Posted Feb 24, 2022, 6:38 PM
|
|
Moderator
|
|
Join Date: Jan 2009
Location: Chicago, IL —-Austin, TX
Posts: 12,733
|
|
^This will be apartments. Height increased to 406’ and 35 floors.
Stratus Properties Inc. Announces Purchase of Land and Plans to Develop Block 150 in Downtown Austin
Quote:
Stratus Properties Inc. (NASDAQ: STRS) (“Stratus” or the “Company”) today announced its plans for Block 150, a proposed luxury high-rise rental project in downtown Austin, Texas. The site at 12th and San Antonio is located just a few blocks west of the Texas State Capitol in Austin. Based on preliminary plans, Block 150 would be developed as a 400-foot tower, consisting of approximately 420,000 gross square feet with 300 Class A luxury multi-family units for lease and ground-level retail. The project includes the historic AO Watson house, which will be renovated and expanded to offer amenities that may include a restaurant, pool and garden, while preserving the property’s historic and architectural features. Stratus’ subsidiary closed the land purchase on September 1, 2021, and Stratus expects to finalize development plans over the next 12 to 18 months. Block 150 is expected to achieve an Austin Energy Green Building rating.
Upcoming key milestones for the project include completing design and engineering, securing final site development and building permits, obtaining downtown density bonus approvals, and raising the balance of the development capital, which Stratus projects could take between 12 to 18 months. Stratus’ preliminary development plans may change, and the anticipated size, scope and cost of the project could change materially. Subject to market conditions, obtaining financing for the balance of the development capital, Board approval, and necessary project approvals, entitlements and permits, construction on Block 150 is expected to begin in early 2023 with anticipated completion in mid-2025.
|
IMG]https://i.imgur.com/PX44LHr.png[/IMG]
Last edited by Urbannizer; Feb 24, 2022 at 7:18 PM.
|