The Foundry forges new mixed-use project in East AustinThe Foundry forges new mixed-use project in East Austinhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=127002016-04-05T05:00:00Z2016-04-05T20:00:00Z

​​AUSTIN - ​A new office and residential condominium project is scheduled to break ground within the next three months. 

Located at 310 Comal St. in East Austin, the Foundry will total 95,444 sf, including 78,324 sf of creative office space and 17 for-sale condo units.

The developer, Cielo Property Group originally purchased the Comal St. property from Habitat in fall 2014.

The property previously housed the nonprofit's ReStore retail outlet.

Habitat, meanwhile, purchased an old Chuck E. Cheese's building in South Austin on West Ben White Blvd., which provided much more space for both the ReStore and its headquarters.

The size and scope required Cielo to meet the city's density bonus program, which Cielo will meet by paying an $11 per-sf fee. The city will reinvest that money into the project. As part of the city's reinvestment, Habitat will receive one family-sized unit—almost 1,500 sf—to sell to a qualifying buyer.

As part of the deal, Cielo is also swapping a parcel of land with Habitat. Cielo will trade their property at 1409 and 1411 E. Fourth St. for Habitat's land at 1600 and 1602 E. Fourth St.

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

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 the {Source}

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