A mixed-used project is envisioned for a rapidly changing part of North Central Austin.

California-based Paydar Properties Inc. said this week it has acquired the 27 Eleven office building at 2711 W. Anderson Lane. A Chase bank branch is the primary tenant in the two-story, 31,326-square-foot building.

Other occupants include a State Farm insurance office and a property management company.

The seller was CSW Development, according to JLL, the firm that handled the transaction. Until recently, JLL was also one of 27 Eleven’s tenants.

"The execution of this transaction was extremely competitive with interest from virtually all major urban developers in Austin," said JLL managing director Scott LaMontagne. "This was an excellent opportunity to add a potential investment property within a growing area of the city."

A purchase price was not disclosed. The Travis Central Appraisal District valued the building, which sits on 2.7 acres, at $4.4 million last year.

Plans that JLL used while marketing the site call for replacing the current building with a much larger one featuring a mix of apartments and retail. Paydar hasn’t announced a timeline for its transformation.

Chase has another branch less than a mile away at 7600 Burnet Road. Like many other banks, Chase has been closing branches in Austin and elsewhere in recent years. A nearby drive-through facility on Shoal Creek Boulevard was shuttered in 2014, followed by six locations inside Central Texas H-E-B stores last year.

Preliminary plans provided by JLL indicate the building replacing 27 Eleven could be five stories tall, spanning 293,708 square feet. That’s about 10 times the size of the current building.

The new building could have 268 apartment units – 199 one-bedroom units spanning 756 square feet and 69 two-bedroom units in two different sizes: 1,178 square feet and 1,299 square feet.

The apartments would include an amenity area for residents.

A portion of the ground floor fronting West Anderson Lane would have 10,247 square feet of retail space, JLL’s preliminary plans indicate.

Parking for customers and residents would be available in a five-story garage with 294 spaces. That’s nine more spaces than required by the city, according to engineering, consulting and design services firm Stantec.

The proposed project is in an area that brokers say is one of the hottest parts of town right now for redevelopment.

Alamo Drafthouse Village is across the street. The former Northcross Mall, which has been transformed into a Walmart-anchored shopping center, is next door and West Anderson Plaza, home to Hopdoddy Burger Bar, Precision Camera and Sun & Ski Sports, is within two blocks.

A little further away, redevelopment is occurring up and down Burnet Road, including a Subaru dealership taking over a former discount store and a pizza restaurant that has replaced a paint store.