Stream Realty, based in Dallas, is redefining its redevelopment strategy for over 30 properties along East Sixth Street, moving towards preserving historic buildings instead of replacing them. Senior VP Paul Bodenman emphasizes the unique opportunity in Austin's retail market, which is currently undersupplied. This shift comes after criticism of their initial plan to preserve only building facades while allowing new construction behind them. The rising costs of new construction and a softer demand for office space influenced the decision to focus solely on retail and restaurants.
We do not have any plans to do any large-scale vertical development... We're moving forward on all of our properties with a retail and restaurant execution.
Doing new ground-up construction right now is challenging because of the hard costs... But we always take a holistic approach to our projects.
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