Plans for the development or redevelopment of four major Austin properties—including the former “Slackerville” on South First street—include building and renovating projects for mixed and multifamily use, local real estate investment firm Rastegar announced Tuesday.
The firm acquired 16 Texas and Arizona properties in 2019, including two existing multifamily properties, a lot on South Congress Avenue, and the former mixed-use property on South First (often called “Slackerville” for its assortment of longstanding small local businesses offering merchandise such as vintage clothing and records) and smaller lots surrounding it.
A press statement from Rastegar explains that its strategy is reposition, redevelop, or improve “asset management and operational efficiency” of properties that are, essentially, located in the urban core—near “employment opportunities, higher education institutions, residential areas, restaurants, entertainment, healthcare facilities, and major transit corridors.
A representative for the company elaborated on plans for the properties it acquired in Austin in fall of last year.
Plaza 38 in Hyde Park
Rastegar purchased the 48-unit, 36,740-square-foot multifamily residential complex at 206 West 38th Street “to provide upscale living spaces to young professionals, graduate students and high-earning individuals in the North Austin/Hyde Park area that are looking for a minimum commute to the nearby hospital, University of Texas (UT) campus and the multitude of surrounding hotspots,” according to its press release.
Highland Heights in St. Johns
The company will fully renovate the 50-unit, 29,867-square-foot, multifamily residential complex in the North Central Austin neighborhood. It also plans to increase property-management efficiency.
New multifamily development on South Congress
The company acquired the 1.3-acre, 56,628-square-foot lot at 5402 South Congress Avenue with the intention of building a new multifamily residential complex. Located south of West Stassney Lane between Redbird and Mockingbird lanes, the lot has a total buildable potential of over 110,000 square feet. Rastegar plans to develop a 76-unit complex with 115 underground parking spaces on the property
New mixed-use at old Slackerville
While Rastegar announced its acquisition of the A 1.77-acre, 77,101 square foot 2209 South First Street—along with several smaller surrounding lots—last fall, it hasn’t released specific plans for the spot other than confirming that it will probably be developed for mixed use.
The seller of the Slackerville property was World Class Holdings, the downtown offices of which federal agents raided in August for reasons that have yet to be specified.