South Lamar Boulevard is swarming with construction projects that will add circa 1,300 new apartments and more than 100,000 square feet of restaurants and shops south of downtown. One of these projects is developed by Hanover Co., which is expected to soon break ground on a luxury apartment project just south of the popular Uchi restaurant.
According to the Austin-American Statesman, the first units will be ready by late spring of 2014, with the project due to be completed in the fall of 2014. The luxury multifamily project will also include a clubhouse with a fitness center, Wi-Fi lounge, entertainment areas, two movie theaters and private dining and conference rooms.
Monthly rates will range between $1,900 and $2,000, and units will feature stainless steel appliances, wood flooring, granite counters and 10-foot ceilings, as well as walk-in showers and balconies in select units. David Ott, regional development partner with Hanover, also adds that the average size unit will be 875 square feet.
The Houston-based multifamily developer is very interested in Austin and especially South Lamar area, as it considers it to become an even more urban and mixed-use version of South Congress. Ott added that Austin has shown high demand for new housing projects, the apartment market being the region’s strongest real estate sector.
Still, he believes the appetite for new development in Austin is tightening up, so any projects that are not under construction or starting soon might be delayed or cancelled, as quoted by the Statesman.
Hanover is also the developer of the Ashton, an apartment high-rise downtown at Colorado and West Second Streets, and a total of 2,764 apartment units in Central Texas and San Antonio.
Photo rendering of Hanover Rice Village in Houston, courtesy of Hanover Co.
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