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Phoenix Property Ready to Roll on 50-Unit CBD Project

AUSTIN-It's taken a couple of years, but Dallas-based Phoenix Property Co. is now ready to move from the drawing board to construction of a four-story, 50-unit apartment building in the CBD. Dirt should be flying by year's end.

By Tim Green | Updated on July 31, 2001

AUSTIN-Phoenix Property Co. plans to build a four-story, 50-unit apartment building on the west side of the capital city’s CBD. Tucker Lynch, a vice president of Dallas-based Phoenix, tells GlobeSt.com that site plans have been submitted for city approval. “We’re going through that process, it’ll probably take four or five months,” he says. “And hope to start construction toward the end of the year.”

Final design decisions and issues such as rents have yet to be decided, he says.Located at 701 W. Fifth St., the property is on the south side of Fifth, between Rio Grande and West Avenue and backs up to Shoal Creek. That puts it just west of Post Properties Inc.’s 239-unit Post West Avenue complex.

Post West and the Phoenix project offer an apartment alternative to the new additions to the Downtown residential mix that leans heavily toward the loft-condominium side. Lynch says the strong showing of the Post property, which was fully leased when it opened earlier this year, indicates that renters want Downtown apartments that aren’t at the tip-top of the high end.

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