Northshore Residential Rental Tower Officially Tops Out
Northshore Residential Rental Tower Officially Tops Out
September 22, 2015
Boutique Office Space 100% Leased; Two Retailers Confirm Leases
AUSTIN, TX – September 22, 2015 – Northshore, a Class A tower being developed at the corner of 2nd Street and San Antonio Street in Austin has officially topped out. The project, which stands at 38-stories, will offer 439 luxury residential units with one, two and three bedroom residences. The project will feature an expansive pool deck on the 8th floor overlooking Lady Bird Lake, a first class fitness center and resident lounge, 24,000 square feet of boutique office space and 28,000 square feet of ground floor retail.
Northshore is being co-developed by Trammell Crow Company (TCC) and The Hanover Company, along with capital partner, Pacific Life Insurance Company. Pre-leasing will start in November and first units will be available for occupancy in early 2016.
“We are thrilled to have reached this milestone and are eager for the grand opening early next year and the diverse tenant base we have already secured,” said Adam Nims, Principal with TCC. “Northshore will offer luxury residential units for people who want to be in the center of CBD living with some of the best views available and easy accessibility to all the shopping, cultural and nature amenities the city has to offer.”
Galvanize (http://galvanize.com), an education company that creates easy access for anyone to jump into the tech world, has signed a lease for the entirety of the more than 24,000 square feet of office space in the project. The Company’s campuses are home to students, startups, investors, mentors, and other people who are engaged and excited to level up their skills. In addition, a local restaurant group has leased 6,800 square feet at the corner of 2nd and San Antonio and 8,000 square feet of retail space has also been leased.
“Northshore will be the most highly amenitized residential building in downtown Austin, and is surrounded by all that make this city such a desirable place to live, work and play,” adds David Ott, Development Partner with The Hanover Company.
Northshore, located at 110 San Antonio Street, at the western end of the 2nd Street District and just east of the Seaholm District, is situated within walking distance of the Moody Theatre (home of ACL Live), Trader Joe’s, Whole Foods, Austin’s new Central Library, Austin Music Hall, the Austin Ballet, many of the City’s top restaurants, all of the CBD’s Class “A” office buildings, and countless national and local soft goods retailers. In addition, it is ideally located on the shores of Lady Bird Lake with immediate access to Austin’s hike and bike trails.
The development team is seeking LEED® Silver certification and an Austin Energy Green Building 2-Star rating.
Headquartered in Houston, Texas and founded in 1982, Hanover is one of the most active private real estate development companies in the United States, specializing in the development of high-quality multifamily and mixed-use properties.
As a vertically integrated real estate company, Hanover’s capabilities include in-house development, construction, architectural, quality assurance, legal/risk management, capital markets, asset management, property management, and financial operations.
Hanover’s development history accounts for nearly 50,000 units, totaling approximately $9.3 billion in project capitalization. Hanover currently has 46 projects in its development pipeline with a market capitalization of $4.57 billion.
About Pacific Life Insurance Company
Offering insurance since 1868, Pacific Life provides a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Pacific Life counts more than half of the 100 largest U.S. companies as its clients. For additional company information, including current financial strength ratings, visit Pacific Life online at www.PacificLife.com. Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Client count as of June 2015 is compiled by Pacific Life using the 2015 FORTUNE 500® list.
About High Street Residential
High Street Residential, a wholly-owned operating subsidiary of Trammell Crow Company, specializes in the development of multifamily housing. We have a deep background in urban, infill mixed-use residential development, as well as the redevelopment or repurposing of existing facilities. Since 2000, the Company has completed 6,125 units in over $1.5 billion in value with a current pipeline of more than 2,100 units valued at $540 million.
About Trammell Crow Company
Trammell Crow Company (TCC), founded in 1948, is one of the nation’s leading developers and investors in commercial real estate. The Company has developed or acquired nearly 2,600 buildings valued at nearly $60 billion and over 540 million square feet. As of June 30, 2015, TCC had $6.0 billion of projects in process and $3.7 billion in its pipeline.
Trammell Crow Company’s teams are dedicated to building value for its clients with professionals in 16 major cities throughout the United States. The company serves users of and investors in office, industrial, retail, healthcare, multi-family residential, through its operating subsidiary High Street Residential, and mixed use projects. For those who occupy real estate, TCC can execute the development or acquisition of facilities tailored to meet its clients’ needs. For investor clients, the company specializes in joint venture speculative development, acquisition/re-development ventures, build-to-suit development, or providing incentive-based fee development services.
TCC is an independently operated subsidiary of CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, and the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). For more information visit www.TrammellCrow.com.