Austin Commercial has begun construction for Austin-based Stratus Properties and the Canyon-Johnson Urban Fund on their Block 21 development in Austin. Occupying a former vacant lot in downtown Austin's 2nd Street District, Block 21 is being considered for Platinum LEED Certification for its implementation of green building techniques, materials and operational standards.
Design architect is Andersson-Wise and the production architect is BOKA Powell. Thornton Tomasetti is the structural engineering firm and James Johnston & Associates is the mechanical engineer. Gail Vittori, co-director of the Austin-based Center for Maximum Potential Building Systems, is guiding the certification process.
Upon completion in 2010, the project will offer 196 luxury condominium residences, 250 hotel guestrooms, world-class spa, signature restaurant, approximately 47,000 square feet of premium, and ground- and second-floor retail plus engaging public spaces. A 2,200-seat, state-of-the-art theater and music venue to be managed by Live Nation will serve as the new home of KLRU-TV's popular Austin City Limits, the longest running televised concert series. The W Austin Hotel & Residences will occupy floors 16 through 35 of the 35-story, $260-million mixed-use development.
Canyon-Johnson is a joint venture between the Los Angeles-based Canyon Capital Realty Advisors and basketball-legend-turned-urban-entrepreneur Earvin "Magic" Johnson, with almost $1 billion of committed equity to invest in the revitalization of ethnically diverse, urban communities across the country. Stratus Properties engages in the acquisition, development, management, and sale of commercial and residential real estate.