Article provided by: The Austin Business Journal
Stream Realty Partners LP is under contract to buy a triangular 1.4-acre tract of prime downtown Austin land that is currently home to a Hooters restaurant and parking lot just south of Lady Bird Lake.
The Dallas-based commercial real estate firm is considering building an office property on the site, south of Riverside Drive and across South 1st Street from the Long Center for the Performing Arts, Regional Managing Partner David Blackbird told the Austin American-Statesman, although the Hooters will continue to operate on the site under its current lease — at least for now.
The land is owned by the family of Charles Schulz, the famed creator of the "Peanuts" cartoon who died in 2000. It is zoned for commercial, residential or hospitality with building height capped at 60 feet, the Statesman reported.
The sale comes as the city takes a broader look at how it wants to develop the south shore of Lady Bird Lake. City planners envision dense mixed-use development and affordable housing in the area. A plan is supposed to go before Austin City Council in June.