CLB plans to begin marketing the apartments in March 2001, says Ron Cibulka, a CLB development partner. "We think the buyers will be people who work Downtown, empty nesters and maybe some reverse commuters who prefer to live in this area for the vibrancy of downtown," Cibulka tells GlobeSt.com. Cibulka also anticipates some of the buyers will come from Intel Corp. and Computer Sciences Corp., when those companies relocate Downtown.
The proposed 14-story building, with 140,000 sellable sf, will give buyers a choice between flats or two-story units, ranging from 1,100 sf to 2,800 sf. Each apartment will have 12-foot ceilings and include what Cibulka describes as "sizable balconies." The apartments will offer views from each unit of either Town Lake or Downtown and the Capitol.
The general contractor on the project is Faulkner Construction. Page Sutherland Page is the architect.
CLB has no name for the project and no price range nailed down as yet, but the company estimates the units will go for about $300 per sf to $350 per sf. "We anticipate coming in slightly under what is currently being marketed, while still maintaining an upscale, quality product," Cibulka says.
The building's first four floors will be dedicated to parking and retail. CLB plans to attract businesses that will be beneficial to the residents, such as a dry cleaning business or sandwich shop. The building's exterior will be a combination of stone, masonry and metal.
CLB has found a demand for urban lofts--the company's soon-to-be-completed flagship project in Dallas has already sold out--and has similar projects near completion or under way in Dallas and San Diego.
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