Endeavour Real Estate Group, one of the developers of 3 eleven Bowie—a planned 36-story residential tower in downtown Austin, has released new details on the upcoming project. Construction on the luxury tower is slated to begin in the third quarter of 2012.
Built by a joint venture formed by Endeavour and San Antonio-based LYND, the new high-rise project will include 358 luxury rental apartments, 42,000 square feet of office space and 3,000 square feet of street-level retail, according to the San Antonio Business Journal. The publication adds that apartment units will range from 427 square feet to 2,405 square feet.
The developers have also disclosed that they have lined up equity for the mixed-use project, but neither the investor nor the estimated cost of the project was made public. According to The Austin-American Statesman, which quoted Michael Lynd Jr., LYND’s CEO, the development will be one of the finest luxury rental towers in downtown Austin.
The Statesman reports that the project could not have been built in a better period, as Central Texas currently has a booming apartment market with hundreds of units planned or under construction. Additionally, the apartment sector is the hottest segment of the region’s commercial real estate market.
According to Capitol Market Research, downtown Austin’s apartment occupancy rate stood at 97.6 percent in June, and rents averaged $2.17 per square foot—up 6.9 percent from December 2011, as reported by The Statesman.
The high-rise will have a rooftop garden/dog park on the 10th floor; a sky deck, club room and fitness facility on the 31st floor; and a pool on the 36th floor. The designer of the project is Dallas-based architecture firm of HKS Inc., which also designed the 36-story Ashton apartment tower in downtown Austin.
Endeavor is an Austin-based commercial owner and developer. LYND is a San Antonio-based developer of multifamily residences. Endeavor and LYND are pursuing the project as a joint venture.
Photo credits: www.skyscrapercity.com
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