The overview
The Austinite has been in business since 2017 and currently operates three locations around town. After Foxtrot exited its lease with Austin last year amid nationwide closures, the city moved to find a new tenant for its 2,658-square-foot storefront.
The market coming to 301 W. Second St., Ste. 100, will serve food, drinks and household essentials, according to city materials.
"A one-stop shop at City Hall will enhance the downtown experience for Austin citizens and City Hall staff by offering a specialty market that provides an exceptional selection of groceries, prepared foods, coffee, beer and wine," city staff reported.
Austin isn't funding any tenant improvements and move-in could take several months. The Austinite's lease will start Aug. 1, and the market will then have five months to prepare for opening, although a soft launch could come sooner, according to Financial Services spokesperson Kimberly Moore.
By the numbers
City Council signed off on The Austinite Market's lease agreement for the new space July 24. That plan calls for the market to start off paying $124,926 in rent over its first year in business based on a rate of $47 per square foot, increasing by 3% annually to a $149,167 annual payment and $56.12 base rent by the seventh and final year of the lease.
The city's previous lease agreement with Foxtrot, which only lasted months, was based on rent increases from $35 to $38.50 per square foot over 10 years.
Austin's proposed agreement with the new market will provide nearly $1 million in revenue to the city through its fiscal year 2031-32.
