September 23, 2019
Rastegar Property continued broadening its Austin footprint by acquiring a 1.8-acre, 77,101-square-foot lot on Austin’s South First Street. Once known as the site of the quirky retail area called “Slackerville,” Rastegar is anticipating developing the lot at 2209 S. First St. as a mixed-use project. World Class Capital Group (the seller) had acquired the acreage in 2016, with plans to build a self-storage facility.
Meanwhile, Rastegar Property CEO Ari Rastegar indicated that the property’s legacy as a unique commerce center, combined with convenience to downtown Austin, was the site’s appeal. “Austin continues to attract renowned businesses and talented young professionals, the latter of which will soon start families, requiring the city to match growing demand for space,” he said, adding that the company has “lofty expectations” for the site.
Rastegar recently acquired 1.3 acres in South Austin, on which it plans to develop a 76-unit property.
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