SOUTH AUSTIN, TX — Rastegar Property Company on Tuesday announced its acquisition of land in South Austin to launch construction of a mixed-use development.
The company bought 505 and 507 W. Live Oak Street located two miles from the heart of the downtown Austin, completing a land assemblage Rastegar has been looking to complete since first purchasing the affectionately named “Slackerville” property last September, officials said in an emailed advisory.
“The intersection of South 1st and West Live Oak is a vibrant, attractive neighborhood that’s often sought-out by the countless young professionals who make their way to Austin every year to take advantage of the growing job demand,” Ari Rastegar, CEO and Founder of Rastegar Property Co., said in a prepared statement. “With the acquisitions of 505 and 507 West Live Oak, Rastegar is able to develop a beautiful mixed-use commercial and multifamily space that pays homage to the neighborhood’s unique culture, while providing residents and neighbors with the absolute best amenities.”
In developing the building, Rastegar will utilize floor plates as oversized terraces and tuck balconies deep into the building to couple with existing natural features, creating a uniqueness among residential units. Taking advantage of the dapple-shade of trees, a glassy volume and feature lighting, Rastegar will create a breathtaking setting for entertainment uses, while the building’s roof will provide residents with sweeping views of Downtown Austin, officials described.
Added Michael McKinley of St. Croix Capital, which represented the purchaser in the transaction: “Once we secured the hard corner things began to fall into place. All parties worked diligently to overcome obstacles related to COVID-19 in order to complete this 2.5 acre assemblage, due to the high demand for development sites in Austin's urban core.”
The project is currently undergoing feasibility and yield studies, and Rastegar will begin going through the entitlement process, officials said. The firm expects to break ground within one year following the entitlements and architectural planning.
About Rastegar Property Company
Rastegar Property Company is a technology-enabled private real estate investment firm focused on value-add and development in all asset classes throughout Austin and the southwest United States. Rastegar and its affiliates have co-invested in or directly own and operate over 13.8 million square feet of real estate across projects in 13 states and 35 cities. The firm specializes in acquiring complex or undervalued assets with opportunities to create value through repositioning, redevelopment, and/or improved operational efficiencies.