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AUSTIN-Canyon-Johnson Urban Fund has been tapped to provide equity for Block 21, a $250-million, mixed-use development in the Downtown. The project, which will begin construction in September, will include a 250-room W Hotel, 200 condominiums, restaurants, museums and a 2,000-seat venue for KLRU’s Austin City Limits program.

Locally based Stratus Properties Inc. is the developer of the full city block between Second and Third streets, just north of city hall. According to a release describing the deal between Canyon-Johnson and Stratus, the city’s dynamics and growth underwrote the investment from the fund’s perspective.

Canyon-Johnson is a joint venture between Canyon Capital Realty Advisors of Los Angeles and former L.A. Lakers basketball legend, Magic Johnson. “Austin is a growing, dynamic and entertaining city,” Johnson says in a press release. “We are committed to creating opportunities for the people in Austin and making sure that Block 21 reaches its fullest potential.”

News about the development deal hit the local media this morning. Representatives from Stratus and Canyon-Johnson could not be reached by press time to discuss it with GlobeSt.com.

Block 21 is Canyon-Johnson’s first investment in Austin. The development plan is to create an environmentally sustainable development. The developers are working to secure the US Green Building Council’s LEED Platinum certification, which would put it among the first mixed-use developments to receive the environmental standard. The project was designed by local firm, Andersson/Wise.

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