AUSTIN, Texas, May 10, 2016 (GLOBE NEWSWIRE) -- Transwestern Development Co. today announces its plans to develop Indie Apartments, a specialty micro-unit community at 1648 E. Sixth St. in Austin, Texas. Transwestern Development Co. acquired nearly 0.5 acres and will construct a 139-unit community with a 2,500-square-foot restaurant space in East Sixth, a thriving entertainment district just east of downtown Austin.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/83c63c8f-8c35-49a6-b5c6-bc1307a7ef95
“Younger generations like millennials have personal incomes that aren’t growing as fast as rental rates in most areas, yet they want to live in the middle of restaurants, bars and entertainment areas,” said Josh Delk, vice president at Transwestern Development Co. “This project will answer that growing demand for more efficient, affordable living space that is located close to numerous amenities.”
Groundbreaking is scheduled for June 2016 with the first units expected to deliver in August 2017. The 55,814-square-foot property will consist primarily of 350-square-foot studio units and 520-square-foot, two-bedroom units. The fully furnished apartments will maximize space through built-in storage units and flexible furniture systems such as Murphy beds, hideaway kitchen modules and convertible tables.
Located less than one block from the Plaza Saltillo metro station, Indie Apartments is in a rapidly gentrifying area of Austin that has embraced the arts as well as the local food scene. The project will feature a large communal area that will flow from the inside of the lobby into the outdoor courtyard, which will feature fire pits and outdoor televisions. The development and design team maximized space by including 108 below-grade parking spaces, as the residential population in the area embraces walking, biking, light rail and ridesharing as alternatives to owning a vehicle and parking is in lesser demand than traditional multifamily projects.
The general contractor is Martines Palmeiro Construction, and the architect is Wilder Belshaw Architects. Comerica provided the financing for the project.
Transwestern Development Co. is also developing a two-building, 445,952-square-foot project directly across the street from Indie Apartments that includes a 94,500-square-foot, Class A, creative office building and 350 multifamily units with 10,000 square feet of ground-floor retail space. The office building, located at 1645 E. Sixth St., is 100 percent leased and The Arnold apartments will begin leasing this month. The retail space will be occupied by restaurants Gatto Nero, Enoteca Gattino and Blenders and Bowls, as well as urban grocer Royal Blue.
“We strategically planned these two projects, Indie Apartments and The Arnold and its adjacent office building, to complement each other and provide a suite of amenities for residents of both communities,” said Delk. “The residential population in this area is a diverse mix – old and young, permanent residents, business travelers and visitors, etc. – so we have designed living spaces to cater to a variety of renters. Because we are developing so much land in this immediate area, Transwestern Development Co. is able to create a cohesive environment among all its projects.”
ABOUT TRANSWESTERN DEVELOPMENT COMPANY
Transwestern Development Company is a diversified business with expertise and experience in all commercial property types. The firm executes projects through a variety of venture and contract structures and has been creating commercial landmarks for itself, its partners and valued customers throughout the U.S. since 1978. Transwestern Development Co. operates as a principal, investing capital alongside its institutional equity partners in the development of speculative and build-to-suit projects, and as a fee developer for clients and user-owners. The company has amassed valuable experience in construction, design, sustainability, leasing, acquisitions, finance and asset management. As a member of the Transwestern family of companies, the firm capitalizes on the market insights and operational expertise of its affiliates, which include a diversified real estate services firm with 34 U.S. offices and a real estate investment management company. Please visit transwesterndevelopment.com for more information.