Forestar Group Inc. (NYSE: FOR) today announced it has formed a multifamily venture with Canyon-Johnson Urban Funds (CJUF) for development of a downtown multifamily community located in Austin, Texas. The project, to be called Eleven, will be located at the southeast corner of East 11 th Street and Interstate 35.
Eleven will consist of 257 units in a four-story podium style building above a two-story parking structure. The location affords spectacular views of the city’s downtown skyline and the Texas State Capitol, along with convenient access to shopping, dining and the many outdoor and lifestyle activities urban Austin has to offer. Individual units will be available in a variety of studio, loft, one and two-bedroom floor plans, each featuring high quality interior finishes. Common-area amenities will include a resort-style pool, rooftop deck, courtyard with outdoor living area, upscale clubhouse, executive business center, and state-of-the-art fitness facilities. Eleven has been designed to obtain certification by the Austin Energy Green Building program.
The City of Austin in conjunction with the Austin Urban Renewal Agency has invested nearly $20 million into the East 11 th Street neighborhood over many years, with the intention of jumpstarting new construction from private developers. The Eleven apartments, along with several new mixed use retail and office buildings, restoration projects and city investment will contribute to the area turning the corner into a growing district.
Forestar’s multifamily team brings decades of experience developing and building exceptional residential units. “We look forward to working with the Canyon-Johnson team to create a successful community on this unique site,” notes Tom Etheredge, Executive Vice President – Multifamily Operations. “This investment is consistent with our multifamily business strategy, which is to leverage our experienced team and corporate resources, while partnering with outside financial capital to create value for our shareholders, partners and community stakeholders. The design of Eleven, which reflects Forestar’s commitment to sustainable building practices, high-quality construction and extensive lifestyle amenities, will deliver our residents the choices that allow them to live with purpose.”