“Shoes4Less, LLC leased 2,880SF at 5332 Walzem Road in San Antonio, TX for 5 years. Kat Morrison represented the landlord, Hartman Income REIT.”
Category: Central/South Texas News DO NOT USE
Breaking Down Austin’s $460 Million Bond for Bike Lanes, Trails, Sidewalks and More
By Jack Flagler | 3:00 PM Nov 25, 2020 CST | Updated 2:59 PM Nov 25, 2020 CST
Project Connect, the $7.1 billion plan to revamp public transit in Austin, was not the only transportation decision city voters made Nov. 3. More than two-thirds of voters—276,137 out of 411,794—elected to approve Proposition B, which provides $460 million in bond funding for transportation projects broken down into nine different categories. Unlike Project Connect, which takes effect immediately, Proposition B will not affect homeowners’ tax bills for 2021. Instead, it will be phased in over years until it is fully levied in 2026. Once it fully takes effect, the owner of a median-valued $361,000 home would pay an extra $72 annually in tax dollars. The largest category of funding will go toward major capital improvements, which include redesigning Congress Avenue and paying for construction of a bridge over the Longhorn Dam along Pleasant Valley Road that will connect the two sides of the Ann and Roy Butler Hike and Bike Trail. Additionally, the bond provides a combined $200 million to fund bikeways, sidewalks and urban trails. While no timelines have been established for individual projects, the goal is to finish all bond-funded projects in six years, according to the office of District 8 Council Member Paige Ellis—one of the leaders of the effort on the dais. Click to read more at www.communityimpact.com.
Keller Williams City View Takes Full-building Lease in Northwest San Antonio for New Campus
Transwestern Real Estate Services announced that Keller Williams City View, a franchise of Keller Williams Realty International, has signed a full-building lease for 30,000 square feet at The Park at Vance Jackson. The property, located at 15510 Vance Jackson Road in San Antonio, was delivered in February 2020. Transwestern executive managing director Russell T. Noll, CCIM, CPM, and Deborah Bauer of Drake Commercial provided agency leasing services on behalf of the landlord, The Park on Vance Jackson LLC. Managing director Cynthia Lee, CCIM, GRI, of KW Commercial City View represented the tenant. “We are thrilled to welcome Keller Williams City View as it creates its first campus in the nation at The Park at Vance Jackson,” said Noll. “The Park at Vance Jackson will provide a cohesive campus that aligns with Keller Williams’ goals, while simultaneously launching a dynamic future and dramatically lowering occupancy costs.” The Park at Vance Jackson includes two 30,000-square-foot, single-story buildings. The property delivers on location, access, high-profile signage opportunities, proximity to best-in-class amenities and the highest standard of service levels in a dynamic and growing submarket. More than any time in recent history, a company’s office environment is vital in attracting and retaining top talent as well as communicating culture, brand and a sense of place for clients. Keller Williams City View has designed its new campus to adapt to the post-pandemic way of working and collaborating. Agents will have their own front doors to individual suites and access to conference rooms with video call capability and a 100-seat training facility to accommodate everyone under one roof. In the midst of COVID-19, Keller Williams has proven its faith in the San Antonio market’s ability to weather economic storms by its decision to move forward with this significant commitment. “This was a nuanced transaction that required a seasoned and experienced real estate team to negotiate, educate, mentor and coach throughout the process, and working with a fellow CCIM allowed for a highly collaborative approach,” said Lee. “Several factors motivated this location decision, including an environment that is conducive for collaboration, space for facetime that encourages connection, and a campus-like environment as we continue to expand and grow to better serve our customers. We are thrilled with our new home at The Park at Vance Jackson and look forward to recruiting more agents, connecting with our vendors, and enhancing our customer’s experience.”
Pearlstone Partners and ATCO to Present the City of Austin Design Commission a 41-Story Residential High Rise at 84 East Avenue
AUSTIN, Texas—November 23, 2020. Austin-based Pearlstone Partners and New York-based ATCO Properties and Management announced they are presenting plans for a density bonus for their newest multi-family condominium development to the City of Austin Design Commission this evening. Currently referred to as “The East Tower” for permitting purposes, the developers are in the naming process with the formal name to be released 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, a full-service real estate development firm with more than 100 years combined experience in the local real estate industry, and ATCO Properties, the New York-based investment group, are still finalizing many of the details for The East Tower. The firms expect to break ground on the project in the second quarter of 2021, with completion projected for the fourth quarter of 2023. The 41-story condominium tower, situated on 0.41 acres is expected to offer approximately 284 residential homes at an average size of 975 square feet. The East Tower plans for the Design Commission will include the below updates:
• 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.
