Dirt had been reported as flying yesterday on the project, but it will not be getting under way until Friday or maybe as late as Monday, says Phil Capron of Kennedy-Wilson. None of the usual formalities are being planned, just the moving in of a construction trailer, equipment and crews. The project's start is awaiting final signings of contracts and entitlements, says Capron.
The groundbreaking will herald the first project for a joint venture of Beverly Hills, CA-based Kennedy-Wilson and Fortis Advisers, a subsidiary of Fortis Inc., a Dutch insurance and banking company. As previously reported by GlobeSt.com, the office development will cost more than $20 million and is ticketed for fourth-quarter delivery. But that's just the beginning: The joint venture is promising to deliver more projects in Texas and elsewhere.
Steve Eller of Kennedy-Wilson is serving as the project manager for 301 Sundance Parkway, a class-A project in La Frontera's net.plex corridor. In late 2000, the partnership had purchased the acreage from La Frontera owner, 35/45 La Frontera LP of Austin.
Susman Tisdale Gayle of Austin has designed the three-story office structure that features surface and garage parking. Austin's Zappalac-Reed Construction Co. is the general contractor, with TBG acting as landscape architect. Bank One Texas NA has provided construction financing.
La Frontera is situated 20 miles north of downtown Austin. The finished product will bring more than five million sf of retail, office and residential space on line - a welcome prospect for the space-strapped state capital region. 35/45 La Frontera is comprised of Don Martin, Bill Smalling and Bill Boecker with Ft. Worth's Ed Bass as a financial backer and is the developer for the mixed-used urban project. The retail component had been developed by Cleveland-based Developers Diversified REIT and David Berndt Interests of Irving, TX.
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