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Austin Real Estate: Multi-family Development At Mueller

Oct 10, 2007
Construction on a new development, called Mosaic at Mueller, has begun. This development will be the first multifamily development to be located on the site of what was previously the Robert Mueller Municipal Airport. Mosaic at Mueller will boast 440,000 ft.˛ and 442 apartment units. The $45 million development is being handled by Simmons Vedder & Co. and Crow Holdings Realty Partners IV LP. The four-story building will feature one bedroom, two bedroom, and three-bedroom units. Units will range from 580 to 1750 ft.˛ and rent prices will range from $850 to $2500. Facilities such as a fitness center, two pools, a business center, a cyber café, a covered parking garage, and a club room will be available for tenants. Is expected that 10% of the units will be rented out to low income families and individuals. Leasing is expected to commence next summer. The 711 acre Airport is being redeveloped by Catellus Development Group, which is part of ProLogis. Catellus granted development rights for the Mosaic at Mueller site under a ground lease to Simmons Vedder.

The apartment community will also boast retail and live/work units, so that tenants can enjoy many amenities and services right on their doorstep. Developers also plan that the mixed-use development will mean that families can have access to employers right on their doorstep as well. The building's site on Aldrich Street at Airport Boulevard promises to be very convenient for families looking to have easy access to shopping, restaurants, and employers. In a city where luxury condominiums often seem to be the norm, it is somewhat refreshing to see news items about a company willing to offer affordable housing and even low-income housing while still maintaining good amenities.

And certainly, Mosaic at Mueller will boast a number of amenities. Each residential unit will offer 10 foot ceilings, as well as spacious living and bedroom areas. Granite countertops, garden tubs, kitchen islands, track lighting, ceiling fans, built-in computer desks, a washer and dryer, and stainless steel appliances will be standard in most residence units. Developers are claiming that the complex will have five courtyards, which will boast a smaller pool as well as a larger resort style pool. A gaming area and a screening room will also be included in the complex. Tenants will have access to a barbecue area, a catering kitchen, three conference rooms, beautiful common areas with wireless Internet access, and much more. Tenants will also have quick access to the Mueller Greenway right from their homes.

Mosaic at Mueller is being built with green building standards. This will ensure that the project will have minimum a two-star rating with Austin Energy's Commercial Green Building Program. The building is being designed so that tenants will use an average of 17% less water than tenants in similar buildings. Plus, the building is being built in a way that will use 15% less energy than is used in building similar projects. Nice environmentally-friendly features, such as Energy Star-rated roofing, drip irrigation, low omission paints and sealants, and much more ensure that the building is healthy and requires less energy consumption. The building is also connected to a recycled water system for outdoor irrigation. Once the community is open, tenants will be allowed to actively take part in Austin's recycling program. All in all, Mosaic at Mueller promises to offer reasonable, safe, and clean living.

In addition to this exciting residential opportunity, it looks as though some new Class A office buildings are being built in the city. Austin-based Stratus Properties Inc. is expected to commence building on two Class A office buildings at Lantana. In this 500 acre mixed-use development site, the three-story buildings will total 180,000 ft.˛. The total project for the office buildings is expected to cost more than $36 million. Stratus expects that construction should be finished by the end of next year, and tenants should be able to move in shortly thereafter. It looks as though Austin has two exciting new developments look forward to in the next year.
About the Author
Kinan Beck is the Broker and co-owner of One Source Realty in Austin Texas. Visit Kinan's Austin Realtor Guide, visit his Austin Texas real estate website.
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