Newest Downtown Development Scheduled to Break Group Early 2006, Offer More Obtainable Pricing
AUSTIN, Texas — Aug. 11, 2005 – Novare Group Holdings, LLC, one of the leading high-rise real estate development firms in the Southeast U.S., announced that it is joining with an Austin urban investment and development firm, Andrews Urban LLC, to develop a 40-story, 420-unit condominium tower in downtown Austin. As a landmark addition to the city’s skyline, Novare Group will market the one- and two-bedroom condominiums to buyers at prices more attainable than current offerings within Austin’s burgeoning urban core. The project will be located on property that is currently an abandoned parking lot in the southwest area of downtown at Nueces and Third streets adjacent to the Austin Music Hall and La Zona Rosa. The site was once slated to become a parking garage by Intel Corp. Developers and architects plan for the 500-foot tall tower to also include approximately 10,000 square feet of street-level retail space. “This development will enhance the urban living experience in downtown Austin,” said Taylor Andrews, principal of Andrews Urban. “Our goal is to develop a stunning tower with exceptional views, comfortable yet elegant living spaces, ample parking and the modern conveniences sought by urban dwellers, all at more attainable prices.” Novare Group anticipates pricing for a one-bedroom unit starting under $200,000 and for a two-bedroom unit starting under $250,000. The tower will feature sleek, contemporary architecture with floor-to-ceiling glass walls, large balconies for each unit, kitchens with granite and stainless steel finishes, 10-foot ceiling heights, 24-hour concierge services, ultra-high-speed Internet access, a full-sized pool and upscale fitness and social centers. Novare Group has built a strong track record in the development of new residential high-rise communities and mixed-use projects, selecting locations that foster urban living in several U.S. city centers. The company develops condominiums with amenities and features that appeal to urban homebuyers at attractive price points, typically starting under $200,000. The company has similar projects in development in Atlanta, Charlotte, Nashville and Tampa. “Austin is a smart, energetic and popular community with a downtown unique to any other neighborhood, and more people should be able to choose to live this urban lifestyle if they prefer it,” said Novare Group President Jim Borders. “When Taylor brought this project to us, we quickly became excited with the opportunity to bring this concept, proven elsewhere, to Austin.” The development partners anticipate breaking ground by January 2006 with occupancy scheduled for the fourth quarter of 2007. Sales are slated to begin in the third quarter of 2006. The team will submit its site development permit application on Friday, Aug. 12. “Novare Group is transforming an abandoned location into a magnificent example of urban infill,” said Austin Mayor Will Wynn. “This location is properly zoned away from single-family neighborhoods and outside any Capitol View Corridor. The City has built the foundation for an active downtown where Austinites can live, work and play, and we’re pleased to see companies like Novare Group build the structures that will exceed the growing demands for more attainable living in the area.” “For years we have worked to make downtown ideal for living – not just for working,” said Kirk Watson. “This project is a significant boost toward densities ideal for a vibrant 24/7 central Austin.” The development of the Austin project is a joint venture of Novare Group Holdings, LLC and Andrews Urban, LLC. Novare Group is a leading developer of high-rise residential communities in southeastern U.S. urban markets, with more than 3,500 condominium units under development in Atlanta, Charlotte, Nashville and Tampa. Elevating urban living to a new standard, the company’s high-rise communities feature contemporary designs, rich amenities, and cutting-edge high technology features at attainable price points. For more information, please visit the Company’s Web site at www.novaregroup.com. Andrews Urban LLC is a real estate investment and development firm located in Austin, Texas and dedicated to placing equity in strategic urban developments. Its manager, Taylor Andrews, has worked in urban real estate investing for more than ten years, three of which were in Raleigh-Durham, NC and the remainder of which have been in Austin. Andrews has extensive experience in real estate advisory for high-net-worth individuals and significant entrepreneurial land investment experience.