Forestar, Canyon-Johnson Partner on Luxury Austin Multi-Family Community
By Jeffrey Steele, Contributing Writer, Multi-Housing News
This story was originally published in Multi-Housing News, the sister publication to Commercial Property Executive.
Forestar Group Inc. has partnered with Canyon-Johnson Urban Funds to develop Eleven, a new multi-family community at the southeast corner of East 11th St. and I-35 in Downtown Austin, Texas.
Designed to garner certification by the Austin Energy Green Building program, the four-story podium-style building will feature 257 units, ranging from studio to two-bedroom residences, atop two stories of parking. The prime location of Eleven is certain to be one of its premier selling points. Shopping, dining and myriad lifestyle and outdoor activities served up by central Austin are all within walking distance.
Eleven is among a number of projects propelling the revitalization of the city’s East 11th St. neighborhood. In an effort to spark investment from private developers, the city and the Austin Urban Renewal Agency have invested nearly $20 million in the district over a number of years. That infusion has begun to bear fruit, and an array of new mixed-use retail and office buildings and restoration projects are primed to turn this into a thriving enclave.
We look forward to working with the Canyon-Johnson team to create a successful community on this unique site, Tom Etheredge, executive vice president of multi-family operations for Forestar, said. This investment is consistent with our multi-family business strategy, which is to leverage our experienced team and corporate resources, while partnering with outside financial capital to create value for our shareholders, partners and community stakeholders.
Eleven’s design reflects Forestar’s commitment to sustainable building practices, high-quality construction and extensive lifestyle amenities, he adds, noting, [It] will deliver our residents the choices that allow them to live with purpose.
Canyon-Johnson managing partner and CEO Bobby Turner is displaying similar enthusiasm about the development. For Austin’s East 11th St. neighborhood, Eleven is a transformational project that is in line with our commitment to triple bottom line investing, he says. We look forward to helping create new jobs, and to providing high-quality, affordable housing options for local residents who want to live close to Austin’s central business district.
Eleven was designed by BGO Architects. Its interior design is the work of Leslie Fossler Interiors. Groundbreaking is to start before late June.