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Bee Cave Project Gets in Gear

29 Sep 2015, 3:17 pm

By Anca Gagiuc, Associate Editor

Gateway to Falconhead

Gateway to Falconhead

Gateway to Falconhead, a 126,000-square-foot retail and office development, is under way in Bee Cave.

Pathfinder PFP Retail LLC, the project’s developer, plans a seven-building, 46,000-square-foot retail village and a six-building, 80,000-square-foot office campus on the 14-acre site.

Construction of the retail portion is under way and completion is expected in about 10 months. The office phase will follow and office condos will be available for sale or lease.

St. Croix Capital Advisors handles marketing, sales, and leasing. Jay Macliver of Construction Strategies Management Group, a sister company of the brokerage firm, is overseeing construction. Southstar Bank is providing project financing, IE2 is the construction firm, Land Strategies is the land planner, Gary Shaw the architect, and Garrett Ihnen is the engineer.

Even though the Gateway to Falconhead has just begun construction, two retailers have already signed on—Pioneer Bank for 3,000 square feet and Serasana, a day spa, for 3,500 square feet.

Image courtesy of Gateway to Falconhead

Fox Sets Foot in Lone Star State

29 Sep 2015, 2:47 pm

By Anca Gagiuc, Associate Editor

Fox Rent A Car Logo

Fox Rent A Car – The Discount Car Rental Company

Raising its profile in the highly competitive rental car industry, Fox Rent A Car has picked Austin for its Lone Star State debut. On Oct. 1, the Los Angeles-based company will open its first Texas location at Austin-Bergstrom International Airport.

Company executives hint that the airport rental office is the only the first step in a larger growth strategy. “The addition of the Austin location will provide countless more leisure, tourist and business travelers in the Midwest access to our deep-value discounts and convenient rental options,” said Fox Rent A Car COO Sean Busking in a statement. “Fox is planning additional expansion in the Texas market and is very excited to give our loyal customers additional rental options in that state.”

Targeting budget-conscious leisure and business travelers alike, Fox’s new location will operate seven days a week. The firm’s expanded fleet has a variety of vehicles available to travelers. Customers will be able to join the Fox Rewards program and participate in special programs, such as rentals for drivers aged 19 and older, group rentals programs, government and military rentals.

Cortland Partners Takes First Step

25 Sep 2015, 10:09 pm

By Anca Gagiuc, Associate Editor

City View Apartments Austin

City View Apartments, Austin

With 10 apartment communities in the Dallas-Fort Worth area, six in Houston, and three in San Antonio, Cortland Partners has been looking to add Austin to its roster of major Texas markets. The diversified Atlanta-based firm has just made its local debut with the acquisition of City View Apartments, a multifamily community located in the Southeast submarket.

“The Austin market has seen significant demand for new multifamily product during the past five years,” Steven DeFrancis, CEO of Cortland Partners, said in a statement. “The city continues to attract new residents, jobs and economic growth, resulting in increased demand and continued low vacancy.” Terms of the transaction were not disclosed.

Located at 4900 Oltorf Drive, City View Apartments is in a neighborhood revitalized by young professionals drawn to abundant choices of restaurants, bars, and coffee shops; recreational opportunities offered by Lady Bird Lake and other attractions; and proximity to the city’s downtown.

The 308-unit community offers one-, two-, and three-bedroom apartments ranging in size from 679 square feet to 1,386 square feet. Amenities include carports and detached garages, landscaped grounds, fitness center, club room with large screen TV, fireplace and lounge, DVD library and billiards, business center, resort-style pool, outdoor gas fireplace, grills and Wi-Fi, 24-hour laundry facility, and café-style complimentary coffee bar.

“Furthermore, land prices and construction costs remain elevated, making it much more difficult to meet the current rental demand through new construction alone,” DeFrancis added. ”This lack of anticipated new construction combined with the city’s growth and our renovation capabilities make Austin a great long-term market for Cortland Partners.”

Image courtesy of City View Apartments 

Tower Adds to Multifamily Boom

24 Sep 2015, 6:37 pm

By Anca Gagiuc, Associate Editor

Northshore, Austin

Northshore,  Austin

New data released by the U.S. Census Bureau reports that metropolitan Austin’s population grew from 1,883,051 in 2013 to 1,943,299 in 2014. That 3.2 percent growth rate equates to 165 new residents each day. The city’s skyline is changing as new projects rise to meet the demand.

One such project is currently under construction at the intersection of Second and San Antonio streets. At that site, Trammell Crow Co. and The Hanover Co.,  along with Pacific Life Insurance Co., their capital partner,
are developing Northshore, a 439-unit Class A tower.

“We are thrilled to have reached this milestone and are eager for the grand opening early next year and the diverse tenant base we have already secured,” Adam Nims, principal with Trammell Crow, said in a statement. “Northshore will offer luxury residential units for people who want to be in the center of CBD living with some of the best views available and easy accessibility to all the shopping, cultural and nature amenities the city has to offer.”

The mixed-use tower is located at 110 San Antonio St., walking distance from Moody Theatre, Trader Joe’s, Whole Foods, Austin’s new Central Library, Austin Music Hall, the Austin Ballet, restaurants and a variety of retailers. The proximity to Lady Bird Lake gives immediate access to Austin’s hike and bike trails.

“Northshore will be the most highly amenitized residential building in downtown Austin, and is surrounded by all that make this city such a desirable place to live, work and play,” added David Ott, development partner with The Hanover Company.

The 38-story tower will offer one-, two-, and three-bedroom apartments. Northshore will feature a pool deck on the eighth floor overlooking Lady Bird Lake, a state-of-the-art fitness center and resident lounge, 24,000 square feet of boutique office space pre-leased by Galvanize, and 28,000 square feet of ground floor retail (6,800 square feet at the corner of Secondnd and San Antonio pre-leased by a local restaurant group, plus8,000 square feet leased by an undisclosed tenant).

The development is a candidate for LEED Silver certification and an Austin Energy Green Building 2-Star rating. Pre-leasing will start in November, with the first units available for occupancy in early 2016.

Image courtesy of Trammell Crow Co.

From Warehouse to Mixed-Use Market

24 Sep 2015, 3:28 pm

By Anca Gagiuc, Associate Editor

Saint Elmo Public Market

Saint Elmo Public Market

In a little over two years, an office furniture warehouse in South Austin will become the city’s first large-scale mixed-use market.

GroundFloor Development and Prescott Group joined forces to create the $120 million project, dubbed Saint Elmo Public Market. Plans call for an indoor-outdoor market, entertainment venue, offices, condominiums, and a boutique hotel.

The project will be situated on a 12-acre site near St. Elmo Road and South Congress Avenue. The development will feature 225,000 square feet of office space, a 40,000-square foot indoor-outdoor market, as well as a new home for the Saxon Pub. Construction is slated to begin in mid-2016 and completed in early 2018.

Saint Elmo

Saint Elmo

Andersson-Wise Architects is the lead architect, Chad Kimbell of KBGE Engineering is the civil engineer, and David Hocker of Hocker Design is the landscape engineer. Heather Wagner of Juice Consulting will oversee public relations and marketing, while Helms Workshop is the strategic brand design studio.

Images courtesy of GroundFloor Development

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