Press Releases

CIM GROUP AND SEAHOLM POWER LLC ANNOUNCE LEASE WITH TRUE FOOD KITCHEN

10/8/2014


AUSTIN, TX – October 8, 2014 - CIM Group and Seaholm Power LLC announced today that they have signed a lease with True Food Kitchen restaurant for approximately 7,000 square feet on the ground floor of the Seaholm Residences, a 30-story residential tower being constructed as part of the Seaholm Power Plant development.  True Food Kitchen is an innovative eatery developed in partnership with boutique restaurant group, Fox Restaurant Concepts and best-selling author and integrative medicine pioneer, Dr. Andrew Weil.

True Food Kitchen is known for its globally inspired, flavorful seasonal menu that uses high-quality, locally and regionally sourced ingredients.  Led by Chef Arik Markus, the menu offering is designed to appeal to those seeking a more balanced lifestyle and is inspired by Dr. Weil’s anti-inflammatory diet for optimum health.  True Food Kitchen at Seaholm Power Plant is the eleventh location for this health-conscious eatery with other restaurants in Arizona, California, Colorado, Georgia, Texas and Virginia.  The restaurant is anticipated to open in mid- 2015. 

“True Food Kitchen will be a great addition to our project because the concept is entirely in sync with current Austin consumer demands for high-quality, real food,” said John Rosato, Principal with Southwest Strategies Group and managing partner for Seaholm Power LLC.

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 finishing 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 coffee shop, as well as four floors of open, creative office space designed to meet the needs of 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; the 30-story residential tower, Seaholm Residences, with 280 condominiums; and a two-story, 68,000-square-foot low-rise 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.  The low-rise office and retail building is on track to be completed by the end of 2014, with the Seaholm Residences anticipated to be available for occupancy in the second quarter of 2015. 

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.

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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.


CONTACT:
Karen Diehl
Diehl Communications
(310) 741-9097



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