CIM Group plans redevelopment in East Austin
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Los Angeles-based developer CIM Group plans to redevelop a site at 1300 E. Fifth St. that it purchased in 2019, currently home to a warehouse. CIM Group has plans to transform it into a 246,774 square-foot building with a parking garage, according to a Nov. 6 filing with the Texas Department of Licensing and Regulation.
The redevelopment is tentatively scheduled to start in February 2021 and be completed a little more than a year later.
The CIM Group project joins a flood of development on Austin's east side.
A couple of blocks to the west, Endeavor Real Estate Group and the owners of the Fair Market events venue are proposing to turn that old East Austin warehouse into a 180,000-square-foot, mid-rise office building.
Also nearby is a planned 280-room hotel from Tampa-based F10 Hotels and Florida-based Floridays Development Co., at the southwest corner of East Fifth and Robert T. Martinez Jr. streets.
Within about two miles east of the 1300 East Fifth site, more than 645,000 square feet of office space is either underway or being planned across four projects: the 221,000-square-foot Eastbound by Lincoln Property Company and Kor Group; the 162,000-square-foot Eastlake at Tillery by Cypress Real Estate Advisors and Greenbelt Commercial LLC; the 91,635-square-foot Red Bluff by HN Capital Partners and Red Bluff Partners; and CIM Group's own 187,000-square-foot office project, 618 Tillery.
Founded in 1994, CIM Group is well-known in Austin as the co-developer of The Independent, which at 58 stories is Austin's tallest tower.