98 Red River Street, Austin, TX
In 2014, McCourt Partners recognized Austin’s potential for transformational growth and began assembling 4.7 acres of prime development land in the downtown area.
As we started working on plans for Texas’ tallest mixed-use tower, WeWork made an unsolicited purchase offer in 2018 at a substantial premium to McCourt Partners’ cost basis as the city became a more institutionally accepted market. The offer allowed us to meet our investment goals without commencing construction, and sell the site.
As lead developers in 1Q22, Kairo and LPC broke ground on the 2.3-million-square-foot mixed-use building, which will contain a 240-unit hotel, 700,000 square feet of office space, 332 residential units and 43,000 square feet of retail space.