As money moves further East of I-35, bringing all of gentrification's associated trappings with it, even the most seasoned landlords and investors are finding themselves asking, "Is there anything left?". Techies, entrepreneurs, and artists are still flocking to Austin looking for flexible space, but with prices in the high-growth corridor soaring, can supply meet demand?
"We were 66% pre-leased and 100% occupied within 3 months of our renovation's completion." - DeLea
523 Thompson is a shining example of creativity's role in commercial development. Tucked away one block off S-183 near Callahan's General Store, the space was practically invisible to most passer-byes when Beck Reit Commercial bought it back in 2014. Derelict and bland, one might not have noticed the sturdy concrete tilt wall and steel frame construction or the open floor plan perfect for flexible commercial use. With an understanding of the current market and foresight honed through experience, we used our resources to complete a total gut renovation of the property.
By opening up and refinishing the interior shop space, we made 523 Thompson fit to bear its new CS-1 zoning, allowing for a multitude of uses by our tenants. Adding three garage-style bay doors improved accessibility and the range of uses, especially for suite 1 which has been approved for food service use. A striking paint-job adorned with hand-painted accents gave the building more curb appeal for both our tenants working there day-to-day and the clients they bring with them.
Beck-Reit Commercial worked with our development partner Sloan Houser of Sloan Montgomery Finishes to put together an incredible team including Denise Shaw of Plumb Architecture. Jeff Shindler of Texas Design Interest handled engineering needs. Construction was performed by Beck-Reit & Sons, Ltd. with a long list of great subcontractors.
The 4,000 square foot office/warehouse went on the market early 2017 and officially sold July 2017. It was a bitter - sweet closing. 100% Leased, 100% Renovated, sitting in a prime location with CS-1 Zoning (the Golden Egg of zoning in Austin). In rapidly developing areas like East Austin, the property is proof that development isn't just looking for diamonds in a pile of coal; sometimes success requires making the diamond yourself. More information about 523 Thompson is available -click HERE for Sale Flyer.
The Band the must play on! Next renovations in line for East Austin are: