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Aerial of The Shops at Silverado

Shops at Silverado – Building 1

The Shop at Silverado – Building 2

 

The Shops at Silverado
Neighborhood Retail Development
Cedar Park, TX
Dovedale Capital Ventures, Inc. (“Dovedale”) is pleased to present an opportunity to participate in the acquisition, development, construction, lease-up and sale of a to-be-built, Class “A”, two building, neighborhood retail center, consisting of approximately 34,300 rentable square feet. The development, to be known as The Shops at Silverado (the “Project”) is situated in one of the very best locations in Cedar Park, Texas, a rapidly growing suburban community of the Greater Austin, Texas metropolitan area. The site and surrounding area currently benefit from both northward axial residential growth from the city of Austin and infrastructure improvements allowing greater access to the northern suburbs of the greater Austin metro area and include SH-183A, SH-620 and SH-45, all of which were completed between 2007 and 2008, along with the Capital MetroRail service which will open in 2009. Rapid growth in the area is further evidenced by the commitment of both national and custom homebuilders, hospitals, medical users, apartment developers, big box retailers, restaurants and professional services already in the area.

The Shops at Silverado development tract consists of two adjacent parcels of land located at both the northeast and southeast corner at the signalized intersection of West Parmer Lane and Colonial Parkway. The northeast corner is 1.15 acres and has 140’ linear feet of frontage and the southeast corner has 2.433 acres with 290’ linear feet of frontage.  Both tracts are zoned GB-3, which is the highest level of commercial zoning within the City of Cedar Park. 

In the last six years West Parmer Lane has quickly become a heavily used major residential, four-lane divided thoroughfare connecting Cedar Park to North Austin.  By 2010 it will ultimately connect the City of Georgetown to the City of Leander to Cedar Park and North Austin. The latest traffic count survey taken in 2006 indicated traffic in excess of 30,500 vehicles per day, which continues to increase annually. The Shops at Silverado will have the look and feel of a high-end, upscale neighborhood retail center containing architectural elements including limestone or brick facades representative of the Texas Hill Country.

Further adding to the marketability and strength of the area, three large apartment communities totaling almost 800, class ‘A’ units have been or are being developed by national multifamily builders adjacent to Shops at Silverado.  Both nationally acclaimed developers, A.G. Spanos Company and Colonial Property Trust are building next to The Shops at Silverado.  A.G. Spanos is planning to build the 300 high-end, three-story, apartment home community called ‘Altea’ directly adjacent to (wrapping around the rear) The Shops at Silverado site and will be responsible for the construction of the Colonial Parkway Extension eastward from Parmer Lane.  Spanos closed their 26.569 acre site in November 2005 and began construction January 2006 with construction expected to be completed within 18 months.  Colonial Property Trust (NYSE: CLP) completed its 238 apartment unit ‘Colonial Grand at Silverado’ at the northwest corner of Parmer Lane and Colonial Parkway in 2004 and just recently completed its 258 apartment unit project, the ‘Colonial Grand at Silverado Reserve’, which is located on the southwest corner of Parmer Lane and Colonial Parkway and is currently in its lease-up phase.

 

Dovedale has already secured a construction loan commitment from Bank of America, N.A. for $4,624,000, which will carry an interest rate of LIBOR plus 185 bps for a term of 30 months (with one available 12 month extension). Bank of America requires that each building be 30% pre-leased before breaking ground.

Upon reaching full occupancy and economic stability, the General Partner will market The Shops at Silverado for sale using its best efforts to sell the project in the shortest possible time while maintaining market pricing in order to deliver the highest possible return on investment. The total time projected from closing the Partnership to project sale is approximately 24 to 36 months.

The Shops at Silverado is currently closed for investment, and construction was completed in October 2008.  However, if you would like to be included on our mailing list for future offerings please contact our investor relations department: jschoffler@dovedalecapital.com or call us at 512-346-4300

 
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