39-story apartment tower planned downtown

Nov 15, 2013
Austin American Statesman

More luxury apartments will take up residence downtown, this time in a planned $100 million tower that will rise 39 stories and feature 350 luxury apartments with views of Lady Bird Lake and downtown


World Class Capital Group is planning its project at Trinity Street and East Cesar Chavez, across from the Austin Convention Center. The high-rise would be the tallest apartment tower in the city and the fourth-largest tower overall, rising seven stories higher than the Four Seasons Residences next door, said Nate Paul, president and CEO of World Class Capital Group


The company, a real estate investment firm based in Austin, expects to break ground in early 2014 and complete the project in 2015


“The building will be a signature addition to the Austin skyline and will allow us to maximize the value of our land site,” Paul said. “We look forward to making an iconic addition to the burgeoning Austin skyline.”


Plans for the new tower come amid a surge of apartment construction both in and near downtown, and suburban locations, as the Austin area continues to rank among the top-performing rental markets in the nation. Developers are adding apartments in Central Texas at a rate second only to Raleigh-Durham, N.C., according to MPF Research, which tracks the market locally and nationally


The project will include 14,000 square feet of shops and restaurants on the ground floor. Parking will be on the second through eighth floors. The apartments will start on the ninth floor, which will also have a pool, fitness center and other amenities, Paul said


Several upscale apartment towers are now under construction downtown. In addition, Chicago-based Magellan Development Group plans to build a high-rise of between 35 and 50 stories at East Fifth and Brazos streets downtown that would have hotel rooms along with more than 300 residences, likely apartments. Magellan would partner on the project with Wanxiang America Real Estate Group


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