Plans for revamped San Marcos shopping center include 233 apartments


Highlights

When Endeavor took over in 2014, Springtown Center was a sickly strip mall that was only 10 percent occupied.

Additions have included heavy hitters such as Chuy’s, Gold’s Gym and The Spot, an entertainment venue.

An Austin developer has changed course on plans to revamp a San Marcos shopping center.

Since taking control of Springtown Center in 2014, Endeavor Real Estate has landed a number of high-profile tenants to fill what was, at the time, a sickly strip mall that was only 10 percent occupied. Additions have included heavy hitters such as Chuy’s, Gold’s Gym and The Spot, an entertainment venue.

While Endeavor had initially been in talks with a number of interested retailers to fill the remaining space in the shopping center, the developer has decided to go another route. Instead, it is demolishing a chunk of the center between Chuy’s and the former Target store that’s now home to Gold’s Gym and The Spot to make way for a multi-story apartment building that will have 233 units with 32,000 square feet of ground-floor retail space.

The project will be called The Lyndon after former President Lyndon B. Johnson who attended nearby Texas State University back when it was known as Southwest Texas State Teachers College. It’s expected to be completed in mid 2019.

“We’re excited about this opportunity and believe it will create great synergy with the existing shopping center, its tenants and customers,” said Endeavor principal Nelson Crowe, who has been working closely on the project with Buck Cody, another Endeavor principal.

“We believed all along that eventually the highest and best use for this asset was some sort of dense, vertical mixed-use project. We even set up our initial retail leases so as to allow for a portion of the project to be developed with some density.”

The 233 apartments will have a total of 515 beds, Crowe said, targeting a mix of Texas State students and non-students. Texas State currently has about 40,000 students, while the population of San Marcos as a whole was 61,980 in 2016, according to the U.S. Census Bureau.

“As we continued to watch Texas State expand and obtained a better understanding of the surrounding student housing market, our belief that the site was suited for density was both solidified and expedited,” Crowe said. “Our first leases – Gold’s, The Spot and Chuy’s – also helped push us in this direction. With these tenants, our other current restaurants, retailers and service providers at Springtown, and our proximity to H-E-B and Texas State, we believed that we had an amenity package for a best-in-class student housing project that was unrivaled anywhere else in the market.”

The remaining portion of Springtown Center is 100 percent leased, according to Cody and Crowe, with tenants reporting they’re “very pleased” with the project and are meeting or beating projections.

“The reaction has been positive,” Crowe said. “Less than three years ago, there was approximately 200,000 square feet of vacancy and a very broken project. Today, the students at Texas State and the residents of San Marcos have amenities that they previously didn’t, and the city sees an interesting and exciting project at the main exit into downtown.”

In addition to Springtown Center and The Lyndon, Endeavor has a number of other Central Texas projects in various stages of development. It has recently opened a pair of high-profile retail centers – Domain Northside in North Austin and The Parke in Cedar Park – and is working to redevelop Plaza Saltillo in East Austin and the American-Statesman site just south of downtown Austin.



Reader Comments ...


Next Up in Business

10 years in, state’s cancer fund faces an uncertain future
10 years in, state’s cancer fund faces an uncertain future

As it nears the 10th anniversary of its creation by Texas voters, a variety of metrics can be used to gauge the impact of the state agency charged with fighting cancer. For instance, the Cancer Prevention and Research Institute of Texas — commonly known as CPRIT — has recruited 135 researchers to the state, helped put in motion 108 clinical...
Up the Ladder

EDUCATION The Texas Charter Schools Association has named Chuck Cook interim executive director. FOOD SERVICE INDUSTRY Amplify Snack Brands has named Greg Christenson executive vice president and chief financial officer and has named Craig Shiesley chief operating officer and president, North America. HEALTH CARE St. David’s HealthCare has named...
UT-born Tiff’s Treats ventures into Aggieland
UT-born Tiff’s Treats ventures into Aggieland

Tiff’s Treats certainly has a recipe for success. The Austin-based company that specializes in deliveries of hot cookies continues to grow, most recently adding a Tiff’s Treats in the heart of Aggieland. The College Station Tiff’s Treats is in the Century Square mixed-use project near the Texas A&M campus, where it joins another Austin...
Top Local Business Stories of the Week
Top Local Business Stories of the Week

HOUSING MARKET Austin-area home sales up only slightly in August: Central Texas home sales edged up only slightly in August, while the median home-sale price rose 4 percent to $300,000, the Austin Board of Realtors said this past week. Some local real estate agents say the latest figures could indicate that, although demand is still strong, the local...
Texas weighs impact of latest GOP plan to repeal Obamacare
Texas weighs impact of latest GOP plan to repeal Obamacare

The latest iteration of Republican efforts to replace the Affordable Care Act appears at first blush to be a potential boon to Texas by making it eligible for an estimated $34 billion in additional federal health care funds through 2026 if the plan wins approval — more than any other state. But some health care advocates say they are skeptical...
More Stories