And on a somewhat related note -- Matt's El Rancho's sale (I think that it was actually a Section 1031 exchange for the South Lamar property and another property, but I digress) of the original location on First Street to make way for the Four Seasons hotel.
"Selling out to the Four Seasons, then keeping it real
While Matt's is known as a steady-as-she-goes restaurant, it does have a far-off history of being altered and exported across town.
When spouses Matt and Janie Martinez opened Matt’s El Rancho in 1952 in downtown Austin, the two served a rotation of homemade southern meals such as meatloaf, mashed potatoes, collard greens and more. Their life savings went into opening the 40-seat restaurant. On Thursdays, they offered a Tex-Mex plate and guests kept asking for more. In a nutshell, the Tex-Mex restaurant coveted by Austinites today was born from those requests — though Matt’s continues to offer some originals such as steak, seafood and chicken fried steak.
The couple started by renting a space downtown and slowly purchased a few properties on the lake. The Martinezes sold that property to Southerland Financial Corp. to make way for The Four Seasons Hotel. Janie Martinez did not accept the first “lowball offer,” according to Cathy Kreitz, daughter to the Martinezes and co-owner of Matt’s.
“Mom quadrupled it. And they accepted the offer. Both of my parents were quite intelligent and savvy,” Kreitz said.
The Four Seasons offered the couple a restaurant space at the hotel, but they were too independent for that kind of business deal, Kreitz added.
The Martinezes instead bought another property and opened the restaurant at 2613 S. Lamar Blvd. in 1986. It's pretty much Central Austin today, but at the time the street was considered far South Austin. The Broken Spoke dance hall was the end of the road, Kreitz said.
“Mom and Dad’s banker friends, business friends and attorney, they said don’t do it, you’re not going to make it, you’re going to lose your shirt. And they just went on ahead and did it,” Kreitz laughed.
The family certainly did not lose any cloth. Matt's current 5 acres are appraised at $20.5 million, according to the Travis Central Appraisal District.
But, unlike most Austin restaurants nowadays, the business may be worth more than the prime land under it."
https://news.yahoo.com/matt-el-rancho-one-america-150241728.html