Downtown Multifamily Community to be Developed in Austin
- Jun 06, 2012
Austin, Texas—Forestar Group Inc. announced last week it has partnered with Canyon-Johnson Urban Funds (CJUF) to develop Eleven, a new downtown multifamily community at the southeast corner of East 11th Street and I-35 in Austin, Texas.
Designed to garner certification by the Austin Energy Green Building program, the four-story podium-style building will feature 257 units, ranging from studio to two-bedroom residences, atop two stories of parking. Luxury amenities will include a resort-style pool, state-of-the-art fitness facilities, rooftop deck, upscale clubhouse, courtyard with outdoor living area and executive business center.
The prime location of Eleven is certain to be one of its premier selling points. Shopping, dining and myriad lifestyle and outdoor activities served up by central Austin are all within walking distance. Residents will be able to enjoy awesome views of the city’s downtown skyline, as well as the Texas State Capitol.
Eleven is among a number of projects propelling the revitalization of the city’s East 11th Street neighborhood. In an effort to spark investment from private developers, the City of Austin and the Austin Urban Renewal Agency have invested nearly $20 million in the district over a number of years. That infusion has begun to bear fruit, and an array of new mixed-use retail and office buildings and restoration projects are primed to turn this into a thriving enclave.
Notes Tom Etheredge, executive vice president of multifamily operations for Forestar, “We look forward to working with the Canyon-Johnson team to create a successful community on this unique site. This investment is consistent with our multifamily business strategy, which is to leverage our experienced team and corporate resources, while partnering with outside financial capital to create value for our shareholders, partners and community stakeholders.”
Eleven’s design reflects Forestar’s commitment to sustainable building practices, high-quality construction and extensive lifestyle amenities, he adds, noting, “[It] will deliver our residents the choices that allow them to live with purpose.”
CJUF managing partner and CEO Bobby Turner is displaying similar enthusiasm about the development. “For Austin’s East 11th Street neighborhood, Eleven is a transformational project that is in line with our commitment to triple bottom line investing,” he says. “We look forward to helping create new jobs, and to providing high-quality, affordable housing options for local residents who want to live close to Austin’s central business district.”
Neville Rhone, CJUF managing director, voiced his organization’s excitement about partnering with a vastly experienced local developer. “Forestar has a long track record of developing successful projects,” he says.
Eleven was designed by award-winning architectural firm BGO Architects. Its interior design is the work of Leslie Fossler Interiors.
Groundbreaking on Eleven is to start before late June.