Qualified Opportunity Zone Investment
Site: 755 Springdale Road, Austin, TX 78702
StoryBuilt is pleased to present the opportunity to invest in “Ellie May,” a Qualified Opportunity Zone Fund focused on a highly anticipated mixed-use development comprising 75,580 sq ft of office and 2,828 sq ft of newly renovated restaurant space, located in East Austin, TX. The development is situated adjacent to 84 units of condominium also planned by the Developer. The site in the path of heavy growth on 4.84 acres of urban farmland, operated as a venue for entertainment and special events – accompanied by a farm-to-table restaurant.
Capital gains from the sale or exchange of an investment in an OZ via a Qualified Opportunity Zone Fund (QOF) are completely tax-free after a 10-year horizon. Once leased, dividend yields are expected to exceed those of publicly traded REITs. Upon sale, distribution multiples are expected to be higher than those of other private investment vehicles.
Ellie May is set to be one of the most coveted developments in East Austin. It is ideally located, just a few minutes’ drive from downtown and the airport, and yet worlds apart with its numerous heritage trees and generous outdoor spaces. There will be a wonderful range of ways to live through diverse home types, along with differentiated office and retail space across the five-acre site. Subterranean parking garages tuck vehicles below the ground plane, offering tremendously lush landscapes and community areas unobstructed by parking lots. A pedestrian path connects the two sides of the development, crossing the creek that runs from SW to NE. Most uniquely, the project is host to an urban farm in service of an on-site farm-to-table restaurant that will manage it. This operator will make use of the existing, onsite farmhouse, relocating it near Springdale Rd. and renovating as a new space. The many elements of this site elevate its rentable and sellable spaces and cause the property to endure as one of the most coveted locations in East Austin and Springdale’s high-end real estate.