Austin city council greenlights Cielo's office and residential projectAustin city council greenlights Cielo's office and residential projecthttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=126962016-04-01T05:00:00Z2016-04-01T17:00:00Z

​AUSTIN – ​​Cielo Property Group will break ground soon on The Foundry, an office and residential condominium project at 310 Comal St. The 95,444-sf development will ​include 78,324 sf of creative office space and 17 for-sale condo units.

​​The city council unanimously approved the affordable housing plan that Cielo proposed in partnership with Habitat for Humanity. 

The Comal property was purchased from Habitat in fall 2014. It previously housed the nonprofit's ReStore retail outlet, and Cielo intended to retrofit the project into creative office space. However, that proved unfeasible, and plans were changed.

The investment will benefit Habitat, which will receive one family-sized unit—almost 1,500 sf—to sell to a qualifying buyer. The remainder of the units will be sold at market value and be smaller.

Additionally, Cielo is trading property at 1409 and 1411 E. Fourth St. for land Habitat owns at 1600 and 1602 E. Fourth St. The new parcel will allow about 8,800 sf of additional development than could be entitled on the other parcel.

The Foundry mixed-use project could deliver as early as fourth quarter 2017.

Sixthriver Architects is the designer. Rogers-O'Brien Construction has been handling preconstruction and is expected to take the project forward. KBGE is the civil engineer.

Austin Business Journal
Austin-Round Rock
http://www.bizjournals.com/austin/blog/real-estate/2016/04/cielo-moves-ahead-with-innovative-east-austin.htmlRead more at {Source}

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