breaking news

Lawsuit from Planned Parenthood, legal group targets new Texas abortion restriction

Austin developer buys downtown IHOP site


Highlights

The IHOP at Interstate 35 and East Cesar Chavez Street was acquired late last year by WC 707 Cesar Chavez LLC.

The 4,633-square-foot restaurant, which was built in 1993, remains open for business.

A Central Texas developer has purchased a high-profile site on the edge of downtown Austin, according to public records.

The site of an IHOP restaurant at Interstate 35 and East Cesar Chavez Street was acquired late last year by WC 707 Cesar Chavez LLC, an entity that is linked to World Class Capital Group, according to the Texas secretary of state’s office. World Class Capital Group was founded by Austin developer Nate Paul.

A purchase price for the IHOP site was not disclosed. The Travis Central Appraisal District valued the .77-acre site at 707 E. Cesar Chavez St. at $8.1 million last year, up from $5.4 million in 2015.

World Class Capital Group did not respond to messages from the American-Statesman seeking details on what the company might have planned for the site.

The 4,633-square-foot restaurant building, which the appraisal district says was built in 1993, remains open for business. Several other Austin-area IHOPs have closed in recent years.

World Class Capital Group has acquired a number of high-profile sites in the downtown area in recent years, redeveloping the former Spaghetti Warehouse restaurant on West Fourth Street and the one-time home of Katz’s Deli on West Sixth Street, among other properties.

In 2013, it proposed a $100 million, 39-story apartment tower at Trinity and East Cesar Chavez streets. The project, which was due to be completed in 2015, was never started.

Outside of downtown Austin, World Class Capital Group acquired and rehabbed a shopping center on Research Boulevard and has invested in self-storage properties across the country.

The newly acquired IHOP site sits at one of downtown’s primary gateways, surrounded by a host of new construction. A block to the north, the 1,048-room Fairmont Austin Hotel is nearing completion. To the south of the restaurant is the Rainey Street neighborhood, where the Hotel Van Zandt and several bars and restaurants are up and running, alongside hundreds of apartments and condos.

Figures from 2014 from the Capital Area Metropolitan Planning Organization show that more than 200,000 cars pass along the stretch of I-35 bordering the restaurant each day.



Reader Comments ...


Next Up in Business

MID-YEAR REPORT: Austin home sales still growing, but slower than 2016
MID-YEAR REPORT: Austin home sales still growing, but slower than 2016

Central Texas home sales grew at a slower pace in the first half of the year, while home prices continued to rise at a steady clip, the Austin Board of Realtors said Thursday. Through June, single-family sales in the five-county Austin metro area — stretching from Georgetown to San Marcos — rose 2.8 percent year-over-year to 14,958 sales...
BUSINESS DIGEST: Work starts on Round Rock office project

DEVELOPMENT Work starts on Round Rock office project Mark IV Capital Inc. has broken ground on Summit II at La Frontera, a 95,000-square-foot building scheduled to open in 2018 in Round Rock. Located near of Interstate 35 and Texas 45, the two-story building will be adjacent to the 87,186-square foot Summit I at La Frontera, which Mark IV purchased...
Barton Creek Resort plans $70M expansion, will add 10-story tower
Barton Creek Resort plans $70M expansion, will add 10-story tower

The 309-room Omni Barton Creek Resort & Spa is planning a major renovation and expansion that will cost nearly $70 million, according to filings with the city and state. Work on the project, which includes plans for a new 10-story hotel tower, will start this fall, with completion set for 2019, according to applications submitted by Dallas-based Omni...
Work starts on new Round Rock office building
Work starts on new Round Rock office building

Mark IV Capital Inc. has broken ground on Summit II at La Frontera, a 95,000-square-foot building scheduled to open in 2018 in Round Rock. Located near the intersection of Interstate 35 and Texas 45, the two-story building will be adjacent to the 87,186-square foot Summit I at La Frontera, which Mark IV purchased in 2013 and has since fully leased...
Study: UT System graduates earn more, but major, campus matters
Study: UT System graduates earn more, but major, campus matters

Workers who received bachelor’s degrees from University of Texas System schools tend to earn more than their peers who graduated from other Texas or U.S. universities, with choice of major exerting the most influence on future earnings, according to a study released Wednesday. Researchers at the Georgetown University Center on Education and the...
More Stories