SomeraRoad Inc., purchased the property from Dallas-based developer Maker Bros. The sales price has not been released, however, the property carried an asking price of $22.5 million. The Austin Business Journal reports SomeraRoad has a history of involvement in large-scale, mixed-use projects, and it opened an Austin office last year with a focus on value-add and ground-up development projects.
SomeraRoad plans to turn the property into a bar and arcade. The 42,000-square-foot market will be 100% leased by Pins Mechanical Co. and 16-Bit Bar+Arcade. The entertainment retail concepts will have 24 duckpin bowling lanes, more than 30 pinball machines and over 40 classic arcade games.
Construction will begin later this year with plans to open in 2024. A number of multifamily and condo projects have come on line in the area in the last few years.