Once the foreclosure crisis started engulfing the US country, it has become almost a routine to hear commercial properties folding up one by one, into the foreclosure trap. New ventures in the commercial properties sector, which invariably need huge investments, were either put off for a later date or wound up altogether, for the obvious reason of financial crunch. It seems the air is clearing now – in major metros like Austin, Texas at least. Here are two refreshing news about new commercial ventures at Austin.
It is reported that a joint venture – formed by Tech Ridge Englewood, Colorado-based Archstone and New York-based Bluerock Rock Real Estate LLC to open their 256 unit apartment complex in North Austin – the name of the apartment complex is “Archstone.”
The details shown in their ad are – the buildings are located at 305 E. Yager Lane on the Eastside of I-35, just south of Palmer Lane. The one and two bedroom units are listed between $640 and $788 a month; for square feet between $648 and $1,240. The complex will include a 24-hour fitness centre, Internet cafe, free Wi-fi, pool and other amenities.
It is said U.S. Bank is financing the deal but the company did not disclose the cost for the project. As for background details of Archstone, the company owns or participates in about 433 communities nationwide, including Washington D.C., Los Angeles, San Diego, San Francisco, New York, Seattle and Boston. The other investor Bluerock has invested in about $3 billion, in commercial real estate covering about 25 million square feet.
The other news is about two high-profile Austin Condos, opening later this month in the downtown Austin. This is known as the Four Seasons Residences Austin and Astonian, which have been highly anticipated in the commercial real estate community, ever since the construction started two years ago.
Particulars available about Four Seasons are – it is a 32 story building, spanning 435,000 square feet; with 148 luxury condominiums; located at 98 San Jacinto Boulevard – next to the hotel bearing the same name.
Amenities include – deck on the 32nd floor with a pool and sundeck; fitness centre; party room, catering kitchen and residents’ library.
It is learnt that the project has cost $125 million, announced two years back and already 55 percent sold, with units ranging in price from $400,000 to $4 million. Ardent Residential LP is the developer and Lyda Swineton Builders is the general contractor.
Austonian is located at the corner of Congress Avenue and Second Street and considered as the tallest residential condo building, west of the Mississippi River. This 56 story, $250 million 188 unit luxury condo tower began shaping two years ago.
The development of commercial real estate sector in Austin, even in these hard-days of foreclosure epidemic, does not stop with the above ventures. It is reported that in December this year, the $296 million W Hotel & Residences will open as 36-story project; 252 hotel rooms; 165 condos; 35,000 square feet of office, retail and restaurant space and a new theatre.