Seaholm Power LLC, led by Southwest Strategies Group, has sold the Seaholm Power Plant mixed-use development located on the waterfront at the southwestern edge of downtown Austin to CIM Group.
The transaction includes:
- 126,000-square-foot historic art deco power plant constructed in the 1950s
- 35,000 square feet of office space for MapMyFitness [Under Armour]
- 33,000 square feet of ground floor retail space anchored by a Trader Joe’s grocery store
- 7,000-square-foot True Food Kitchen
Coincidentally, this past week, the last of the 280 residential condos at Seaholm closed. Many of you will recall back in Q4 2013 that the Seaholm Residences were fully reserved within a week: a sales velocity reflective of perfectly timing the market, a feat that no other has matches since.
The centerpiece of the project is the repurposed and formerly long-dormant, 126,000-square-foot historic art deco power plant constructed in the 1950s. The original plan was this would be more of a public space.
Seaholm’s anchor office tenant is athenahealth, which is complimented by Trader Joe’s grocery store.
Seaholm Power LLC was selected by the City of Austin to redevelop the site. CIM Group joined Seaholm Power LLC as co-developer and worked together with the city in a public-private partnership.
“It is a wonderful feeling when the vision becomes a reality, and the reality is extraordinary,” John Rosato, Principal with Southwest Strategies Group
CIM’s Austin area investments include the Penn Field office campus at 3601 S. Congress, the District at SoCo apartment community, the Hartland Plaza office complex, The Independent condo tower currently under construction and across the street from the Seaholm residences.