Periscope Capital and Verdot Capital to build senior housing in Austin

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Robert Wall from Periscope and 400 W Park street in Cedar Park (Google Maps, LinkedIn, Getty)

Austin’s Periscope Capital has partnered with New York-based Verdot Capital to build a mixed-use senior housing project in Austin’s Cedar Park.

The project, currently named 400 W Park Redevelopment, is set to take place right next to the planned Bell Neighborhood, a 50-acre mixed-use project that will include restaurants, apartments, a new public library and 16 acres of green space.

Periscope’s project will be built on a seven-acre lot at 400 West Park Street and is expected to span a total of 230,800 square feet, including 132 units and approximately 15,000 square feet of retail space on the ground floor, according to the Austin Business Journal.

A filing with the Texas Department of Licensing and Regulation lists the estimated construction cost at $35 million. Periscope director Robert Wall told ABJ that the total cost of the project “will be in the range of $50 million.”

Periscope is partnering with New York-based Verdot Capital on the project.

Wall says he targeted Cedar Park for its large elderly population. In July 2021, the U.S. Census Bureau reported that 9.5% of Cedar Park’s population was estimated to be 65 or older.

“But mostly,” Wall said, “I really love Cedar Park.”

For now, the site is completely vacant. Neighbors to the 400 W Park redevelopment and future Bell District currently have a strip mall, including a subway, a Cajun restaurant, a few lounges, and a payday loan vendor.

“If you think about the growth of cities, in the long term, it’s really important to spend the money today to get it right so that future generations look at the building and say, ‘Wow, this stands the test of time. test of time,'” says Wall. “No one is ever going to say, ‘Oh, I love all that surface parking.'”

-Maddy Sperling

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