, vice president of American Constructors.
Early this year, Riverside Resources will also move ahead with the other components of the first phase, including a 21,000-square-foot restaurant and retail component it's developing in partnership with Chris Whitworth and Mauricio Gonzalez Kane of Cordova Real Estate Ventures.
Cleveland, OH-based The NRP Group LLC will build Cedar Park's first urban loft concept, featuring 320 units for lease in an amenity-rich four-story complex with hill country views.
The developer will handle leasing for the office space in-house, while Travis Robertson of The Retail Connection has been tapped to oversee leasing of the retail and restaurant space.
Other ongoing Riverside Resources projects include a new, 39-story condo tower under way at Fifth and West Street as well as a 266-unit apartment tower called the Whitley, which it sold in a blockbuster deal in February 2014. Riverside Resources also developed Capital Ridge, which features the Hotel Granduca and an office building that was reportedly fully leased by Apple before construction was finished. The firm has recently completed Quarry Oaks III for Bazaarvoice Inc., while it's simultaneously seeking to redevelop the 46-acre former AMD campus in southeast Austin, which it has renamed 5900 Ben White.
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