A central Austin business park is set for redevelopment, a move that could transform the area with the construction of over 1,000 new apartments. The proprietors of Lamar Business Park, a 14-acre shopping and business center situated on the fringe of the North Loop neighborhood, have recently submitted a rezoning application to the city of Austin.
According to an article on Towers' website, Lamar Business Park, located at 5555 North Lamar Boulevard, currently accommodates several offices and small commercial spaces. It also hosts two major retail stores: Half Price Books and Goodwill. The North Lamar Half Price Books holds the distinction of being the largest used bookstore in the city, while the Goodwill thrift store is another popular fixture in the area.
Link Logistics acquired the Lamar Business Park complex in 2022. As a subsidiary of real estate investment firm Blackstone, Link Logistics has proposed a redevelopment plan for the site in their application to the city. Still under review, this plan envisages a transformed site featuring 1,070 apartments and 45,000 square feet of retail space. The entire site could be redeveloped; however, it remains uncertain whether plans will incorporate existing establishments such as Goodwill and Half Price Books or if these will face demolition.
The Lamar Business Park complex replaced Chief Drive-In theater back in the 1970s. It seems that nearby businesses on that block, owned by different developers, will not be impacted by this redevelopment.
Link Logistics describes itself as "the largest U.S.-only owner and operator of last-mile industrial real estate," according to its website. The company employs over 1,200 people across its 50 global offices and owns 538 million square feet of logistics real estate. Furthermore, it boasts more than 3,500 properties within its portfolio.