Lamar Plaza Development Plans on Hold
A plan to redevelop a popular shopping center in south central Austin seems to have hit the brakes. Developers say it’s just being pushed back a few weeks, but some tenants have heard the plan is being completely pulled off the table. KUT’s Andy Uhler met with Colin Pope, editor of the Austin Business Journal, to discuss the latest on the development plans.
Reporter James Jeffery was looking at this site because it’s a very iconic shopping center. A lot of great Austin businesses are in there… We had heard they’re just having a tough time operating because there’s been this plan to redevelop the shopping center for almost a year now, and as he was doing the reporting, talking to them about what a pain it is to not know their future, they had heard from the owner of the property that the deal is now off. So it’s added even more confusion to them.
The hangup may be nothing more than typical development delays such as financing or city approvals, Pope said.
The problem is that the developers — well, it’s uncertain even for them. They hope that they’ll get the financing and get all the city approvals that they’ll need to get done, but really it wasn’t all done yet. So they were operating under some hope, and they communicated as best they could with the tenants, but it’s just one of those situations. It’s difficult to work through.
Check out the Austin Business Journal’s latest coverage on the plaza and its future.