Gateway to Falconhead breaks ground
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Work has begun on a 126,000-square-foot, mixed-used project in the Austin suburb of Bee Cave.
The project, which consists of 46,000 square feet of boutique retail space. Construction on that phase is anticipated to last 10 months. Immediately following, a second phase will begin consisting of an 80,000 office condo concept available to buy or lease, something that distinguishes it from other office space in the area.
Upon completion, the 14-acre development is anticipated to have a market value of more than $50 million.
The project is being developed by Pathfinder PFP Retail LLC while Austin-based brokerage firm St. Croix Capital Advisors is handling the marketing and leasing/sales. Jay Macliver with Construction Strategies Management Group, a sister company to the brokerage house, is overseeing construction of the development.
“It’s no secret this project took longer to gain approvals than we were anticipating. While quite stringent, we were able to successfully navigate the City of Bee Cave’s permitting process – and we’ve created a concept everyone embraces,” said John Elges, the broker leading the marketing and leasing efforts for the Gateway to Falconhead.
St. Croix’s research found more than 17,000 rooftops are located within a five mile radius of the site, along with an additional 7,000 additional homes in the pipeline. The area also enjoys a healthy average household income of $150,000, as of 2013.
“This burgeoning residential area creates a trade area as well. Our well-vetted and thought-out concept is being well-received by the local community and will help provide necessary services to a strong and growing residential base,” Elges said.
Already two retailers have signed on board, with a myriad of other negotiations underway. Pioneer Bank will have a 3,000-square-foot branch, pending regulatory approval. Also Serasana, a day spa that fuses ancient wellness practices with stress and pain management, will occupy 3,500 square feet.
The lender for Gateway to Falconhead is Southstar Bank, the construction firm is IE2, the land planner was Land Strategies, the architect is Gary Shaw and the engineer is Garrett Ihnen.
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