A decision isn't far off, but a closing isn't anticipated until midyear, Chris Manley, Pauls' acquisitions director, confides to GlobeSt.com. "We're still very high on Austin's long term," he emphasizes. "We think the fundamentals are strong."
Manley has his eyes on the downtown, where he says "there's some tremendous opportunities." But he's not ruling out submarkets to the north or west. And, he says, a development most likely will be multifamily or high-density residential, specifically townhomes or condominiums. Thoughts about an office project "have been put on hold," he says. That is a result of the amount of sublease space that has come to market in the late fourth quarter and throughout the first quarter. Meanwhile, company leaders are still at the talking table as they settle on "the right project that makes good economic sense," says Manley.
The Pauls Corp. is a leading developer of mixed-use land projects, office buildings, distribution centers and flex buildings. Its 8.5 million sf are situated in its homeport, Detroit, Kansas City, Las Vegas, San Diego, St. Louis, Calgary and Toronto. The Pauls Corp. has 1.7 million sf under roof in Denver. It also is looking at development prospects in San Francisco and Mexico's Guadalajara and Monterrey, according to the company Web site.
The company's strategy is to build suburban office buildings in recovering markets and ideally chooses sites that can accommodate multiple buildings. Its upscale residential communities include Denver's Legacy Gateway Park and the Strasburg project. In Calgary, Pauls has built a high-end, three-community enclave mortared in the historic legacy of Princeton Island.
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