Riverside Resources Mounts Mixed-Use Project in Suburban Austin
- Jan 15, 2016
Riverside Resources just took a big step forward in its plan to create a live-work-play destination in Cedar Park, Texas, with the commencement of construction on Presidio, a 100-acre project designed to add a new spark to the rapidly expanding suburban Austin town.
Sited roughly 20 miles north of Austin, Cedar Park is undergoing a growth spurt; the U.S. Census Bureau ranked it the fourth fastest-growing city in the country in 2014 and Riverside Resources is cashing in on that growth. Presidio, considered by the company to be an extension of the area’s technology corridor, will sprout up on Parmer Lane and ultimately feature residential units, retail space, lodging accommodations and, most notably, 500,000 square feet of office space.
“Riverside Resources believes Cedar Park has done a great job creating a dynamic welcoming community. We also believe Cedar Park is in a better position than ever to accommodate growing corporate tenants…and hope this project will be the tipping point for the office market,” Riverside Resources’ Win Smith told CPE. But it’s not just the city’s growth that is spurring demand for office space; it’s the drive. As Smith noted in a prepared statement, increasingly challenging traffic conditions are such that a growing number of area employers are becoming eager to set up shop in Cedar Park so they can be in close proximity to where employees live—and play.
Presidio’s first phase will span 26 acres and encompass 74,000 square feet of Class A office space, half of which has already been claimed by American Constructors. The project’s initial phase will also include 320 multifamily units in a five-story complex to be built by The NRP Group; 21,000 square feet of retail/restaurant offerings that will be developed by Cordova Real Estate Ventures; and a 100-room hotel. American Constructors is scheduled to move into its new office digs in the fall of this year.