Next Phase of Austin TOD Has Launched
- Jul 16, 2012
Austin, Texas—Construction on Phase II of Midtown Commons, the Texas Capital’s first transit-oriented development (TOD), is underway. The announcement was made by Trammell Crow Company, which through its wholly owned subsidiary High Street Residential, in partnership with USAA Real Estate Company, broke ground recently on the multifamily community.
“Phase I of Midtown Commons stabilized in 2010,” Joel Behrens, senior vice president with Trammell Crow Company and High Street Residential, tells MHN. “And over the past 18 months, the property has maintained a high occupancy rate, while continuing to register monthly increases in rent.
“Given our existing land position, committed capital partners, and strong rental market, the decision was made to move forward on the second phase of our multi-phase development plan.”
Midtown Commons Phase II will be comprised of a four-story, 189,419-square-foot building featuring 246 one- and two-bedroom Class A luxury residences, as well as a 98,156-square-foot, five-level parking structure offering 296 spaces.
Luxury amenities will include a resort-style pool with open access to a kitchen and lounge area, fitness center, yoga room, business center, game room and dog park. Sustainable features are included, and Midtown Commons Phase II will apply for a rating from Austin’s Energy Green Building program.
Phase II is located adjacent to the Cap Metro Crestview Rail Station, near the Lamar and Airport Blvds. intersection, and next door to Phase I.
The first phase at Midtown Commons features a contemporary exterior design, Behrens says. While residents responded well to that design, it was deemed important to create a new community that blended the contemporary feel of the first phase with a more modern, fresh and functional look.
“In the end, we believe the second phase will differentiate itself from the first phase by offering a warm and welcoming design that relates well to the current rental market,” he adds.
The first phase of Midtown Commons was exceptionally successful, notes Pat Duncan, chairman and CEO of USAA Real Estate Company. Trammel Crow, High Street Residential and USAA Real Estate Company were able to completely transform a once dormant urban parcel into a vibrant, mixed-use TOD with myriad neighborhood public features, including a transit plaza, main street retail spaces, pedestrian streetscapes and public bike paths, he says.
“The second phase will further energize this area by bringing a unique multifamily project that blends traditional and contemporary design,” he adds.
Concludes Behrens: “The second phase of Midtown Commons will further solidify Midtown as its own submarket in Central Austin. Midtown offers renters great connectivity via Capital Metro as well as other major transportation arteries. The second phase of Midtown Commons will continue the transformation of the once idle site by bringing additional residents to Midtown, Austin’s first transit-oriented development.”
First units will be ready for occupancy in early 2013.