Downtown Austin retail space located at 1214 W Sixth was recently sold to Dallas based real estate developer and investor, Paul Cheng. The former owner, local entrepreneur and investor Whit Hanks sold the property for an undisclosed price however according to the Travis Central Appraisal District the assessed value of the property was more than $6.1 Million.
Hanks purchased the property in 1993 and turned the former industrial building into a high end retail shopping center. The existing tenant mix in the Austin retail property include Julian Gold department store, Artworks and House & Earth, and others
Hanks is using the proceeds of this sale and of other retail shopping centers he owned to plan and develop another wedding venue in dripping springs. The new owners of the property plan on updating the building's facade in the near future.
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