Austin’s first opportunity zone project coming soon

​AUSTIN – Work will start next month on a 62,000-sf creative office at 1141 Shady Ln.​ in the ThinkEast master-planned development.​

It will be the city’s first ground-up development to use a qualified opportunity fund.

A three-story building, designed by Bercy Chen Studio LP, will be the focal point of PlaceMKR and Saxum Real Estate’s development. There will also be a 9,000-sf outdoor courtyard around the property.​​

Tenants of the new building could be eligible for tax benefits as long as most of their assets and gross income are derived from the opportunity zone and if their backers’ investments come from capital gains.

Newmark Knight Frank represented the buyers and ​will exclusively lease the new development.