October 21, 2009

Onair Development to Build Medical Offices

A new medical office will be the next new component to the redevelopment project transforming the former Concordia University site.

Previously called East Avenue, the 23-acre project recently changed its name to University Park. Now, it has agreed to sell the southwestern tract of land to Onair Development, which intends to build a 120,000-square-foot medical office building.

“With St. David’s literally across the street, and a dearth of nearby medical office space, we anticipate the ratio of demand to supply to be very strong here,” said Kerry Angus, president and CEO of Onair. “The demand is there today for the project we envision, and will continue to be bolstered by University Park’s increasing momentum.”

By focusing on tenant-driven development projects and making those tenants material equity participants in the deal, risks are reduced, returns are enhanced, and the long-term viability and value of each deal is ensured, Angus says of Onair’s business model.

June 15, 2009

AMLI to Build Apartments in University Park

AMLI Residential has been selected to build a 315-unit apartment complex in the University Park development in Austin’s urban core.

The multifamily powerhouse will develop a 350,000-square-foot apartment building featuring 45,000 square feet of ground floor retail. The 64-foot structure will be built on 2.5 acres in the northwest corner of the 23-acre project.

Project developer Alexandrina selected AMLI Residential as the apartment developer after an extensive interview process.

“AMLI Residential understands the Austin market and how to effectively build a new urbanism concept. That combination helped the company distinguish itself from others, and were two key reasons why it was selected to be a part of University Park,” said Andy Sarwal, lead developer with Alexandrina.

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(Note: University Park was named East Avenue at time of press release.)

April 30, 2008

Texas Monthly Signs Lease at University Park

Texas Monthly has signed a lease for the top floor of the office tower to be built at University Park, a $750 million mixed-use redevelopment project transforming the former Concordia University campus in Austin’s urban core.

Texas Monthly will be a key tenant in University Park’s new eight-story Class A office building with ground-floor retail space. Construction on the building will begin in May and be complete in the summer of 2009. The publication, along with its 88 Austin employees, will move into the new offices in summer of 2009.

“Texas Monthly exemplifies the kind of tenant that’s a perfect fit for University Park,” said Andy Sarwal, the lead developer with the University Park development. “The magazine is an incredible homegrown success that reflects the unique Austin aspects of University Park. Their management had an interest in designing a space that was more conducive to the technology and space demands of today’s media companies, while remaining in the city’s core with pedestrian-friendly access to restaurants and retail shopping.”

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(Note: University Park was named East Avenue at time of press release.)

September 27, 2007

Hyatt’s New Andaz Brand to Open in Austin’s University Park

Alexandrina and Global Hyatt Corporation announced today plans to develop a hotel under Hyatt’s new luxury brand, Andaz, as part of a mixed-use development in Austin’s central core. The 210-room hotel will open in 2010.

The announcement comes on the heels of Hyatt’s unveiling of its new brand in April 2007, and announcements for Andaz hotels in London and Manhattan. The landmark Great Eastern Hotel in the City of London will convert to Andaz in mid-October, followed by properties at 75 Wall Street and 485 Fifth Avenue, New York, in 2009. Austin’s Andaz will be the first in the Southern U.S.

In addition to operating Andaz Austin, Hyatt will also provide an array of services to 150 condo units in a joint, 182-foot structure. Adorned with upscale amenities, the hotel will feature a pool, spa and fitness center as well as a green roof offering guests and residents a “park in the sky.” In addition to lush landscaping, the 20,000-square-foot roof will also include a restaurant and cocktail lounge showcasing spectacular views of the city skyline and UT Austin campus.

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(Note: University Park was named East Avenue at time of press release.)

August 10, 2007

University Park Begins with Two Office Buildings

The redevelopment of the former Concordia University site will begin later this year with the groundbreaking of two Class A office buildings with ground floor retail for delivery of space in early 2009. In the meantime, marketing efforts just began with the selection of two local real estate companies to handle leasing efforts.

The project’s developer, Alexandrina, will begin construction on two Class A buildings with a total of 320,000 square feet in early 2008. Approximately 285,000 square feet of that will be office space, while the remaining 35,000 square feet will be retail. One office building will contain approximately 250,000 square feet and rise 120 feet high.

That building is situated in the center of the project. The second building, located on the northern end of the site, will contain approximately 70,000 square feet and rise 65 feet high.

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(Note: University Park was named East Avenue at time of press release.)