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Cielo Property Group founders part ways
Austin developers will start new ventures
The founding partners of Austin-based Cielo Property Group are parting ways to start new ventures.
The partners, Rob Gandy and Bobby Dillard, will split up the firm’s assets, but it’s unclear who will take what. The Cielo name will be wound down, and both ventures will take on new names.
“We’re real estate entrepreneurs,” Dillard said. “When you’re an entrepreneur, there’s a beginning, middle and end to everything.”
Dillard and Gandy founded the firm in 2010 and have built some of the biggest commercial projects in the city. Cielo converted a 1930s warehouse at 220 South Congress into the Yeti flagship store, an iconic property north of the South Congress shopping corridor.
“We want to pursue different things, and the timing of our projects and transitions in the market make this a good time for us each to start new chapters,” said Cielo co-founder Rob Gandy.
Cielo also developed Third + Shoal, a 29-story, 345,000-square-foot office tower in downtown Austin, and Foundry, a handsome brick and concrete mixed-use building at 310 Comal Street.
Dillard is still finalizing the branding for his new venture but said it will be focused on real estate development and investment.
“Cielo was born in the last downturn,” Dillard said. “When we’re looking forward to the next 10 to 12 years in our lives, we’ve both got different directions we want to go.”
It’s unclear how the split might affect Cielo’s ultra-luxe office tower, Perennial. At 45 floors, the 750,000-square-foot office tower under construction at 204 East 4th Street will be one of the city’s tallest buildings.
The developer was active in charitable giving and worked with Habitat for Humanity.
Dillard said he and Gandy will still own assets together for some time, but the new ventures allow them to chart different paths. “To me, it’s a rebirth and a new beginning.”