By Camelia Bulea, Associate Editor
Downtown Austin will have a new 17-story residential tower, which is being built by Rogers-O’Brien Construction. The project, situated at the northeast corner of Third and Brazos Streets, will include 268 multifamily units occupying 11 floors. The other six floors will be occupied by above-ground parking and 10,000 square feet of ground-floor commercial space and 6,000 square feet of restaurant space.
Construction works, expected to be complete in early 2013, will employ 250 workers at its peak. The Austin Business Journal reports that future residents will be able to enjoy amenities like a fitness and business center, a pool and deck, and a lounge with a coffee bar.
The lead designer of the 282,000-square-foot Riverside Resources project is Gromatzky Dupree & Associates, which should reveal the final design of the project in December, according to the Austin Business Journal.
Another residential complex will be soon built by Provident Realty Advisors Inc. in Buda, located 17 miles south of Austin. The 264-unit community will take approximately 14 months to complete and is expected to break ground next year, before March.
The new complex will be formed by three buildings that will include one-, two- and three-bedroom apartments. It will also feature amenities like a business center, fitness center, a clubhouse and a community room with a kitchen, as well as a resort-like pool, according to the Austin Business Journal.
Both residential projects were proposed to meet the increasing need for multifamily units. In Austin, for example, the downtown apartment market is now estimated at 95 percent occupancy. Buda also has seen significant job growth and a lack of new apartments—thus the need for new multifamily units is significant.