Rastegar Property Co. Buys Two Sites in South Austin, Plans Mixed-Use Development
AUSTIN, TEXAS — Rastegar Property Co., a private real estate owner and developer, has purchased two parcels in South Austin for the development of a new mixed-use project.
The sites are located at 505 and 507 W. Live Oak St. and are the final leg of a 2.5-acre land assemblage that began with Rastegar’s purchase of a site last September. In January, the company bought two sites at 508 and 511 W. Live Oak St. that totaled a little more than a half-acre for an undisclosed price.
The new development will sit at the corner of South 1st Avenue and West Live Oak Street near Barton Springs Road. The site is a few blocks from South Congress Avenue, as well as Austin’s central business district. Michael McKinley of St. Croix Capital represented Rastegar in the latest land transaction.
“Once we secured the hard corner, things began to fall into place,” says McKinley. “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.”
While still in the planning stages, Rastegar has disclosed that the property will include residences, entertainment uses and a rooftop experience. The company plans for the project to include oversized terraces, tuck balconies, glass features and natural elements to attract Austin’s young and growing workforce.
“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,” says Ari Rastegar, CEO and founder of Rastegar Property Co. “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.”
The project is currently undergoing feasibility studies, and Rastegar will soon begin going through the entitlement process. The firm expects to break ground within one year following the completion of the entitlement approval process and architectural planning.
Rastegar Property Co. has been actively investing in the Austin market in recent months. In addition to its purchase of the previous two Live Oak Street sites in January, the company bought the Mueller Square Apartments in late May and Plaza 38 apartments in the city’s Hyde Park neighborhood in December. Rastegar also purchased a 1.2-acre lot in the city’s St. John’s neighborhood for a future development and two sites on the east side near the intersection of East 7th Street and Interstate 35 in March.
The private real estate investment firm focuses on value-add and development in all asset classes throughout Texas and the Southwest United States, including a new high-rise apartment tower underway in Dallas. The firm and its affiliates have co-invested in or directly own and operate nearly 14 million square feet of real estate across projects in 13 states and 35 cities.
— John Nelson