Transwestern Development to Mix it Up in Austin
- Feb 17, 2015
Austin continues to be one of the top performing cities in the country, so says the Milken Institute’s latest report, and Transwestern Development Co. is making a move to help answer demand for a range of commercial real estate accommodations in the thriving city.
The company recently joined forces with its partners to break ground on an $88 million mixed-use project in the increasingly trendy East Austin area, with office, multi-family and retail offerings on tap.
“The proximity to downtown, wide base of amenities, high walkability score and the ‘coolness factor’ are what’s driving demand for more commercial and multi-family destinations in blossoming East Austin, Josh Delk, associate vice president with Transwestern Development, told Commercial Property Executive.
The mixed-use development will consist of one building with 94,500 square feet of creative office space carrying the address of 1645 E. 6th St., and another tower, The Arnold, which will encompass 346 apartment units and 9,600 square feet of specialty retail space at 1621 E. 6th St. The office and residential buildings were designed by Kirksey Architecture and Wilder Belshaw Architects, respectively.
And the lending community responded favorably to the endeavor, with Amegy Bank of Texas and Comerica Inc. providing the financing.
General contractor Harvey Cleary is on board to construct the office segment of the project, and Andres Construction is spearheading the apartment-retail tower; both buildings have delivery dates in 2016.
The East Austin project is just the beginning for Transwestern Development’s plans for 2015. “The company is working on a few micro-unit projects in Austin and Phoenix, as well as a few other interesting opportunities that are still in the incubation stage,” Delk added.