The Plaza Saltillo District has officially entered the pipeline after ground was broke this week.Deep in the heart of Texas, there’s a city that consistently tops the list of hottest metro areas. That city is Austin, and that has led to the commercial and residential real estate market in the area to thrive. Since there’s only so much space out there that can change hands, you know that new developments have to be a big part of the area’s enormous growth. As the Austin Business Journal shares, one of the developments on tap is the Plaza Saltillo District, which has officially entered the pipeline after ground was broke this week.
This transit-oriented development will span across 10 acres of prime real estate in East Austin, and the result will be a mixed-use multimodal community that will feature apartments, office space, retail outlets, open space and public art.
“The Plaza Saltillo District is the realization of a shared vision of literally hundreds of talented and dedicated people, and reflects more than 20 years of input from surrounding neighborhoods, businesses, elected leaders and community stakeholders,” Linda Watson, Capital Metro's president/CEO said in a statement. “We are very grateful for all of their efforts in the creation of this future vibrant and transit-rich neighborhood that will help address two of the region's biggest problems - mobility and affordability.”
This massive project will span six continuous city blocks, and plans call for 140,000 square feet of office space, 110,000 square feet of retail, including restaurants, roughly 800 residential units, and 1.4 acres of public open space that will include parks, a paseo, and bikeways.
"A primary goal of this project is to increase ridership on Capital Metro services - not just for the agency's benefit, but because successful public transit serves the whole region,” added Sabino “Pio” Renteria, a member of both the Capital Metro board of directors and the Austin City Council. “With more than 1,700 people living and working there, the Plaza Saltillo District will be able to do just that.”
The project is expected to be wrapped up in 2019. It sounds like it’s going to be another gem for a booming market, and we can expect interest to be active in this transit-oriented development.
"We are excited to start construction on this important transit- and community-oriented project - where people will live, work, shop and be entertained," said Jason Thumlert, a principal with Endeavor Real Estate Group. “Plaza Saltillo will connect East Austin with downtown and bring even more vibrancy to East Austin while enhancing the local flavor of that community. The project will emphasize local jobs, local design, local artists and local retail - all in a pedestrian-friendly atmosphere. We're honored to work with Capital Metro and all stakeholders to make this vision a reality.”