As the face and skyline of the Burnet Road corridor continue to evolve, The Domain is continuing to attract large-scale employers and drive competition in the North Austin real estate market, according to local business leaders. At the North Austin Growth Summit, hosted April 14 by the Austin Business Journal, technology executives, real estate experts and development firms provided insight on the economic potential of the North Austin area. Throughout the virtual meeting, leaders said The Domain, which opened its first phases in 2007, continues to attract high-skill labor talent to the area through an employment market rife with tech opportunities and a real estate market close to nightlife and entertainment amenities. “You think of downtown Austin being the core [of the city], but when you look at the population center of Austin, … The Domain is really that center point,” said Will Jenkins, a principal at Stonelake Capital Partners. “You see employers gravitating to this geographical location for that reason.” Now, with a few major developments ready to deliver product in the next 12 months, The Domain’s footprint in North Austin may expand even more. Click to read more at www.communityimpact.com.
StreetLights Residential, a national developer of multifamily and mixed-use communities based in Dallas, has broken ground on the third phase of its newest luxury multifamily community in Austin. Located in the rapidly growing Lakeline neighborhood in northwest Austin, the new development will feature 377 apartment homes. StreetLights completed the project’s first phases within the past few years and saw strong demand for both, with The Elizabeth opening in 2019 and The Michael opening in 2016. Residents will have the option to choose from several floor plans, ranging in size from 676 to 1,763 square feet, with one-, two-, and three-bedroom floor units available. Each apartment home will feature granite countertops, tile backsplashes, deep pots and pans drawers, custom flooring, dine-in island seating, urban mudrooms, custom cabinetry including a pull-out trash drawer, spa inspired bathrooms, oversized walk-in closets, and Sonos smart speakers. Select units will also offer smart home features, an all hard surface flooring option, oversized outdoor living spaces and screened porches. Residents will also have access to outdoor amenities including an expansive pool courtyard with entertaining space and a private yoga lawn. The interior common area spaces are designed to foster an inviting, comfortable environment for residents to gather, with access to a variety of amenities including a lounge with flexible co-working spaces, a creative makers craft space, kitchen, and lounge with space for personal projects or art classes, a residents’ coffee bar, a full fitness center featuring high-end cardio and strength equipment, a flex room with spin bikes, fitness echelon mirror and ballet bar, a fully-equipped pet wash and spa, secure interior bike storage, and two private dining spaces for intimate dinner parties or coworking space. StreetLights Creative Studio is the architect of record for the project and is handling all interior design in-house. SLR Construction, LLC, is the general contractor. Other StreetLights’ Austin projects currently in development include The Bowen, a 340-unit, luxury high-rise community located in the Domain. StreetLights’ has completed five Austin projects to date, including two northwest Austin communities, The Elizabeth at Presidio, a 373-unit luxury apartment community, completed in 2019 and The Michael at Presidio, a 415-unit apartment and townhome community, completed in September 2016; Flatiron Domain, a five-story luxury residential community; The Catherine, a 19-story, 300-unit luxury high-rise located in downtown Austin, completed in October 2015; and The Kenzie at the Domain, a six-story residential community comprised of 279 units, completed in August 2014.
L.A. Fuess Partners, Inc., a structural engineering firm specializing in the design of commercial, residential, institutional, and industrial buildings, recently opened their third US office in Austin, Texas located at 8200 North Mopac Expressway, Suite 130. Founded in 1979, L.A. Fuess Partners, Inc. (LAFP) also provides services from their offices in Dallas and Boston: working with clients in cities throughout North America as well as overseas. LAFP Senior Associates James Kleineck, P.E. and Cheryl Stewart, P.E. will lead the Austin office and oversee a growing team of engineers. Kleineck began his structural engineering career with L.A. Fuess Partners, Inc. after graduating with a B.S. in Architectural Engineering (2009) and his M.S. in Civil Engineering (2011) from the University of Texas at Austin. His experience includes multiple structural systems and construction materials, including modifications and expansions to historic structures. He has designed high-rise and low-rise office buildings, schools, healthcare, retail, and aviation support facilities as well as millions of square feet of data centers and parking structures. A fellow Longhorn, Cheryl Stewart received her B.S. in Architectural Engineering (2008) from UT Austin and spent her early engineering career in Austin. She returned to school at the University of Florida to obtain her M.S. in Structural Engineering (2011). Her years of structural engineering experience encompass the full array of materials and systems for new structures, expansions, and retrofits. She has designed dozens of new and renovated schools, major healthcare facilities, office buildings (some with challenging structural retrofits) and she is well versed in the structural design of hotels, municipal facilities, retail development, and churches.
