"While a prolonged slowdown in Austin real estate sales may require Stratus to defer some of its near-term development plans...Stratus expects that its properties will continue to be attractive and a source of value for its shareholders," say company officials in a prepared statement.
First-quarter revenues tally $1.4 million, thanks to a $1.1 million deferred payment from the sale of a multifamily tract at Rialto Drive in December 2000 and management fees. In first quarter 2000, Stratus had recorded $2.1 million, due in part to a sale of 15 single-family sites, management fees and an $800,000 deferred payment for lot sales by the Barton Creek Joint Venture. Stratus and Olympus Real Estate Corp. jointly own that entity, with Stratus holding management duties.
But, work appears on target for a 170-acre commercial and multifamily project being constructed in Lantana. Infrastructure for Rialto Drive should wrap up in October. Meanwhile, the company is pushing dirt on the first of two 75,000-sf office buildings for Rialto Drive. When completed, the 170-acre undertaking will deliver more than 800,000 sf of office and retail space and 400 multifamily units. Stratus' single-family developments are on target as well, with the 34-lot Mirador to deliver in September.
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