It's definitely going to happen this time, Matt Mathias of Riata Partners, the project's developer and leasing agent, tells GlobeSt.com. As for delivery, he says "it should be completed in spring 2004."
At one point, planners had expected the project to be completed by now. Another ground-breaking date last fall came and went without a shovel getting dirty. The slowing economy received much of the blame. Now, with an office tenant and six retailers ready to sign leases, the project has a green light.
The Austin Revitalization Authority, a private, nonprofit community development corporation, owns the project. The authority operates under the auspices of the City of Austin. Riata is the fee-developer for the authority.
The authority's goal is to rejuvenate a stretch of East 11th Street that had fallen into disrepair over the years. It once had been a vibrant center for Austin's African American community. Two historic buildings on the street, Arnold's Bakery and the Haehnel buildings, have been renovated and are now leased.
Eleven East is situated at East 11th and Waller streets, two blocks east of Interstate 35 and several blocks east of the Texas Capitol. The project has two commercial buildings and eight townhomes and six live/work lofts. It has 44,000 sf of office space and 13,000 sf of retail.
The City of Austin's Neighborhood Housing and Community Development department has committed to leasing 22,000 sf for 10 years. Separately, the city has spent $9 million to upgrade sidewalks, sewer lines and utilities.
Several pending leases for three sit-down restaurants, neighborhood grocery, dry cleaners and postal box service would put the occupancy at 60%, Mathias says. The leases may be signed this week.
Faulkner Construction of Austin is the contractor. The Torti Gallas and Partners architectural firm of Silver Spring, MD designed the project. LF Johnston is the Austin architect. JPMorgan Chase is providing construction financing.
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