AUSTIN (KXAN) — A popular Austin shopping center is under new ownership.
Endeavor Real Estate Group acquired controlling interest of the northwest corner of Sixth Street and North Lamar Boulevard which houses Waterloo Records & Video, 24 Diner and Amy’s Ice Creams in downtown Austin.
Bryce Miller, the founding principal of Endeavor, said in a press release that Endeavor is apt to sit on the sidelines for quite some time on this 1.1 acres. Any future development is years away, he says it’s simply too early to speculate what might be built there.
Until then, Endeavor hopes to utilize the long lead time to investigate ways to temporarily relocate tenants when the time comes to redevelop the site – and ultimately bring those tenants back into the new development upon completion, the release says.
Miller says the company would love nothing more than to find a way to keep those businesses within the site or close to downtown.
Endeavor also has a redevelopment partnership with the landowners of 19 acres that currently house the Austin American-Statesman offices at South Congress Avenue and Riverside Drive.
On Friday, Waterloo Records told customers on Instagram they are not closing. The company says “they are ready to face the future and, rest assured, Waterloo Records will live on!”
Endeavor will be working with the initial developers of the shopping center, Roger Joseph and Scott Young. Joseph and Young converted the property into a retail center in 1987.
Young said the decision to bring Endeavor in had everything to do with the timing and market conditions.
“Due to the rapid rise of property taxes, we know that over time, it will become more difficult for 600 Lamar and our tenants to make the numbers work as a single-story building,” Young said in a release. “Our primary concern was for all of our tenants, particularly Waterloo Records and Amy’s Ice Creams, which have been in the center from the beginning. Endeavor has shown their sensitivity to these home-grown businesses – and we are convinced they will do everything in their power to make this a smooth transition for all concerned.”