AUSTIN, Texas--(BUSINESS WIRE)--CIM Group and Seaholm Power LLC announced today that they have reached an agreement with Under Armour, Inc. to lease approximately 35,000 square feet of the low-rise building currently under construction at the Seaholm Power Plant project.
Under Armour is building the world’s largest digital fitness community by providing interactive tools to make fitness social, simple and rewarding. Its flagship consumer brands under its wholly owned subsidiary, MapMyFitness, Inc. include MapMyRun®, MapMyRide® and MapMyWalk®, which have continued to be among the most popular apps on iOS and Android since their launch in 2007. To account for the rapid growth of its team, MapMyFitness, based in Austin, is expanding its operations to the iconic Seaholm Power Plant project.
The centerpiece of the Seaholm Power Plant project, located on the waterfront in downtown Austin, is the historic 1950 art deco power plant, which is currently undergoing a top-to-bottom redevelopment that is expected to be completed this year. It will be comprised of 11,000 square feet of ground floor restaurant space, 3,500 square feet of public space and a coffee shop, as well as four floors of open, creative office space designed to meet the needs of the its major tenant, athenahealth.
The five acres surrounding the power plant are being transformed into a mixed-use urban oasis featuring 1.5 acres of public open space and a plaza; a 30-story residential tower, Seaholm Residences, with 280 condominiums; and a two-story, approximately 68,000-square-foot contemporary glass and steel building with 35,000 square feet of office space for Under Armour’s wholly-owned subsidiary, MapMyFitness, and 33,000 square feet of retail space, which includes a Trader Joe’s market.
Construction began on the Seaholm Power Plant project in April 2013, with all Seaholm Residences fully-reserved by November 2013 and anticipated to be available for occupancy in the second quarter of 2015. The low-rise office and retail building is expected to be completed by the end of 2014.
The Seaholm Power Plant redevelopment site is located on the southwestern edge of downtown Austin, bounded by Cesar Chavez Street, West Avenue, 3rd Street, Seaholm Drive and the A&NW rail line.
About CIM Group
CIM Group is a leading real estate and infrastructure investment firm that since 1994 has systematically and successfully invested in dynamic and densely populated communities throughout North America. CIM Group draws on its experienced team of real estate, investment and finance professionals to identify and pursue investment opportunities in three primary strategic categories: repositioning and development projects in established and emerging urban areas; well-positioned operating properties in transitional and established districts; and infrastructure. CIM manages three distinct portfolios, including opportunistic, stabilized and infrastructure funds, each of which are diversified by geography and type of property within that risk profile. Headquartered in Los Angeles, CIM maintains regional offices in New York, the San Francisco Bay Area and Bethesda, Maryland. For more information, please visit www.cimgroup.com
About Seaholm Power LLC
Seaholm Power LLC, a joint venture comprised of principals from Southwest Strategies Group, Centro Development, State Street Properties, and La Corsha Hospitality, was selected by the City of Austin to oversee the redevelopment of the Seaholm Power Plant site. Together with its partner, CIM Group, a leading real estate and infrastructure investment firm, Seaholm Power LLC is working in conjunction with the City of Austin to save the iconic power plant structure and create a mixed-use, multi-model hub that will provide new options for residents to eat, shop, work and play. For more information visit: www.seaholm.info.
About Under Armour, Inc.
Under Armour (NYSE: UA), the originator of performance footwear, apparel and equipment, revolutionized how athletes across the world dress. Designed to make all athletes better, the brand's innovative products are sold worldwide to athletes at all levels. Under Armour's wholly owned subsidiary, MapMyFitness, powers one of the world's largest Connected Fitness communities. The Under Armour global headquarters is in Baltimore, Maryland. For further information, please visit the Company's website at www.uabiz.com.