A parcel of land near Shoal Creek in Central Austin is poised to become a new "neighborhood-focused retail destination," according to local real estate firm Ivy Companies. Along with 35 South Capital, the firm has purchased 2825 Hancock Dr., which will become Highland Market after renovations, featuring retail stores, local restaurants, and other service businesses.
A press release from Ivy describes the parcel as being between the Rosedale and Allandale neighborhoods; it is directly across from Austin Memorial Park Cemetery and will be easily accessible off the MoPac Expressway. The property will include an estimated 18,900 square feet of retail space, which will be shared by 12 tenants.
The immediate area is a dead zone for restaurants, but within a mile to the east, west, and south (everywhere not bounded by the cemetery) are several popular eateries including Fonda San Miguel, Épicerie, Yamas Greek Restaurant, and Carve American Grille. According to the release, the team developing Highland Market expects it to be part of a walkable community that blends dining destinations with convenient neighborhood services.
This outdated property will need a lot of work.Listing on LoopNet
"This neighborhood has a character you can't manufacture. It's been shaped by the people who live here," said Ivy managing principal Roger Plourde in the release. "Our goal is to add to that, not change it. We want to bring neighbors the kinds of shops and services that make everyday life better, in a setting that feels like it belongs."
Ivy's only other Austin retail investment so far appears to be Casis Village in Tarrytown, which is anchored by grocery chain Randall's and also includes the local Zeds Real Fruit Ice Cream and clothing boutique Estilo. Local architecture firm Firmah will handle the renovation. Firmah's past and ongoing Austin projects have included the Canopy Hotel and the new mixed-use project 5th & Walsh. The firm tends to favor industrial design styles.
This outdated property will need a lot of work.