A local real estate company recently announced plans for a luxury high-rise rental project in downtown Austin.
Featured Illustration: An artist rendering of the street view of the Block 150 tower by Stratus Properties Inc.
Austin (Travis County) – A local real estate company recently announced plans for a luxury high-rise rental project in downtown Austin.
Stratus Properties Inc. revealed that they intended to build Block 150 on 12th Street and San Antonio Street, a few blocks west of the Texas State Capitol.
Preliminary plans call for a 400-foot tower, consisting of approximately 420,000 gross square feet with 300 luxury Class A multi-family units for lease and retail on the ground floor.
The project includes the history AO Watson House, which will be renovated and expanded to offer facilities that may include a restaurant, swimming pool and garden, while preserving the historic and architectural features of the property.
A subsidiary of Stratus, Stratus 150 Block, LP closed the purchase of the land on Sept. 1 for $ 14 million and plans to finalize development plans over the next 12-18 months, with Block 150 expecting to earn an Austin Energy Green Building rating.
The remaining land acquisition and pre-development costs will be funded by approximately $ 21 million in equity contributed to the Partnership by Stratus and private investors. Stratus will receive 25 percent of the equity capital of the limited partnership, in exchange for development costs to date and in cash, and will manage the project.
VBX first reported on the project in May when the city held a first reading on the rezoning of the Delta Kappa Gamma Headquarter.
William H. Armstrong III, Chairman of the Board and CEO of Stratus, said, “We are very excited about Block 150, a high rise rental project in downtown Austin focused on luxury living and luxury. durability of design. Unlike surrounding properties, Block 150 will not be affected by the height of view restrictions on the Capitol and will have unobstructed 360-degree views of the Capitol, downtown Austin, the University of Texas campus and west Austin.
“This project is also eligible for the downtown Austin density bonus, which would increase its development potential. Block 150 takes advantage of Austin’s booming residential real estate market and is another addition to our growing portfolio of multi-family projects. This extraordinary site provides the opportunity to develop high quality properties with third party capital that safeguard the profitability of Stratus shareholders.
The project has yet to complete design and engineering, obtain final site development and construction permits, obtain downtown density bonus approvals, and increase the development capital balance.
SCB, from Chicago, is the architect of the project.
Construction of Block 150 is expected to begin in early 2023 with an tentative completion date in mid-2025.
Edited from the press release.