6/10/16 Austin Business Journal: Burnet Marketplace nears completion in hot area of North Austin

July 14, 2016 by Duable

Hip project in cool neighborhood anchored by Pour House Pub

By Jan Buchholz

Read Original Article Here

Six years in the making, one of the largest mixed-use projects being developed along the red-hot Burnet Road corridor is delivering.

Residents are moving into Burnet Marketplace, 6701 Burnet Road, and most of the retail space has been leased, as well.

Burnet Marketplace

Argyle Residential, a spinoff from Austin-based Cypress Real Estate Advisors, began the project in late 2013 after acquiring almost 4 acres on a parcel that had been occupied by the popular Pour House Pub.

Today, Pour House is ready to move into its brand new digs in the development — nearly 4,298 square feet of restaurant space with 1,500 square feet of it spread out underneath an alluring heritage tree.

Three other retailers have been announced by CBRE Group Inc., which marketed the remaining 8,000 square feet of retail space.

Barley Bean, an Austin-based cafe featuring coffee, craft beer, smoothies, paninis and groceries, leased 2,408 square feet. Spavia, a Denver-based day spa operated by an Austin franchisee, is taking 3,230 square feet, and King & Rose Optical has inked for 833 square feet.

“We’ve found that with mixed-use leasing, day spas and other personal services tend to work well in that kind of space,” said John Heffington, the co-listing broker with Eric DeJernett.

Heffington observed that as the Burnet corridor has exploded with infill developments and rehabbed residential, a shortage of services such as day spas has been quite noticeable.

“These tenants are all a very nice fit,” Heffington said.

Though the retailers will tend to serve the residents of Burnet Marketplace, there’s plenty of garage parking for outside patrons.

There is also room for one more retailer needing 1,589 square feet.

“We want to be very selective,” Heffington said, noting that the retail tenants thus far all are operated by local owners, a focus that they want to maintain.

Burnet Marketplace 2

Openings set

Argyle Residential Managing Director John Burnham and Development Manager Chase Hill said this is the company’s first foray into the Burnet corridor, and they would love to find other opportunities.

But it took six years to make this deal work, and finding suitable parcels nearby grows more challenging by the day.

“We have looked at a lot of sites, but it is very hard to assemble sufficient acreage in the area that doesn’t have severe height restrictions,” Burnham said.

Since March residents have been moving into the 343 units, and the eclectic mix of renters has been gratifying.

“We are in the early stages of lease-up, but so far the demand is very diverse,” Hill said. “We have young tech employees, bankers, sales (professionals), teachers and self-employed entrepreneurs. We have residents in their early 20s to over 60 years old.”

Argyle expects the project to be fully stabilized at the end of this year with an average occupancy rate of 95 percent.

The project also includes 34 affordable units for tenants who qualify.

The apartments range in size from 420 square feet to 1,314 square feet. Market rate rents range from $1,163 to $2,368 per month.

Other companies assisting in the Burnet Marketplace development are Big Red Dog Engineering of Austin, GFF Architects of Dallas, Martines Palmiero Construction of Denver and Kathy Andrews Interiors of Houston.

Argyle expects Pour House to open this month. Heffington said King & Rose Optical should be open in July. Barley Bean and Spavia will open this fall.