JER had been the principal owner of the joint venture with Endeavor. Bryce Miller, Endeavor principal, is keeping the investor's name under wraps, saying the new joint venture partner "likes to remain low profile." But the fact that the investor is local is a plus because "they certainly understand the local economy and see the site as a long-term investment," he tells GlobeSt.com.
Miller openly talks, though, about JER's retreat from the project, which could deliver as much as 325,000 sf of class-A office space. "JER had made the determination that they didn't want any additional development exposure in Austin," he says, "given the large investment in the Domain and Downtown." He adds that JER, with its about face, did sign off so that Endeavor could seek a new partner. The buyout came down the pike three weeks ago, but is just now filtering into the brokerage community.
Architects are working up designs for the project, but Miller says a groundbreaking isn't in the immediate future. "We will wait for our market to recover. We will not commence on a purely speculative basis," he emphasizes.
Endeavor and JER had acquired the site from Austin Engineering. It's one of the few sites in west Austin that has immediate access to Loop 360 and a major east to west highway. The property is located on the northwest quadrant of Bee Cave Road and Loop 360, just south of a tract ticketed for an office project by Austin-based CCNG Development Co.
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