A taxing situation
Classic South Austin taco spot faces uncertain future as property hits the market
The on-again, off-again sale of the Maria’s Taco Xpress property in South Austin is back on.
The 1,922-square-foot building that houses the iconic Tex-Mex restaurant, as well as the 1.1-acre plot that it sits on and 55 prime parking spots, hit the market in August, according to a new listing from commercial real estate services company CBRE.
Maria's doesn't have a list price. Instead, it is being marketed for the next six to eight weeks and an "all-for-offers notice will be sent to all prospective buyers via email," according to the listing.
What a sale would mean for the future of Maria’s Taco Xpress remains unclear. The listing indicates offers for the property might include a provision enabling owner Maria Corbalan “to remain in the space for a short lease in order to relocate [the] business.”
It’s not known, though, whether Corbalan intends to move the restaurant to another location. CBRE declined to comment, and Corbalan couldn’t be reached.
The property at 2529 S. Lamar Blvd., however, has been the subject of sale talk in the past.
In February 2017, Corbalan looked into selling the site because of escalating property taxes. However, her deal with an unnamed buyer fell through, so Corbalan said in June 2017 that she’d hang onto the property and keep the restaurant open.
The property tax problem hasn’t gone away. Travis County property records show the assessed value of the Maria’s Taco Xpress property soared from $1,043,119 in 2014 to $2,795,000 in 2019. That’s a 168 percent jump in only five years.
Still, the premium locale will likely garner heavy attention.
“This property provides real estate investors or restaurant operators the chance to own a prime asset on one of the ‘Hippest Streets in Texas’ in one of the fastest growing cities in America,” the property listing says.
Bradley Bailey, Logan Reichle, and Adam Rabin, all of CBRE, have the listing.