Out with Concordia, In with University Park
For many of you familiar with Austin, and those who frequent I-35, I am sure you noticed that Concordia University is no longer just off the highway, but out by Lake Travis off 620. And as I am sure you have noticed…there has been construction going on over there…and here is what’s to come.
“University Park” Next to St. David’s Hospital and just off Harmon comes along a project much like the ones we have seen lately. Commercial and residential space combined in one small, convenient community. Currently Parcel 4 is almost complete, but those are the large office buildings (currently Texas Monthly has occupied the top two floors), and those are 70% leased out. I believe the Aveda school is being currently built out now in the office building and there will be an ad agency and some other design firms in the space as well (so a good mix). The project will be comprised of AMLI units (which will be their third location in Austin and actually gets some of the highest rents in their buildings downtown currently), as well as high end rentals with hotel amenities to be built-all with bottom floor retails spaces in all the buildings and the talk of a grocer, a movie theater, some multi-family units, restaurants, and possibly a performing arts center. Of course all these are in the works, depending on who jumps on and gets their business up and running in the project.
This project is much like the Triangle-(Guadalupe and Lamar-where residential meets retail). Similarly both projects are mainly for leasing opportunities, however one thing I am happy to learn and report is the current 5 units (Four Star Green) condos that are just being built. I had the opportunity to tour it today, and though the drywall is done, cabinets are in there is still much to be done, however I am happy to report these higher-end condos to have a lot going for them…or should I call them townhomes? DT, Westlake Hills and stadium views from the rooftop terrace. Large square footage and open, smartly designed floorplans. Walnut floors, a garage, views facing west, and walls so thick you wouldn’t even know you are next to the highway. I will have to post photos soon, but the project is just in its beginning phases, but I think it will be a success when it is all said and done-and with the right marketing tools. University Park-be looking for things to come and if you know someone who owns a small business, this could be a great place to get started.