CEDAR PARK, TEXAS — A joint venture between three Austin-based real estate firms — Cordova Real Estate Ventures, Riverside and Live Oak — has broken ground on Phase I of New Hope, a $250 million mixed-use project located in the Austin suburb of Cedar Park. The first two phases of the project are being developed across six parcels on New Hope Drive. Phase I will include three Class A industrial buildings totaling 271,689 square feet. The second phase of development will include an additional 213,700 square feet of industrial space.
The project is also set to include a 32-acre development named The District at New Hope. This portion of the project is still in design, but could include a mix of retail, entertainment, restaurant, hospitality, office space, and research-and-development space. A timeline for the development was not announced.
The project team for New Hope includes Zapalac/Reed Construction Co., McFarland Architecture and Malone Wheeler. Live Oak will market and lease the project’s industrial space, and Travis Robertson with JLL has been tapped to handle leasing of retail and restaurant space.
A number of industrial developments are currently underway in suburban Austin, including 5900 Ben White, an industrial project also by Riverside located just west of Austin-Bergstrom International Airport; and Hero Way West, a 227,200-square-foot industrial development by Freehill Development Co. located in the Austin suburb of Leander.
Each of the joint venture partners behind New Hope is headquartered locally in Austin and focused on investment and development in central Texas.
—Katie Sloan