Prime lakefront site under contract to Austin developer

Mar 4, 2014
Austin American Statesman

A piece of prime Austin waterfront property that’s currently home to Joe’s Crab Shack is under contract to be sold to Austin-based Endeavor Real Estate Group


The 1.8-acre site on the shore of Lady Bird Lake is near the boardwalk the city is building as it works to guide development in the area


Jamil Alam, a managing principal with Austin-based developer Endeavor, said Endeavor has no current plans to redevelop the site, which is at 600 E. Riverside Drive next to Blunn Creek. Alam said Endeavor intends to honor the lease for Joe’s Crab Shack


“We ‘re going to continue to collect rent for the foreseeable future,” Alam said. Ed McGraw, senior vice president of development for Joe’s parent, Ignite Restaurant Group, confirmed through a spokesperson that the restaurant’s lease remains in effect but did not comment further. The lease expires in 2020


The 97-acre “South Central Waterfront” area — roughly the size of 33 downtown blocks — stretches along the southern shore of Lady Bird Lake, from South First Street on the west to Blunn Creek just east of Joe’s Crab Shack


The overarching goal is to ensure the area transforms into lively, attractive and walkable environment with open spaces, better public access along and to the shoreline and other community benefits


For much of the area surrounding the Joe’s site, economic forces already exist, and zoning is already in place, that could bring “well over $1 billion worth of redevelopment” to the area, said Alan Holt, a city planner


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