case study

Mixed-Use Purchase: Seaholm Power Plant

Seaholm District view from Ladybird Lake area

​​​​​City/State​: Austin, TX​

The Seaholm Power Plant, originally built in the 1950’s, closed in 1989 and sat vacant for ove​​r 25 years until it was redeveloped in 2015. Clarion Partners saw great potential and untapped value in this unique asset and purchased the Class A, three-building, mixed-use development of over 208,000 square feet on behalf of a separate account client.

During the acquisition process, the Clarion team considered the property’s mix of uses, LEED Gold certification*, and role as a public gathering space among positive factors within the overall investment analysis. Clarion’s internal analysis also highlighted the asset’s walkability and alternative transportation access, calling it a “walker’s and biker’s paradise” with a Walk Score of 92 and a Bike Score of 97. A Metro Rail stop, bus transit, car sharing services, a 10-mile hike-and-bike trail, and a five-mile cross-city route that connects with the Lance Armstrong Bikeway are all easily accessible from the property.

The redevelopment preserved and repurposed many historical elements, renovating the power plant into four stories of mixed-use creative office and retail space. It also converted the plant’s original water intake systems into a 325,000-gallon rainwater harvesting system for landscape irrigation. The modernized building retains t​he​ Art Deco architecture and classic appearance of the original structure. Tenants include Trader Joe’s, Under Armour’s Connected Fitness digital team, and True Food Kitchen.

As the heart of the Seaholm EcoDistrict, one of ten projects in North America participating in the EcoDistrict 1 Pilot Program, the project has been applauded by National Geographic​ for furthering Austin’s status as a pioneer of the green building movement. In addition, the property is a Texas Historic Landmark, is listed on the National Register of Historic Places, and has been named a global finalist for the Urban Land Institute’s Global Awards for Excellence**.​​

Seaholm District view of office building






Definitions

Footnotes

Disclosures

The investments describ​ed herein were selected based on non-performance-based criteria and are not necessarily representative of any particular Clarion Partners fund or portfolio. It should not be assumed that any of these properties are or will prove to be profitable.  Please view other important disclosures on this website here.

*LEED Building Design + Construction certifications are issued by the U.S. Green Building Council (USGBC) at the time of building development or major renovation and last in perpetuity. The Seaholm Power Plant received a Gold certification on August 2015. Properties must pay registration and certification fees to pursue LEED certifications.

**Global Awards for Excellence are issued by the Urban Land Institute (ULI) annually. Seaholm Power Plant received its nomination in 2017. Properties must pay submission fees to pursue Global Awards for Excellence.​

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Investment in real estate is speculative and involves significant risk. For more information about certain of the material risks and limitations associated with Clarion Partners’ investment advisory products, strategies and services, please see Clarion’s current Form ADV Part 2A brochure, which is available on the SEC’s Investment Adviser Public Disclosure website at https://adviserinfo.sec.gov/firm/summary/108803. Investors should consider their investment objectives, and it is strongly suggested that the reader seek his or her own independent advice in relation to any investment, financial, legal, tax, accounting or regulatory risks and evaluate their own risk tolerance before investing.

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All Clarion Partners LLC and Clarion Partners Europe statistics, data and charts, including but not limited to assets under management (AUM), ESG data, sector data and property data, as well as data related to our investors, tenants and employees, are as of 9/30/2022 unless otherwise noted.

Photos used in this website were selected based on visual appearance, are used for illustrative purposes only, and are not necessarily reflective of all the investments in a Clarion fund or portfolio or the investments a Clarion fund or portfolio will make in the future.

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