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Kim Gatley
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enior Vice President & Director of Research at REOC Austin

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Austin developer buys downtown IHOP site

ihop-logoThe IHOP at Interstate 35 and East Cesar Chavez Street was acquired late last year by WC 707 Cesar Chavez LLC, an entity the Texas Secretary of State says is linked to World Class Capital Group.

A purchase price was not disclosed. The Travis Central Appraisal District valued the .77-acre site at 707 E. Cesar Chavez St. at $8.1 million last year, up from $5.4 million in 2015.

The 4,633-square-foot restaurant, which the appraisal district says was built in 1993, remains open for business. Several other Austin-area IHOPs have, however, closed in recent years.

The newly acquired IHOP site sits at one of downtown’s primary gateways, surrounded by a host of new construction. A block to the north, the 1,048-room Fairmont Austin Hotel is nearing completion. To the south of the restaurant is the Rainey Street neighborhood, where the Hotel Van Zandt and several bars and restaurants are up and running, alongside hundreds of apartments and condos.

Click here to read the full article: Austin developer buys downtown IHOP site Austin American Statesman 1-5-2017

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