Cypress Real Estate Advisors Plans Mixed-use Development for Austin
By Anca Gagiuc, Associate Editor
Austin’s Burnet Road will be making room to accommodate a new mixed-use project designed by Cypress Real Estate Advisors. The site doesn’t require any zoning modifications as it is currently zoned for vertical mixed-use development.
However, in order for Burnet Marketplace to exist, Pour House Pub located at 6701 Burnet Road will close this autumn before the demolition work scheduled for October. “Pour House will likely be occupying 3,000 square feet of the retail space at the northwest corner of the new project, and they will have exclusive use of a new 1,500-square-foot patio surrounding the large preserved heritage tree currently located in the outdoor bar area,” said Chase Hill, development associate with Cypress Real Estate. The heritage trees of the area will either be retained or relocated.
The development will be built on 3.9 acres. Cypress has also acquired 6601 Burnet Road. It will include 345 residential units of which 10 percent will be affordable for households at 60 percent of the median family income. The first apartment units will be delivered in November 2014. The project will also include 12,000 square feet of retail.
The general contractor is Denver-based Martines Palmeiro Construction. The architect is Dallas-based Good Fulton & Farrell Inc.
Cypress Real Estate Advisors has just completed construction of Lakeshore Pearl, a 230-unit development that’s currently 100 percent leased; a second phase will break ground by the end of 2013 with 295 units to be completed by November 2014. Two other projects are under construction, scheduled to be completed next year. Corazon at East Sixth and San Marcos streets with 256 units will be delivered in January, and Sabine, north of downtown, at the former Concordia University with 298 units will be delivered in October 2014.
Photo courtesy of Brentwood Neighborhood AssociationTags: affordable housing, Architecture/Design, Austin, Austin Lead Story, Conventional - Market Rate, Cypress Real Estate Advisors, Developers, Development, Finance/Investment, Good Fulton & Farrell Inc., Investors, Latest Headlines, leasing, Local, Martines Palmeiro Construction, mixed-use, mixed-use development, National, Pour House Pub, Professional, Regional, retail