New Hope, a $250 million mixed-use project headed for the Austin suburb of Cedar Park, has broken ground on its first phase of development. The project is a joint venture between Austin-based real estate firms Cordova Real Estate Ventures, Riverside, and Live Oak.
Developers The New Hope plan more than of 500,000 square feet of industrial space on 48 acres, with retail and other mixed-use development on another 40 acres. The first two phases of the project are on six parcels on New Hope Drive near the 183-A tollway. Phase I will include three Class A industrial buildings totaling 271,689 square feet. The second phase of development will include an additional 213,700 square feet of industrial space.
The project is also set to include a 32-acre development named the District at New Hope, which developers say could include a mix of retail, entertainment, restaurant, hospitality, office space, and research-and-development space.
The project team for New Hope includes Austin companies Zapalac/Reed Construction, McFarland Architecture, and Malone Wheeler. Live Oak will market and lease the project’s industrial space, and Travis Robertson with JLL has been tapped to handle leasing of retail and restaurant space.
