US-based real estate private equity firm Stonelake Capital Partners has announced its plan to build a 50-storey residential and office tower on a 0.5-acre land acquired in Downtown Austin, Texas.
This parcel of land, located at the southeast corner of W. 5th Street and Colorado Street, was acquired in September 2020.
Once built, the tower will provide a total of around 465,000ft2 of rentable residential and Class AA official space.
Currently, the working name of the development scheme is “5th & Colorado”, while its complete branding and identity will be revealed later.
Stonelake principal & lead of the 5th & Colorado project Will Jenkins said: “Now more than ever, both companies and people are moving to Austin. 5th & Colorado’s design will reflect the next generation of vertical mixed-use development, placing emphasis on quality, generous living areas, dedicated work space and multiple open-air amenity offerings with panoramic views. 5th & Colorado will promote work, leisure, and well-being providing an unmatched live-work experience.”
As per the initial plans, 5th & Colorado will have 318 residences above an office space of 100,000ft2. The residential floor plans will have an average space of 1,150ft2, , while office floor plates will have a total space of 20,000ft2 around a central core.
This project will feature four residential and office amenity levels, including two sky lounges on levels 49 and 50.
Separate ground floor lobby entrances and elevator banks will differentiate between office and residential space.
Stonelake managing partner Kenneth Aboussie said: “5th & Colorado was a unique opportunity for Stonelake to acquire an irreplaceable development site in Downtown Austin. Stonelake was able to react in an entrepreneurial way and close under a very short timeline. The development of residential and office in walkable, amenity rich locations is a centerpiece to Stonelake’s investment strategy. We are excited for 5th & Colorado to become a signature addition to Austin’s skyline.”
Ziegler Cooper Architects has been appointed as designer while Harvey Builders will serve as general contractor. The civil engineering work will be handled by Garza EMC.
Stonelake is the 100% owner of 5th & Colorado without an outside equity or development partner.
The construction of the project is tentatively scheduled to commence in the first quarter of next year and complete by early 2025.
As per the initial plans, 5th & Colorado will have 318 residences above an office space of 100,000ft2. (Credit: Free-Photos from Pixabay)