PlaceMKR to Undertake 2 MSF Mixed-Use Redevelopment Project in Austin

AUSTIN, TEXAS — Locally based developer PlaceMKR will undertake a 2 million-square-foot mixed-use redevelopment project at a 22.5-acre site at the intersection of East Riverside Drive and State Highway 71 in Austin. The site currently houses a storage facility and a former mobile home park. Designed by Steinberg Hart on land owned by Artesia Real Estate, East Riverside Gateway will be a seven-building development that will feature residential, office, retail and restaurant uses, as well as some 4,000 onsite parking spaces. More specifically, four of the buildings totaling approximately 1,100 units will be devoted to multifamily usage, with street-level retail connecting all the structures. Construction will occur in phases, with the initial phase expected to begin within 12 months pending the developer’s securing of an equity partner. The development team is also in the processing of obtaining entitlements and permits.