u201cBoth Sutton and McCourt view this project as an important element of the overall effort to revitalize Waller Creek,u201d Pike says.

AUSTIN, TX—McCourt Global is partnering with the Sutton Co. to purchase and develop the Waller Creek project. As GlobeSt.com reported on Wednesday, this is McCourt’s first investment in Austin.

“Both Sutton and McCourt view this project as an important element of the overall effort to revitalize Waller Creek,” says Mac Pike, chairman of the Sutton Co. “The Creek revitalization will be the most significant amenity to downtown Austin since the creation of Lady Bird Lake and the Butler Hike and Bike Trail.”

The 1.4-million-square-foot, mixed-use complex, located near Cesar Chavez and Red River Streets along Waller Creek, will contain office space, residential units, a lifestyle hotel and retail space. When the project completes it is expected to be one of the largest mixed-use developments in downtown Austin.

“We view this site as an important one connecting Rainey Street to the central business district,” Jordan Lang, an associate at McCourt Global, tells GlobeSt.com. “We look forward to creating a special destination for Austonians as well as travelers from around the world looking for an authentic Austonian experience.”

While the purchase price was not disclosed, Lang says that the entire development cost will range between $400 million and $500 million.

So far no hotelier has been lined up to take the space but Lang says, “We are looking to maintain an Austonian culture and compliment the already vibrant neighborhood.”

Ground is expected to break in late 2014.