The joint venture of developers and financiers behind the River District, the “master developer” of the 39 acres next to the convention center, closed yesterday on the Market Street Power plant.
The team, which includes local developers Louis Lauricella and Brian Gibbs, with Dallas-based investment firm Cypress Equities, plans to incorporate the power plant into the River District by repositioning it to include a hotel, offices, retail, and an entertainment venue.
The group purchased the power plant from Joe Jaeger, who bought it out of bankruptcy in 2015.
River District’s plan includes more than $1 billion in cost, and will consist of two phases that include 1,100 residences with 450 being affordable, a civil rights museum, retail, parks, a boutique hotel, a tech campus, a music venue, movie theater and more.
The first phase will include 600 mixed-income housing units, an outdoor event and public square space dubbed “Batture Square,” a 2,500-seat live music venue, a movie theater, more than 100,000 square feet of retail and restaurant offerings, parking structures and a 150-room boutique hotel.
The second phase would include with the rest of the residential units, 30,000 square feet of retail and a 750,000-square-foot corporate/tech campus designed to appeal to a younger demographic.
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