An Austin-based developer has started the first phase of a project in Cedar Park that will have lofts, offices, shops, restaurants and a hotel on 100 ares on Parmer Lane south of RM 1431.
Riverside Resources, one of the region’s most active development, investment and management firms, is behind the project. Called Presidio, the first phase will have 74,000 square feet of office space, a 100-room hotel, 320 lofts and 21,000 square feet of retail and restaurant space.
The project is being designed to bring a more urban, walkable development to Parmer Lane and Cedar Park, with amenities including a trail system, a park, local restaurants and a food trailer court.
The initial phase spans 26 acres off Parmer Lane and Ranch Trails Court, west of the Brushy Creek subdivision. The remaining 74 acres are on the other side of Ranch Trails Court, running north and west along Parmer Lane backing up to Brushy Creek. The project will be developed in phases, timed to market demand.
The first-phase office space will be in two buildings, one with 24,000 square feet and the other with 50,000 square feet.
American Constructors will lease 12,000 square feet in the smaller building, where it will relocate the regional administration operations of its general contractor and equipment rental services. American Constructors has said it will create 75 jobs with an average salary of $80,000 a year.
The Cedar Park City Council last month agreed to reimburse Riverside Resources for up to $413,000 for water, wastewater, drainage and transportation infrastructure improvements associated with the office construction. Riverside Resources said it could seek additional incentives for subsequent phases, although no formal application has been made.
Presidio would also be able to accommodate a major office campus with upwards of 500,000 square feet of space, along with additional lofts, retail and restaurant space, said Win Smith with Riverside Resources.
“As Austin grows, we see demand for major mixed-use and corporate campuses in strategically-located corridors throughout the region,” Smith said. “One key reason: traffic. Congestion has gotten so bad, employers want to locate where employees live but also have access to amenities. Presidio makes that possible.”
Smith said Riverside Resources views Presidio as an extension of the technology corridor that has continued to grow in the northwest part of the region, with companies including Apple Inc. and Google.
Eldon Rude, a local housing expert, said Presidio’s location and mix of uses could make it a successful development, by a company with a track record of well-conceived projects in Central Texas.
“The fact that they are looking to do mixed-use, including an office and residential component, is consistent” with market demand, Rude said. “People want to live near where they work.”
In addition to the office buildings, Riverside Resources is moving ahead with other components of the first phase, including restaurant and retail space it is developing with Chris Whitworth and Mauricio Gonzalez Kane of Cordova Real Estate Ventures in Austin.
The NRP Group LLC, based in Cleveland, Ohio, will build the lofts.
Riverside Resources’ other projects include an upscale 39-story condo tower being built at Fifth and West streets in downtown Austin and Capital Ridge near Bee Cave Road and Loop 360, which features the Hotel Granduca and an office building that Apple fully leased before construction was finished.