A partnership comprising San Antonio-based Lynd and Austin-based Endeavor Real Estate Group broke ground last week on a planned 36-story tower that will add 358 luxury units to downtown Austin. Developers plan to complete the project in the third quarter of 2014.
The tower will include 4,000 square feet of ground floor retail, a 463-space parking garage on floors one through seven, 41,000 square feet of office space on floors eight and nine, and residences on floors 10 through 35, according to Multi-Housing News. Known as 3 eleven Bowie, the unique project will also feature the highest swimming pool in Austin, a fitness center, catering kitchen and additional grilling areas on the 36th floor rooftop.
The luxury rental property is just one of the multiple residential projects that are changing Austin’s downtown landscape. The city is one of few in the country to record such high demand for new housing units. The Austin-American Statesman presents three other upscale apartment properties currently under construction in the downtown area:
- Gables Park Plaza (second phase) – an 18-story tower with 222 units;
- The Whitley – a 16-story tower with 277 units;
- SkyHouse – a $67 million, 23-story skyscraper with 320 units.
Additionally, two more residential projects will soon break ground in the area, adding circa 520 new apartment units to Austin’s housing stock. With an occupation rate of 97 percent, average rents in downtown Austin are more than double the city average—reaching $2,257 a month.
Photo rendering of 3 eleven Bowie by HKS Architects, via Austin Towers
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