Periscope Capital building senior housing in Cedar Park

Austin’s Periscope Capital has teamed up with New York-based Verdot Capital have teamed up to build a mixed-use senior housing development in Austin’s Cedar Park.

The project, currently named 400 W Park Redevelopment, is set to go up right next to the planned Bell District, a 50-acre mixed-use project that will include restaurants, apartments, a new city library and 16 acres of green space.

Periscope’s project will be built on a seven-acre lot at 400 West Park Street and is expected to span 230,800 square feet in total, including 132 units and approximately 15,000 square feet of ground-floor commercial space, according to the Austin Business Journal.

A filing with the Texas Department of Licensing and Regulation lists the estimated cost of construction as $35 million. Periscope principal Robert Wall told ABJ that the total project cost “is going to be somewhere in the $50 million range.”

Periscope is partnering with New York-based Verdot Capital on the project.

Wall says he targeted Cedar Park for its large senior population. In July 2021, the U.S. Census Bureau reported that 9.5 percent of Cedar Park’s population was estimated to be 65 years or older.

“But mostly,” Wall said, “I really love Cedar Park.”

As of right now, the site is completely vacant. Neighbors of the 400 W Park Redevelopment and the future Bell District currently have one strip mall, featuring a Subway, a Cajun restaurant, a couple salons and a payday loan vender.

“If you think about the growth of cities, long term, it’s really important to spend the money today to get it right so that future generations look at the building and say, ‘Wow, that stands the test of time,’” says Wall. “Nobody’s ever going to say, ‘Oh, I love all that surface parking.’”

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