Construction Begins on Phase II of Midtown Commons
New Multi-Family Community is Second Phase of Austin's first Transit Oriented Development
July 9, 2012 - Austin, TX
Trammell Crow Company, through its wholly owned subsidiary High Street Residential, in partnership with USAA Real Estate Company, has broken ground on Phase II of Midtown Commons, a new multi-family community that will feature a four-story, 189,419 square foot building comprised of 246 Class A luxury residential units. In addition, the project will feature a 98,156 square foot, five-level parking structure with 296 spaces. Phase II is located adjacent to Phase I near the intersection of Lamar Blvd and Airport Blvd, next to the Cap Metro Crestview Rail Station. First units will be delivered in early 2013.
“We are pleased to partner again with USAA Real Estate Company on this second phase, as well as our Phase I construction lender, Amegy Bank of Texas, and anticipate this new multi-family community will be attractive to many residents who want to live near Cap Metro and take advantage of all the onsite amenities,” said Adam Nims, a Principal with Trammell Crow Company’s Austin office.
Phase II will offer one and two bedroom residential units. Additional amenities include a resort style pool with open access to a kitchen and lounge area, a bar, yoga room, business center, fitness center, game room, and a dog park. The project includes sustainable features and will apply for a rating with Austin’s Energy Green Building Program.
“The first phase of Midtown Commons has been extremely successful, as we were able to completely transform a once dormant site into a bustling mixed-use transit oriented community with a number of neighborhood public features including a transit plaza, main street retail, pedestrian streetscapes and public bike paths,” said Pat Duncan, Chairman and CEO of USAA Real Estate Company. “The second phase will further energize this area by bringing a unique multi-family project that blends traditional and contemporary design.”
The first phase, called Midtown Commons at Crestview Station, consists of 316 residential units and 58,644 square feet of retail and office space. The project received a 3-star rating from Austin’s Energy Green Building Program because of the integration of sustainable elements, including recycled construction materials, providing a central building recycling center, reusing water for landscaping and installing double pane windows and use of efficient cooling systems and appliances.
About USAA Real Estate Company
USAA Real Estate Company, with approximately $12 billion in assets under management, provides co-investment asset management services to U.S. pension funds as well as foreign and domestic institutional investors. USAA Real Estate Company also provides capital to partners for development. The portfolio consists of office, industrial, multi-family, retail and hotel properties as well as investments in real estate operating companies. USAA Real Estate is a subsidiary of USAA, a leading financial services company, serving military families since 1922. For more information, visit www.usrealco.com.
About Trammell Crow Company
Trammell Crow Company, founded in 1948, is one of the nation’s leading developers and investors in real estate. It has developed or acquired over 525 million square feet of buildings with a value exceeding $55 billion. As of December 31, 2011, Trammell Crow Company had over $3.4 billion of projects in process, $1.2 billion in its pipeline and $1.5 billion in long term operating assets.
Trammell Crow Company’s teams are dedicated to building value for its clients with professionals in 15 major cities throughout the U.S. and in Canada. The company serves users of and investors in, office, industrial, retail, healthcare, multi-family residential and mixed use projects. For those who occupy real estate, TCC can execute the development or acquisition of facilities tailored to meet its clients’ needs. For investor clients, the company offers large strategic joint ventures, opportunity funds, and other targeted investment options.
Trammell Crow Company is an independently operated subsidiary of CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles and the world’s largest commercial real estate services firm (in terms of 2011 revenue). For more information visit www.TrammellCrow.com.