• 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. Once a neighborhood of sleepy bungalows, the Rainey Street Historic District is now the densest neighborhood in the city in terms of population, offering class-A apartments, high-rise condominiums, and high-end hotels; 25-plus restaurants and food trucks, many of them award-winning; and 20-plus uniquely designed bars—all within a coveted neighborhood that earns a 90+ walkability score. Anticipated common amenities for The East Tower include a rooftop community clubhouse, sky-deck pool, cabana, outdoor kitchen, fireplace, and lounge; a resident fitness center, 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 will likely feature a public art gallery and mural showcasing works by local artists, with direct 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 to Present the City of Austin Design Commission a 41-Story Residential High Rise at 84 East Avenue 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 UT Austin 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 AECOM Hunt is providing pre-construction services. The property will be marketed exclusively by Prospect Real Estate.
“Pearlstone Partners is one of the few developers focused on developing an attainable urban housing portfolio,” said Pearlstone Partners CEO and Principal Robert Lee. “We are excited that this project will offer a new price point for buyers who have been priced out of the downtown market with the recently delivered developments. Appealing to an array of buyers including young professionals, empty nesters, first- and second-time home buyers, and anyone else who is attracted to the area’s energy, culture, and urban, walkable lifestyle, the development will feature one- and two-bedroom residences. The East Tower will aim to price the majority of the units from $499,000 to $999,000, which would be the lowest priced new build, downtown high-rise, especially in the highly sought-after Rainey Street District.”
About Pearlstone Partners
Austin-based Pearlstone Partners is a full-service real estate development firm with more than 100 years of combined experience in the local real estate industry. The company has been responsible for more than $200 million in locally developed real estate and has more than $600 million actively invested in a broad range of commercial projects, including office buildings, condos, multi-family and mixed-use projects in some of Austin’s most desirable areas, with an emphasis on urban properties in pedestrian-oriented locations. Pearlstone Partners engages in the economic development of Central Texas by creating high-quality, profitable real estate development projects. With experience managing every stage of the property development life cycle, Pearlstone is uniquely qualified to execute projects from concept through completion. For more information, visit //www.pearlstonepartners.com.
About ATCO
ATCO is a closely held real estate investment and ownership platform deploying capital in select cities across the United States, with a particular emphasis on urban properties in pedestrian-oriented locations. For over nine decades, ATCO has owned, managed, and developed a diverse real estate portfolio, primarily in and around New York City, and provided a range of services to other real estate owners. ATCO’s real estate operating company includes investment management, development, marketing, architectural design, and construction management, property management, and commercial and residential brokerage. ATCO’s investment and development portfolio consist of projects in excess of $2.2 billion in gross asset value.
NAI Partners San Antonio Arranges Sale of San Marcos Asset
NAI Partners recently arranged the sale of 1820 Redwood Road, a 5,000-square-foot property on one acre of land in San Marcos, Texas. NAI Partners’ Colten Courtney represented the seller in the transaction.
CKD USA Corporation Acquires 50,000-SF Industrial Facility in Austin
NAI Partners recently arranged the acquisition of a 50,000-square-foot industrial building for CKD USA Corporation at 4401 Supply Court in Austin. CBRE represented the seller. CKD Corporation will invest $13 million into the production site, which is scheduled to begin operations in fall 2021 and expected to add 70 jobs to the area. NAI Partners’ Troy Martin represented CKD Corporation in the transaction. Joe Novek and Darryl Dadon of CBRE represented the seller. “CKD Corporation’s $13 million investment in the Lone Star State further solidifies Texas’ reputation as a premier economic destination both nationally and internationally,” said Governor Greg Abbott. “I am proud to welcome CKD Corporation to the Lone Star State and look forward to the economic prosperity this investment will bring to the Austin community. This trailblazing company, combined with Texas’ business-friendly environment and high-skilled workforce, will undoubtedly make for a long and successful partnership.” CDK USA is the wholly owned subsidiary of CKD Corporation which is headquartered in Komaki Japan. CKD USA’s line of business is the distribution of pneumatic control components, drive components, pneumatic auxiliary components, fine system components, and fluid control components.