An Austin events company plans to breathe new life into a 70-year-old North Austin building.

Red Velvet Events said this week it has acquired the 11,579-square-foot building at 7121 N. Lamar Blvd., and is planning a major renovation project to transform the space into the company’s new headquarters.

Texas Discount Furniture previously occupied the site, which is near Capital Metro’s Crestview rail station. Several new retail and residential projects are planned or already under construction in the area, and Austin Community College’s new Highland campus — at the former Highland Mall — is also nearby.

A purchase price wasn’t disclosed. The Travis Central Appraisal District valued the property at $900,000 in 2016.

Red Velvet Events owner Cindy Lo said she was initially looking for space to lease, but had trouble finding a spot in North Central Austin that was big enough to accommodate her growing company. That’s when the opportunity to buy the North Lamar Boulevard property presented itself.

"All of the pieces started to click. It’s an opportunity to revitalize an empty building in my neighborhood and truly own the design and feel of my company’s workspace," she said. "The prominent address on North Lamar is the cherry on top."

The company, which has 25 employees, is currently based out of the Plaza 7000 office building, at 7000 N. MoPac Blvd. (Loop 1).

Magic Architecture and DKC Construction Group are handling the renovation project, which is expected to wrap up this fall.

Chad Jewell of Austin Office Space represented Lo, while CBRE’s Eric DeJernett and John Heffington represented the seller of 7121 N. Lamar Blvd., ALP Lamar LLC.