AUSTIN, Texas—April 8, 2021. Austin-based Pearlstone Partners and New York-based ATCO Properties and Management announced they have received final approval for a density bonus for their newest multi-family condominium development at today’s Austin City Council meeting. Currently referred to as “The East Tower”, the developers plan to release the formal name and branding at a later date. The East Tower is to be constructed at 84 East Avenue in Austin’s dynamic Rainey Street Historic District. Co-Developers, Pearlstone Partners and ATCO Properties, expect to break ground on the project this summer, with completion projected for first quarter 2024. The 41-story condominium tower, situated on 0.41 acres is expected to offer 284 residential homes at an average size of 975 square feet. The East Tower plans will feature several community and Rainey Street District benefits that are highlighted below: • In accordance with the Rainey District affordability guidelines, 10 units will be dedicated to the City of Austin Affordable Housing Program and will be reserved for households earning up to 80 percent (80%) of Austin’s median family income (MFI). • The alley running behind the project and to the South will be paved to further support and provide a pedestrian friendly connection to the Rainey Street District. • An exterior mural and sign visible via a public access easement will direct visitors and residents from Rainey Street to the public art gallery located adjacent to the rear lobby. • The East Tower is thoughtfully designed to allow vehicles to access the site from the I-35 frontage road and avoids adding additional vehicular traffic to Rainey Street. • Compliance with Great Streets by fee-in-lieu due to the location and proximity to IH-35 and TXDOT Right-of-Way not allowing for full Great Streets. In addition to paying the fee-in-lieu, the ground level of The East Tower has been moved back to incorporate a more pedestrian friendly streetscape. • The streetscape was designed by dwg. and will feature several large planter boxes with full sized trees and native Texas plants, as well as, a tree-shaded sitting area for passers-by and bike racks. At the northeast corner, planter boxes and a vine cabling system will create an over 100-foot-tall green wall adding life and vibrancy to the area. Anticipated common amenities for The East Tower include a rooftop community clubhouse, sky-deck pool, cabana, outdoor kitchen, fireplace and lounge; a resident fitness studio, featuring private spin and yoga studios; a sky dog park, lawn and washing station; a community courtyard and gathering table; and a ground floor co-working space. The rear lobby features a public art gallery and mural showcasing works by local artists, with direct pedestrian access to Rainey Street and its many inviting shops, eclectic variety of restaurants and cafes, live music venues and other entertainment options. Pearlstone Partners and ATCO Receive Approval from City Council on 41-Story Residential High Rise at 84 East Avenue Page 2 of 2 The East Tower will be less than a mile from the Austin Convention Center, a mile and a half from the Texas State Capitol, two miles from The University of Texas at Austin, and just steps away from the coveted Ann and Roy Butler Hike-and-Bike Trail, which stretches more than 12 miles around Austin’s venerable Lady Bird Lake. With close proximity to major employers—including Google, Facebook, Atlassian, Parsley Energy, Indeed Tower, Oracle and many independent start-up firms, as well as to UTAustin and the State Capitol Complex—The East Tower will offer an ideal live-work-play lifestyle. The architect for The East Tower is STG Design, the civil Engineer is Wuest Group, the interior designer is McCray & Co, and AECOMHunt is the intended general contractor. The property will be marketed exclusively by Prospect Real Estate. “Pearlstone Partners is excited to continue to invest in the Rainey Street District and provide a project that will appeal to a wide array of buyers including young professionals, empty nesters, and anyone else who is attracted to the area’s energy, culture and urban, pedestrian-friendly lifestyle,” said Pearlstone Partners CEO and Principal Robert Lee.
Bellwether Enterprise Real Estate Capital LLC, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment, Inc., has announced the closing of a $59 million Fannie Mae Multifamily Affordable Housing loan deal for the acquisition of Broadstone 8 One Hundred, located at 8100 Anderson Mill Road in Austin, TX. Kevin Bowen, executive vice president in Bellwether Enterprise’s Dallas office, originated the loan on behalf of the borrower. Broadstone 8 One Hundred consists of 376 one- and two-bedroom units. At acquisition, the borrower restricted 50% of the units for tenants making 80% or less of area median income. The property includes amenities such as a clubhouse for residents with entertainment spaces, a 24/7 athletic center, an executive business center, a resort-style swimming pool and a dog park, among many others. In-home amenities include
Institutional Property Advisors (IPA), a division of Marcus & Millichap, has announced the sale of Palo Alto, a newly built 300-unit multifamily property in in Pflugerville, Texas. The property is 15 miles from Downtown Austin and close to top area employers like Apple, Dell, IBM, and Vrbo. Shopping is also close by at Pflugerville Plaza and Windermere Center. The Art Institute of Austin and Austin Community College are within a short drive. Completed in 2021 on 14 acres near Interstate 35, the controlled-access community has carports, free Wi-Fi, a business center and a swimming pool and spa.