A rendering of Endeavor Real Estate Group and LYND's planned luxury high-rise in Downtown Austin. The mixed-use development should come online in 2014.
Endeavor Real Estate Group and LYND have secured the financing to build a new 36-story, luxury high rise in downtown Austin.
Endeavor is an Austin-based commercial owner/developer. LYND is a San Antonio-based developer of multifamily residences. Endeavor and LYND are pursuing the project as a joint venture.
The project will be known as 3 eleven Bowie and it will consist of 359 luxury rental apartments, 42,000 square feet of office space and 3,000 square feet of street level retail. Apartment units will range from 427 square feet of 2,405 square feet.
The equity for the project is being provided by an institutional investor that is advised by Dallas-based L&B Realty Advisors LLP. Dallas-based architect HKS Inc. is designing the building. HKS also designed The Ashton in downtown Austin and served as the architect of record for the Frost Bank Tower in Austin.
Financial terms were not disclosed.
LYND CEO Michael J. Lynd, Jr. and Endeavor Managing Principal O. Jamil Alam struck a deal in last summer to form the joint venture and pursue the 3 eleven Bowie.
“LYND and Endeavor have assembled an excellent team to design and build what we believe will be one of the finest luxury residential rental buildings in all of downtown Austin,” says Lynd.
The high-rise will have a rooftop garden/dog park on the 10th floor; a sky deck, club room and fitness facility on the 31st floor and a pool on the 36th floor.
Construction on 3 eleven Bowie is slated to begin in the third quarter of 2012 and should be completed in 24 months. The high-rise will be located across from the headquarters of Whole Foods and its flagship grocery store. The development also be located along the expansion of the Shoal Creek Hike & Bike Trail.