AUSTIN – (Realty News Report) – Transwestern Development Co. has acquired 1.6 acres in downtown Austin where it will develop a micro-apartment complex called Block 36.
The average apartment size will be 446 SF.
The 263-unit project will be built between east Third and East Fourth Street on Waller Creek in downtown Austin.
Block 36 will consist primarily of studio units with 14 percent of the community slated for two-bedroom units.
The unit designs maximize efficiency with Murphy and platform beds, hideaway kitchen modules, convertible coffee/dining/bar tables and modular furniture.
Transwestern Development’s Ty Puckett and 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.”
“Austin will need to increase its inventory of rentals by nearly 50 percent by 2030 to keep pace with projected demand,” said Delk.
Much of that demand comes from workers aged 20 to 34.
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.
Transwestern Development has developed three other Austin apartment communities, including The 704, The Arnold and Indie Apartments, the first micro-unit community in the market.
May 7, 2018 Realty News Report Copyright 2018