World Class Property Company Completes Refinancing of Eastside Mercantile Property in Austin’s ...
AUSTIN, Aug. 24, 2021 (GLOBE NEWSWIRE) --
World Class Property Company (together with its affiliates “World Class”), a privately-held, diversified real estate investment company, announced today the successful refinancing and closing of construction financing for Eastside Mercantile, a mixed-use property located at 1200 East 5th Street in East Austin’s Plaza Saltillo neighborhood.
The single-story building offers approximately 36,100 square feet of street-level space designed to maximize the benefits of the transit-oriented development (“TOD”) in the Saltillo area. Defined primarily by their close proximity to public transit facilities, TOD projects create compact, walkable communities built around diverse, mixed-use development. The Eastside Mercantile building is within two blocks of the Plaza Saltillo Station, the Capital MetroRail commuter rail station that served as the anchor for the TOD district. Across the street from the property is the Saltillo District development, six contiguous blocks developed with residential, retail, and office space in partnership with the Capital Metro and the City of Austin.
“The development that’s taken place in the Plaza Saltillo neighborhood over the last few years represents the smart, sustainable growth that is key for cities like Austin,” said Nate Paul, World Class founder and CEO. “Eastside Mercantile fits in perfectly within the district, where the property both benefits from and contributes to the walkability and vibrancy of the community. We look forward to furthering East Austin’s development and hope to set an example of thoughtful, coordinated growth that can be replicated in other areas of the city.”
When World Class purchased the 1200 East 5th Street property in 2017, construction had just begun on the adjacent 10-acre site that was home to the Saltillo District development—a catalyst for the area’s growth. The development included retail, residential, and office space. The project also planned for the creation and ongoing maintenance of 1.4 acres of parkland and included mobility initiatives like extending the Lance Armstrong Bikeway through the district, establishing bike share stations, and creating pedestrian-only paseos.
Several complementary projects followed, bringing additional multiunit housing, hotels, restaurants, and entertainment to the neighborhood. The growth has steadily continued: in 2019, Google announced its plans to expand in Austin with the addition of 150,000 square feet of office space in the Saltillo District. Whole Foods also added a Saltillo store, which opened in 2020 and is located on East 5th Street across from Eastside Mercantile.
Eastside Mercantile is an adaptive reuse transformation that is repositioning a former data center building into a mixed-use project for creative-use tenants including both office and retail users. World Class is currently negotiating leases with a myriad of tenants to occupy the spaces in the highly desirable Lower Eastside submarket. The building is set to receive an exterior transformation with storefront glass, large windows, and walkable accessibility for tenants directly to East 5th Street, Waller Street, and Attayac Street.
About World Class Property Company
World Class Property Company is a privately-held, diversified real estate investment company that owns, operates, and develops office, retail, multifamily, industrial, mixed-use, hospitality, and self-storage assets. The company’s portfolio of development sites is unparalleled, with entitlements for over 75 million square feet of potential development within existing holdings. World Class is committed to the long-term ownership of a high-quality portfolio and a disciplined approach to actively managing properties to create long-term value. World Class Property Company is a subsidiary of World Class Holdings. For more information, visit www.worldclassproperty.com
About World Class Holdings
World Class Holdings is a multibillion-dollar holding company that owns a diverse portfolio of assets and operating companies. World Class utilizes proprietary processes, a disciplined operating playbook, and a data-driven approach to creating long-term value at its companies. World Class has mastered the art of scaling businesses while maintaining an entrepreneurial culture. For more information, visit www.world-class.com