X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

AUSTIN-Jefferson Center, a 415-unit luxury apartment complex, breaks ground next week, marking the first live/work project in the state for Irving, TX-based JPI.

The development encompasses 24.37 acres and includes 9,000 sf of retail, half of which is being taken by Blockbuster Video, Greg Smyrl, JPI’s regional asset manager, tells GlobeSt.com. The project is located in the city’s Far Northwest submarket near the intersection of Highway 620 and Parmer Lane.

Sixteen of the units incorporate flex designs with first-floor office/retail space for people who want to live and work in the same location. The live/work spaces are connected by a stairwell, which can be removed if the tenant does not want the office/retail spot. The specially designed units carry slightly higher per sf rental rates and are larger in size than the rest of the project due to the amenity. “It’s the ability to be close to your office,” Smyrl says of the higher cost, which runs around 8-cents more per sf base cost to rent. All live/work apartments will front Parmer Lane.

Live/work units range in size from 2,200 sf to 2,400 sf while the others go from a 484-sf efficiency up to a 2,100-sf three-bedroom dwelling. JPI, one of the nation’s largest luxury multifamily developers, is launching the concept in Austin as a result of a survey of high-end apartment dwellers. “It was a very favorable response,” he tells GlobeSt.com.

The project tentatively is slated for completion in June 2002, with preleasing expected to start in May 2001. The design is the handiwork of a collaboration of JPI and Kaufman + Meeks architects of Houston, with JPI Apartment Construction serving as general contractor.

The ground-breaking will mark the third JPI project to launch in less than a month in the state capital. “We just feel really good about the employment growth,” he says. “Austin’s going to be a strong viable market for the foreseeable future.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. Apartments 2020Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.