(Read more on the multifamily market.)
AUSTIN-In its first joint venture with Gables ResidentialServices Inc., a local developer is gearing up to break ground inthe next month on a $35-million mixed-use project just west of theDowntown. The Pressler will have 160 luxury apartments situatedabove 26,500 sf of street-level retail space.
Atlanta-headquartered Gables has signed a 99-year ground leasewith land owner Capital City Partners Inc. Gables also has leasedthe air rights. When the project is completed by November 2008,Capital City Partners will acquire the shell back at a fixed cost."They'll operate the residential side and at the same time, we'llbe managing the retail," Joe Lamy, Capital City Partners'principal, says about the two-acre project at Fifth and Presslerstreets.
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