By Michelle Pitcher – Staff Writer, Austin Business Journal
Austin-based Periscope Capital Investments LLC is working to build a dense senior housing community in Cedar Park, hoping to add housing options for a rapidly growing aging population in Central Texas.
The Cedar Park Planning and Zoning Commission gave the OK this month to rezone approximately seven acres for mixed use. Cedar Park City Council is expected to review the rezoning in February.Sabot Development Ltd. currently owns the land. Periscope has optioned the land and plans to close if and when the project gets final zoning approval from the city.
The proposed development, Hayden Grove of Cedar Park, would be located at 400 W. Park St. Developers propose a multi-story building, as high as 50 feet tall, with 28,700 square feet of retail space. There will be up to 178 housing units, a mix of memory care, independent and assisted-living units.
The price point for the units depends on the services offered, according to developer Robert Wall, principal at Periscope.