Stratus Properties Inc. obtained a $26.3 million construction loan from Southside Bank to finance construction of the initial phase of its Lantana Place mixed-use development at Southwest Parkway and Cannon Drive in Austin, TX. Lantana Place will be developed in two phases, consisting of approximately 325,000 square feet of retail, hotel and office product.
The initial phase will consist of 99,663 square feet, and will be anchored by a 12-screen Moviehouse Theater & Eatery and a hotel. Additional prospective tenants will include restaurants, entertainment, spa, neighborhood services, fitness, boutique shops and medical offices. The second phase will include 140,000 square feet of office space in two buildings.
Lantana Place is fully designed and permitted, and Stratus expects to break ground on the first phase of the project in May 2017. The dine-in movie theater is expected to open in 2Q 2018.
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