First retail tenants announced for sprawling EastVillage project in Northeast Austin

The developer of EastVillage has announced the first retail tenants for the large mixed-use project under construction in Northeast Austin.

The development spans 425 acres along East Parmer Lane, directly across from Samsung Austin Semiconductor's plant.

EastVillage is being developed by Reger Holdings LLC, a real estate investment and development company based in West Seneca, N.Y. Reger recently opened The Linden, a condominium high-rise at 313 W. 17th St. in downtown Austin.

More: Developers say this new Austin mixed-use site could eventually be a $1 billion project

At EastVillage, 3500 E. Parmer Lane, the initial retail tenants will be Club Studio, a high-end gym and wellness concept by the parent company of LA Fitness; Swish Dental; and 810 Billiards & Bowling, an upscale entertainment, dining and bar concept founded in Myrtle Beach, S.C.

Billiards & Bowling serves craft beers, burgers, pizzas and salads. Its entertainment offerings include 16 bowling lanes, along with pool tables, sport simulators (including golf, soccer and football), axe-throwing lanes and an arcade with 63 games. It is due to open in the next 12 to 14 months.

Club Studio also is due to open in that time frame, while Swish Dental is set to open in the next 30 days.

The initial tenant lineup brings "the perfect combination of fitness, entertainment and medical services that the Tech Ridge Corridor has been seeking," Gordon Reger, president and CEO of Reger Holdings, said in a news release. "We are actively finalizing agreements with additional tenants and look forward to growing our offerings in the coming months."

Once completed in the coming years, EastVillage is expected to have:

Three hotels with 429 rooms

A 150-acre park with more than 5 miles of hiking and biking trails

"It is rare for mixed-use projects of this size to have extensive green space, but EastVillage has made the outdoor component a priority, complementing the office, retail and residential offerings," Gordon Reger said.

BillionToOne, a molecular diagnostics company, has signed a lease for 220,000 square feet of life science lab space in the development. Hilton Hotels & Resorts has signed agreements for the three hotels.

The next four phases are due to break ground in the next 90 days. They include more retail, restaurant, entertainment uses; a 150-room Homewood and 129-room Hampton hotels; and the first phase of the life science campus.

EastVillage ultimately is expected to be home to 10,000 residents. The estimated completion of all phases is expected in the 2030-32-time frame.

Most of the single-family homes are built and sold. KB Home is the builder.

Meanwhile, the first apartment phase at EastVillage, called the Vaughan after Stevie Ray Vaughan, is open. With 312 units in six buildings, the Vaughan is more than 80% leased. Monthly rents range from $1,500 to $2,400.

The second apartment phase is the Janis, named after Janis Joplin, is under construction. The Janis will have 422 apartments and about 140,000 square feet of retail and restaurant space. The Janis is due to open in the first quarter of next year.

Also under construction, and set for completion soon, are four commercial retail and restaurant buildings and the Village Green. The Village Green will have an outdoor music pavilion called Center Stage where concerts and performances will be scheduled year-round.

As for financing, Madison Realty Capital is a lender at East Village, providing more than $200 million, in addition to equity from the developer. Discussions are ongoing with additional funding sources for future phases, Gordon Reger said.

EastVillage will fill "a much needed demand for those wanting to live, work and play all in one desirable, convenient location," he said.

"The entire development is walkable, with interconnected trails tying together the office campus to the retail and restaurant offerings, as well as multiple residential offerings," Reger said. "We want EastVillage to be a community gathering place for the entire East Parmer corridor."