The developer of a $750 million project planned for the former Concordia University campus in Austin has tapped AMLI Residential to build a 315-unit apartment complex on the site, which is destined to be one of the city's tallest, densest developments outside of downtown. East Avenue Investment Group LP chose AMLI from several unidentified local and national companies to build the apartments because of its track record with other urban projects here, said Andy Sarwal, who is leading the team that will redevelop the 23-acre campus at Interstate 35 and 32nd Street.
AMLI expects to break ground in mid-2008, with the complex opening about two years later. The building will have four stories of apartments atop 45,000 square feet of street-level retail. Sarwal also said the developers have selected West Lake Hills-based Treaty Oak Bank to open a 4,000-square-foot branch in East Avenue's first office building.
Concordia plans to move within two years to the former Schlumberger Ltd. business campus off RM 620 in far Northwest Austin. At Concordia's former campus, East Avenue's developers plan a 2.75-million-square-foot urban village with 1,450 condominiums and apartments, 600,000 square feet of offices, 325,000 square feet of retail and a 210-room Andaz-brand hotel, a new upscale concept from Global Hyatt Corp. The hotel will include about 150 condos priced from the $400,000s.
Construction on East Avenue will begin by early 2008, with the groundbreaking of two office buildings scheduled to open in early 2009. Work on the 17-story hotel/condo tower is to begin in the second quarter of 2008 and take about two years to complete. Hyatt unveiled its new brand in April. The landmark Great Eastern Hotel in London will convert to Andaz in mid-October, and two hotels in Manhattan will follow in 2009.
At AMLI's project, the one- and two-bedroom apartments will have an average of 900 to 1,000 square feet. Rents have not been yet set. AMLI has more than 2,000 apartment units in the Austin area, and a substantial investment in the Second Street retail district downtown. There, AMLI has built a 220-unit luxury apartment complex at Second and Lavaca streets, and within three months it will open its second downtown project, a 231-unit complex on Second Street between Guadalupe and San Antonio streets that will include 43,000-square feet of retail space. ALMI plans to build 375 apartments along East Riverside near Lakeshore Boulevard.
Marcy Phillips, senior development associate for AMLI, said East Avenue represents a "unique mixed-use redevelopment opportunity and smart growth" for the city. "The proximity to medical, university, governmental and downtown communities, as well as the future foot traffic that will be generated within East Avenue, are very attractive to us," Phillips said.
The site is just north of downtown, across the street from St. David's Medical Center and three blocks from the University of Texas. Sarwal said AMLI stood out from the competition because of its experience in developing urban projects, which are "very different than suburban projects." Projects with ground-floor retail "require a bit of planning and added expense, and AMLI has not only dealt with these issues in prior projects, but has done so with flying colors," he said.
In East Avenue's office portion, Treaty Oak will open its fifth location since the bank's founding in 2004. Bank President Jeff Nash said he is pleased the bank was chosen over national banks "based upon a preference for a locally based community bank as a better fit for this project."
The overall project is shaping up to be innovative. Sarwal has said it will have "many forward-thinking" land-planning, green-building and architectural concepts and technologies to reduce land consumption, traffic, and energy and w
Source: StatesMan.com