Yahoo Finance World Class Property Company Announces Successful Refinancing of 56 East Avenue Property in Austin’s Rainey Street District
AUSTIN, Aug. 03, 2021 (GLOBE NEWSWIRE) -- World Class Property Company (together with its affiliates “World Class”), a privately-held, diversified real estate investment company, announced today the successful refinancing of a creative office property located on a prime development site at 56 East Avenue in downtown Austin. World Class was an early investor in the Rainey Street District, a rapidly growing area along Lady Bird Lake on the southeastern edge of downtown.
The property—a single-story office building that sits on a 1.1-acre lot—is one of the last remaining large, undeveloped sites in the Rainey Street District. The existing building offers approximately 18,800 square feet of office space and is 100% leased; however, its current CBD zoning allows for over 1 million square feet under the city of Austin’s Downtown Density Bonus ordinance, making it an ideal site for a high-density, high-rise development project.
“The growth in the Rainey Street District is astounding, even by Austin’s standards,” said World Class founder and CEO Nate Paul. “As the neighborhood has taken shape, it has created an exceptional and unique development opportunity at 56 East Avenue. We are excited about the role that the property will play in shaping the Rainey Street District’s future.”
When World Class originally purchased the property, the major transformation of the Rainey Street District was in its infancy; however, growth in the area has accelerated since then. Several major projects have been developed in recent years, from new residential towers to hotel development, suggesting the rapid growth will continue.
The long-term plans for 56 East Avenue remain unchanged, and World Class continuously evaluates opportunities to maximize the property’s development potential.
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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CONTACT: contact@worldclassproperty.com
