Two major shopping centers off Research Boulevard in North Austin are under new ownership with plans to revamp the properties.

Real estate investment firm Edens announced its acquisition of Gateway Shopping Center in January, while Asana Partners announced its acquisition of The Arboretum on Feb. 4.

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Edens also owns Springdale Shopping Center in northeast Austin, while Asana Partners owns commercial space in Central Austin’s mixed-use development The Triangle.

The Arboretum

According to a news release from Asana Partners, the group will make improvements across the 197,105-square-foot open-air property that are designed to reflect the surrounding neighborhood and reestablish The Arboretum as a “premier shopping destination.”

The center features a mix of national and local dining, retail and service tenants, including The Cheesecake Factory, Estancia Brazilian Steakhouse, Cafe du Bliss, Barnes & Noble, Pottery Barn, ATX Optometry and Ao5 Gallery.

Per the release, improvements will include building on the center’s park-like setting. Initial plans include:

Reconfiguring common areas to support events such as live music, pop-up retail and community programmingAdding patios for outdoor diningImproving connectivity and wayfinding across the propertyNew storefront signage and other enhancements“North Austin is an attractive target market, and this acquisition supports our strategy of owning some of the best neighborhood retail in the country,” said Brad Kantrowitz, managing director of investments with Asana Partners. “Great neighborhood centers have evolved into community gathering spaces. The Arboretum exemplifies this model, and our focus will be on bringing that to life through physical improvements and a thoughtful, long-term merchandising approach to the shopping and dining experiences offered here.”

Site work is slated to begin this summer and reach completion by early 2027, per the release.

Gateway Shopping Center

Edens plans to upgrade Gateway’s gathering areas to enhance the overall consumer experience, said Michael Hale, senior vice president of development and leasing. Renovations will include improving public areas and creating communal spaces, and work is expected to begin this year.

The group also plans to backfill key vacancies in the center, such as the former Saks Off 5th space, and bring in new retailers through existing space or as space becomes available, Hale said.

Gateway’s current tenant lineup includes major retailers such as Whole Foods, Nordstrom Rack, Ulta, Best Buy and Regal Cinema.

“The existing tenant lineup is very strong, which is another reason for expanding Edens’ portfolio here,” Hale said. “We plan to evolve the center in ways that serve the needs of the surrounding community and strengthen partnerships with national brands and local businesses.”