World Class Property Company (together with its affiliates “World Class”), a privately-held, diversified real estate investment company, announced today the closing of a $42 million loan to complete the successful refinancing of South Congress Square, a mixed-use property in Austin’s South Central Waterfront District located at 500 & 510 South Congress Avenue and 105 West Riverside Drive. In addition to refinancing the previous loan, the new loan provides capital to reposition the existing buildings and plan for the redevelopment of the property.
Located at the intersection of South Congress Avenue and Riverside Drive, the South Congress Square site covers more than six acres, representing one of the largest infill redevelopment opportunities in Austin. The site currently contains two office buildings totaling over 70,000 square feet and 115 apartments.
The property represents a key piece of the South Central Waterfront District, which comprises 118 acres on the south side of Lady Bird Lake, directly across from downtown Austin. The district is in the early stages of a comprehensive redevelopment initiative; in 2016, the City Council officially adopted the South Central Waterfront Plan, a framework for several district-wide improvements that include enhancing connections to and along the waterfront, improving the pedestrian environment, and creating welcoming public spaces.
“South Congress Square is an irreplaceable asset that presents a tremendous placemaking opportunity in the South Central Waterfront District,” said Nate Paul, World Class founder and CEO. “Infill development is a key piece of the city’s plan, creating a range of opportunities for the property. We are excited to make that vision become a reality with South Congress Square.”
The South Central Waterfront District currently encompasses 32 private properties. The redevelopment plan includes several city-led initiatives, from roadway improvements to the expansion of park and trail connections, that are expected to drive complementary private development projects. The South Congress Square property has frontage along South Congress Avenue, Riverside Drive, Haywood Avenue, and Bouldin Creek, making it ideally situated to benefit from a number of the planned initiatives.
World Class acquired the property in 2017, shortly after the city officially adopted the South Central Waterfront Plan. The property was previously owned by the Crockett-Webster family
The South Congress Square refinancing enables World Class to masterplan the redevelopment of the six-acre site while repurposing the existing buildings for new tenants.
About World Class Property Company
World Class Property Company is a privately-held, diversified real estate investment company that owns, operates, and develops office, retail, multifamily, industrial, mixed-use, hospitality, and self-storage assets. The company’s portfolio of development sites is unparalleled, with entitlements for over 75 million square feet of potential development within existing holdings. World Class is committed to the long-term ownership of a high-quality portfolio and a disciplined approach to actively managing properties to create long-term value. World Class Property Company is a subsidiary of World Class Holdings. For more information, visit www.worldclassproperty.com
About World Class Holdings
World Class Holdings is a multibillion-dollar holding company that owns a diverse portfolio of assets and operating companies. World Class utilizes proprietary processes, a disciplined operating playbook, and a data-driven approach to creating long-term value at its companies. World Class has mastered the art of scaling businesses while maintaining an entrepreneurial culture. For more information, visit www.world-class.com
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