AUSTIN--MG Properties, the real estate arm of McCourt Global, and The Sutton Co., an Austin-based real estate development firm, have announced the acquisition of a 1.39-acre parcel on the corner of Cesar Chavez and Red River streets, directly across from the firms' 1.4 million-square-foot Waller Creek development project.

Acquisition of the site provides up to an additional 607,640 of buildable square footage for the project and brings the total potential size to two million square feet.

"The Waller Creek project represents an opportunity for MG Properties to elevate mixed-use development to a new and exciting level," Jordan Lang, principal with MG Properties, told GlobeSt.com. "At up to two million square feet across multiple structures, we're talking about much more than co-locating retail, residential, hotels, and office uses. This will be a major nucleus and focal point within Austin that becomes part of the city's lifestyle, connecting whole neighborhoods, retail locations and the business district with the natural beauty surrounding Lady Bird Lake and along Waller Creek itself.”

In March 2014, McCourt Global and The Sutton Co. announced the purchase and planned development of property along Waller Creek in downtown Austin. At that time, the Waller Creek project was expected to include approximately 1.4 million square feet of office, residential for lease units, condominium units, a lifestyle hotel and retail space in three buildings, the tallest of which would expected to exceed 50 floors, and deliver exceptional views of both Lady Bird Lake and the Austin skyline and direct access to the adjacent Butler Hike and Bike Trail. 

“I believe this acquisition clearly demonstrates MG Properties' firm commitment to both the Waller Creek project and the City of Austin, and to delivering what will be a valuable asset to the downtown area and surrounding neighborhoods,” says Drew McCourt, president of MG Properties. “The newly acquired parcel will provide additional frontage along Cesar Chavez Street and enable us to deliver safe and efficient pedestrian access to our property, the waterfront trails and the many other attractions being created by the Waller Creek redevelopment project.”

"We feel fortunate to have found a partner like McCourt Global who shares our vision for Waller Creek and the Rainey Street District, as well as our commitment to building an exciting and prosperous future for downtown Austin,” says Mac Pike, chairman of The Sutton Co.

Lang concurs: “We're very excited about the potential this project represents for the city."