A crown jewel of the South Congress strip is now for sale. On March 26, CBRE, a commercial real estate and investment firm, announced the building at 1701 S. Congress Ave., which currently houses the flagship Kendra Scott store, is on the market.
The 3,110-square-foot building was originally built in 1920 and sits on a 0.16-acre lot on the corner of Milton Street. Most recently, it was the home of Hill Country Weavers before undergoing a gut renovation in 2018.
With Austin firms like Sixthriver and architectural superstar Michael Hsu involved in the project, the humble craft store was transformed into the chic, glittery home of Kendra Scott, which moved operations from its previous flagship at 1400 S. Congress Ave. in November 2018.
"Kendra Scott ... will be staying in the location," Brad Bailey, first VP at CBRE, confirmed to CultureMap. "The current owner, a private investor who owns the asset, is selling the asset as part of his investment strategy."
The sale is likely to incite quite a bit of interest considering its prime location near attractions such as the South Congress Hotel, and restaurants like Vespaio and June's All Day.
“With demand so high for investment property, we expect interest from investors around the U.S. and, perhaps, even internationally, as few assets like this make it to market,” Bailey said in a release. "South Congress is experiencing an unprecedented level of growth and attractiveness to the next generation of retail. We do not see this slowing down anytime soon.”
So how much will it cost those potential investors? The sellers are staying mum, with a rep saying only that "CBRE cannot confirm any price at this time."