Called The Quincy, the tower is scheduled to
open in 2021
Endeavor Real Estate Group and joint venture partner MetLife
Investment Management (MIM), MetLife Inc.’s (NYSE: MET)
institutional asset management business, have broken ground on a
30-story mixed-use tower in the Rainey Street District.
The Quincy will include:
- Ground-level retail with separate,
dedicated residential and office lobbies. The retail space totals
approximately 10,360 square feet and includes one level of
below-grade parking.
- Seven floors of above-grade parking,
including an office parking ratio of up to three spaces per 1,000
square feet.
- Three floors of Class A office space,
totaling approximately 77,540 square feet. Features include outdoor
terraces with lake views, secured bike storage, a dedicated ground
floor lobby separate from the residential tower, and showers on
every floor.
- 19 floors of residential units, with a
total of 347 apartment homes for lease. Resort-style amenities
designed to take full advantage of the outdoors, including: a lush
terrace complete with a pool, firepit, cabanas, observation deck
and an exercise lawn. Coupled with a 30th floor indoor/outdoor sky
deck overlooking Lady Bird Lake, there will be a dog grooming spa,
sports lounge, media room, large co-working space and business
center, ample package lockers, as well as a lounge to serve as a
waiting area for transportation networking companies like Uber and
Lyft.
The Quincy is anticipated to open in the first quarter of 2021,
with market analysts noting that the tower will be the first in the
Rainey Street district to combine retail, office and residential
uses all in one building within that district. The entire building
will merit two stars from the Austin Energy Green Building rating
system.
“The Rainey Street District has evolved into a thriving,
organic, walkable neighborhood full of unique bars, restaurants,
hotels and housing adjacent to Lady Bird Lake on the hike and bike
trail. The Quincy will weave nicely into the fabric of the
neighborhood and establish a new front door to the district,” said
Jamil Alam, managing principal for Endeavor.
Kurt Day, managing director, Real Estate, MetLife Investment
Management said: “Since first investing in the downtown Austin
market more than 30 years ago, we have continued to see the city
evolve into an attractive convergence market. This partnership
opportunity with Endeavor on The Quincy pulls together many of our
favorite traits about mixed-use developments, and we are excited
about contributing to the evolution of the Rainey Street
district.”
The Quincy’s site on Red River Street is bounded by Driskill
Street to the north and Davis Street to the south, where two
parking lots presently reside. Nearby, a new Whole Foods Market is
slated for Saltillo, another Endeavor project, located between 4th
and 5th Streets, along IH-35. Even closer are the Austin Convention
Center and two major hotels, Hotel Van Zandt and Fairmont Austin.
Some of the region’s hottest restaurants, like El Naranjo, Emmer
& Rye, and Iron Works Barbecue, are a short walk away.
Additionally, the site offers immediate access to Lady Bird Lake –
along with its renown Ann and Roy Butler Hike & Bike Trail.
Ziegler Cooper Architects designed the 360-foot-tall tower,
while Kimley Horn is serving as the project’s engineer, Brockette
Drake Davis is acting as the structural engineer and Blum
Consulting Engineers is acting as the MEP engineer. IBC Bank is the
lender on the project and Rogers-O’Brien Construction Company Ltd.
has been brought on to serve as general contractor. Endeavor will
handle retail and office leasing for the project.
About MetLife Investment
Management
MetLife Investment Management, MetLife, Inc.’s institutional
asset management platform, is a global fixed income and real estate
manager providing differentiated investment solutions to
institutional investors worldwide. MetLife Investment Management
provides institutional investors including corporate and government
pension plans, insurance companies and other financial institutions
with long-term public and private investment and financing
solutions, and leverages a disciplined credit research and
underwriting process to provide institutional investors with asset
origination and acquisition opportunities and proprietary risk
management analytics across public fixed income strategies, private
placements, and commercial real estate debt and equity investing,
among others. For more information, visit
https://investments.metlife.com.
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and
affiliates (MetLife), is one of the world’s leading financial
services companies, providing insurance, annuities, employee
benefits and asset management to help its individual and
institutional customers navigate their changing world. Founded in
1868, MetLife has operations in more than 40 countries and holds
leading market positions in the United States, Japan, Latin
America, Asia, Europe and the Middle East. For more information,
visit www.metlife.com.
About Endeavor Real Estate
Group
Based in Austin, Texas, Endeavor Real Estate Group is a
full-service commercial real estate firm that enhances value with a
creative approach to investment, design, management, and leasing of
retail, office, industrial, self-storage, mixed-used and
multifamily properties. Endeavor is committed to sustainable,
meaningful and high-quality projects that enhance the surrounding
communities and exceed stakeholder expectations. Since opening its
doors in 1999, Endeavor has acquired or developed more than 15.8
million square feet of realized real estate projects; has more than
8 million square feet of office, industrial and retail space under
management; and over 3.4 million square feet currently under
construction.
Noteworthy Greater Austin projects include: Saltillo, Domain
NORTHSIDE, Southpark Meadows, 1890 Ranch, The Parke, Belterra
Village, IBC Bank Plaza, Champion Office Park, Rollingwood Center,
The Bowie, and 901 E 6th. Endeavor has projects in development in
Houston, Denver, Fort Worth and Nashville, TN – including 1200
Broadway and Phase-one of Gulch Union, a 20-story, Class AA
building with 330,000 square feet of office and retail space.
Endeavor was named to redevelop The Austin-American Statesman site
south of downtown Austin on Lady Bird Lake and the Austin Business
Journal ranked the company as the region’s top developer on its
2014-2018 lists. For more information, visit: endeavor-re.com/.
Forward-Looking Statements
This news release may contain or refer to forward-looking
statements. Forward-looking statements give expectations or
forecasts of the future using terms such as “anticipate,”
“estimate,” “expect,” “project,” “intend,” “plan,” “believe,”
“will,” and other terms tied to future periods. Results could
differ materially from those expressed or implied in the
forward-looking statements. Forward-looking statements are based on
assumptions and expectations. They involve risks and uncertainties,
including the “Risk Factors” MetLife, Inc. describes in its U.S.
Securities and Exchange Commission filings. The company has no
obligation to correct or update any forward-looking statement.
Parts of this news release may include additional information on
forward-looking statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190311005793/en/
James MurphyMetLife Investment Management(973) 355-4673
MetLife (NYSE:MET)
Historical Stock Chart
From Mar 2024 to Apr 2024
MetLife (NYSE:MET)
Historical Stock Chart
From Apr 2023 to Apr 2024