City/State:
Austin, TX
The Seaholm Power Plant, originally built in the 1950’s, closed in 1989 and sat vacant for over 25 years until it was redeveloped in 2015. Clarion Partners saw great potential and untapped value in this unique asset and purchased the Class A, three-building, mixed-use development of over 208,000 square feet on behalf of a separate account client.
During the acquisition process, the Clarion team considered the property’s mix of uses, LEED Gold certification*, and role as a public gathering space among positive factors within the overall investment analysis. Clarion’s internal analysis also highlighted the asset’s walkability and alternative transportation access, calling it a “walker’s and biker’s paradise” with a Walk Score of 92 and a Bike Score of 97. A Metro Rail stop, bus transit, car sharing services, a 10-mile hike-and-bike trail, and a five-mile cross-city route that connects with the Lance Armstrong Bikeway are all easily accessible from the property.
The redevelopment preserved and repurposed many historical elements, renovating the power plant into four stories of mixed-use creative office and retail space. It also converted the plant’s original water intake systems into a 325,000-gallon rainwater harvesting system for landscape irrigation. The modernized building retains the Art Deco architecture and classic appearance of the original structure. Tenants include Trader Joe’s, Under Armour’s Connected Fitness digital team, and True Food Kitchen.
As the heart of the Seaholm EcoDistrict, one of ten projects in North America participating in the
EcoDistrict 1 Pilot Program, the project has been applauded by
National Geographic for furthering Austin’s status as a pioneer of the green building movement. In addition, the property is a Texas Historic Landmark, is listed on the National Register of Historic Places, and has been named a global finalist for the Urban Land Institute’s Global Awards for Excellence**.
