AUSTIN, TEXAS — Stonelake Capital Partners plans to build a 50-story, 465,000-square-foot office and multifamily tower on a half-acre site that it has acquired at the corner of West Fifth and Colorado streets in downtown Austin.
Named “5th & Colorado,” plans call for 318 luxury apartments above 100,000 square feet of high-end office space. Stonelake tentatively expects to break ground in first quarter of 2022 with completion slated for early 2025.
“Now more than ever, both companies and people are moving to Austin,” says Will Jenkins, the Stonelake principal leading the development. “5th & Colorado’s design will reflect the next generation of vertical mixed-use development, placing emphasis on quality, generous living areas, dedicated workspace and multiple open-air amenity offerings with panoramic views.”
Austin was the No. 3 metro area as far as maintaining employment levels during the COVID-19 pandemic, posting a job loss of 1 percent from December 2019 to December 2020, according to the Austin Chamber of Commerce. By contrast, four major metro areas lost more than 10 percent of their jobs in that span.
Apartments at 5th & Colorado will average 1,150 square feet, and office floor plates will total 20,000 square feet around a central core. The building will have four amenity levels including two sky lounges on floors 49 and 50. The office and residential sections will have separate ground-floor lobbies and elevator banks.
“5th & Colorado was a unique opportunity for Stonelake to acquire an irreplaceable development site in downtown Austin,” says Kenneth Aboussie, managing partner of Stonelake. “The development of residential and office in walkable, amenity-rich locations is a centerpiece to Stonelake’s investment strategy.”
Stonelake has engaged Ziegler Cooper Architects to design 5th & Colorado and Harvey Builders as general contractor. Garza EMC is handling civil engineering. Stonelake will own 100 percent of 5th & Colorado without an outside equity or development partner. Total development costs and details on financing were not disclosed.
5th & Colorado is located on the site previously announced as “Tower 5C.” Stonelake declined to comment on Tower 5C other than to say that it negotiated to receive the plans and permits for Tower 5C, and has begun the process for a revision of the city permits to allow for residential uses in addition to the office space.
Stonelake Capital Partners is a real estate private equity firm with offices in Austin, Dallas and Houston. The company develops industrial, multifamily and office properties and owns over $3 billion of commercial real estate.
— Jeff Shaw