May 02, 2018
Austin, Texas – Transwestern Development Co. (TDC®) today announces the acquisition of 1.6 acres in downtown Austin, Texas, for a micro-unit apartment community called Block 36. Located between East Third and East Fourth streets on Waller Creek, the property will include 263 units and a 3,000-square-foot restaurant space on the ground floor. Executive Vice President Ty Puckett and Vice President Josh Delk are leading the development, which is scheduled to break ground in January 2019 with delivery in the first half of 2020.
“As one of the most expensive zip codes in Texas, downtown Austin has few options for those who want to live alone for less than $1,500 a month,” said Puckett. “Block 36 will fill that supply gap and offer residents the ability to live in one of the nation’s most desirable areas at a price point that otherwise does not exist.”
Block 36 will consist primarily of studio units with 14 percent of the community slated for two-bedroom units. With the apartments averaging 443 square feet, the unit designs maximize efficiency with Murphy and platform beds, hideaway kitchen modules, convertible coffee/dining/bar tables and modular furniture. Residents will benefit from a high-quality living space with Class A finishes, concrete or wood-style flooring, stainless steel appliances certified by Energy Star, quartz counter tops, pendant lighting, and
10-foot ceiling heights.
The community will feature a resort-style pool, ample bike storage, fitness center, clubroom and business lounge, and an elevated courtyard with fire pits, grills and outdoor seating. Block 36 provides proximity to the Sixth Street entertainment district, Rainey Street, State Capitol, University of Texas, and Austin Convention Center. With a walk score of 95 and a bike score of 96, the project is near a multitude of entertainment, shopping, restaurants, and parks.
“Austin will need to increase its inventory of rentals by nearly 50 percent by 2030 to keep pace with projected demand,” said Delk. “With much of that demand coming from workers aged 20 to 34, Block 36 will be a walker’s paradise offering proximity to both the Central Business District and various entertainment destinations.”
Block 36 is surrounded by substantial transformative redevelopment activity from the private and civic sectors that will ultimately create a new destination within the downtown area. One block east of I-35 at Plaza Saltillo, a 10-acre redevelopment project is underway. Major improvements are planned along Waller Creek, directly east of the project site, from Ladybird Lake to Waterloo Park. Upon completion, the Waller Creek Parks District will include more than 37 acres of newly designed and connected urban parks, public spaces and hiking and biking trails.
The project’s architect is Wilder Belshaw with financing provided by Comerica Bank.
TDC has developed three other Austin apartment communities, including The 704, The Arnold and Indie Apartments, the first micro-unit community in the market.
ABOUT TRANSWESTERN DEVELOPMENT CO.
Transwestern Development Co. is a diversified business with expertise and experience in all commercial property types. The firm executes projects through a variety of venture and contract structures and has been creating commercial landmarks for itself, its partners and valued customers throughout the U.S. since 1978. Based in Houston, Transwestern Development Co. operates as a principal, investing capital alongside its institutional equity partners in the development of speculative and build-to-suit projects, and as a fee developer for clients and user-owners. The company has amassed valuable experience in construction, design, sustainability, leasing, acquisitions, finance and asset management. As a member of the Transwestern family of companies, the firm capitalizes on the market insights and operational expertise of its affiliates, which include a diversified real estate services firm with 35 U.S. offices and a real estate investment management company. Please visit transwesterndevelopment.com for more information.