Archive for ‘Texas’

May 30, 2012

Magic Johnson Group Developing 257-Unit Apartment in Austin

AUSTIN — Forestar Group has formed a venture with Magic Johnson’s Canyon-Johnson Urban Funds for development of a downtown multifamily community located in Austin. The project, to be called Eleven, is at the southeast corner of East 11th Street and Interstate 35.

Eleven will consist of 257 units in a four-story podium style building above a two-story parking structure.

The City of Austin in conjunction with the Austin Urban Renewal Agency has invested nearly $20 million into the East 11th Street neighborhood over many years, with the intention of jumpstarting new construction from private developers. The Eleven apartments, along with several new mixed use retail and office buildings, restoration projects and city investment will contribute to the area turning the corner into a growing district.

BGO Architects designed Eleven and the interior design is created by Leslie Fossler Interiors. Construction will begin within 30 days.

May 23, 2012

Historic St. Anthony Hotel of San Antonio Sold

SAN ANTONIO – The St. Anthony Hotel, a 352-room, historic hotel in San Antonio, has been purchased by San Antonio-based BC Lynd, which will spend $24 million to renovate the 103-year-old property. The St. Anthony Hotel is located at 300 East Travis Street at the intersection of Navarro Street in downtown San Antonio.  The 10-story property offers 22 meeting rooms totaling more than 33,000 square feet. It has been a Wyndham, but it will be rebranded with as a Starwood Luxury Collection property.

The HFF team representing the seller was led by senior managing director Bill Stadler and managing director John Bourret.

BC Lynd integrates The Lynd Companies’ management infrastructure and proprietary technology systems with the extensive hospitality experience of BC Commercial Partners.

 

May 22, 2012

Centennial Buys Retail in North Texas

NORTH RICHLAND HILLS, Texas  – Centennial Real Estate bought The Crossing, a 247,720-square-foot community center located in North Richland Hills, Texas. The Crossing is anchored by Kohl’s and shadow anchored by a Kroger Signature store. It is positioned at the northwest corner of the intersection of Grapevine Highway and the newly-widened Precinct Line Road, and lies within the civic core of North Richland Hills. Centennial also recently purchased two phases of the Village Park center in Colleyville, Texas. Steven Levin is president of Centennial, which has more than 2 million sf of retail space.

May 10, 2012

Bass Brother Starts 3 Mixed-Use Buildings in Downtown Ft. Worth

FORT WORTH – Sundance Square has started work on three new buildings in the center of the 35-block office, retail, and entertainment district in downtown Fort Worth. The building names were also revealed and in keeping with Sundance Square’s heritage, the new buildings will be known as The Commerce Building located at 420 Commerce Street; The Westbrook situated at 425 Houston Street; and The Cassidy at 407 Throckmorton Street. The buildings will open in 2013.

“This project has been part of the master plan in downtown Fort Worth for decades,” said Ed Bass, project developer. “To finally see dirt moving is gratifying for our team and it will forever change the landscape of Sundance Square.”

“Interest in space from office and retail users has been strong since we announced the project,” said Johnny Campbell, president and CEO of Sundance Square. “Now that the construction is in full swing, we expect to start signing leases and making some announcements this year. With these buildings in the heart of Sundance Square, we want to create a perfect blend of retail and restaurants. The merchandising will play an important role in activating the plaza. We are taking a little more time to make sure we have the right fit.”

The Westbrook at 425 Houston Street is named after the historic seven-story Westbrook Hotel, which was built in the early 1900s, closed in 1969, and was demolished in 1978. It will stand six stories tall and encompass more than 93,000 square feet including 12,393 square feet of retail space. The ground floor of the building will include an office lobby on Houston Street and retail space fronting Houston, 3rd and 4th Streets, as well as the future plaza space to the east.

The Commerce Building at 420 Commerce Street will encompass more than 83,000 square feet with nearly 17,000 square feet of significant retail and restaurant space. The ground floor will include an office lobby on Commerce Street and retail space fronting Commerce, 3rd and 4th Streets, as well as future plaza space to the east.

The Cassidy at 407 Throckmorton Street will be six floors in height and more than 99,000 square feet, including 12,196 square feet of retail and 12,187 square feet of residential space. This L-shaped site will have frontage on W. 3rd and Houston Streets as well as Throckmorton Street with different portions featuring three distinct architectural façades. The Cassidy’s top floor will feature residential living with six luxury penthouse apartments. The one- and two-bedroom units will have outdoor terraces with floor to ceiling glass walls and sweeping views of Sundance Square and the City of Fort Worth.

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