Final Phase of the Triangle Mixed-Use Project to be Luxury Senior Living
W2 Real Estate Partners plans luxury resort-style senior living complex in Central Austin, TX
Image Courtesy of House+Partners Architecture & Planning
Austin, TX (June 6, 2016) – Austin-based developer W2 Real Estate Partners (W2), together with joint venture senior housing partner Bridgewood Property Company, are planning to build a 206-unit resort-style senior living project, called The Village at the Triangle on the final site within the popular Triangle mixed use development in north Central Austin. Construction is anticipated to begin in August and will be complete in early 2018.
The Village at the Triangle will be located on a 1.45-acre site in the center of the Triangle project, a successful and much-awarded urban infill development where Guadalupe Street, North Lamar Boulevard and 45th Street intersect to form a triangle. The 30-acre development was first conceived in 2004, and now features more than 750 apartments, 120,000-square-feet of upscale retail/restaurant and commercial space, and a rehab hospital all nestled around a 3-acre park and pond.
The Village at the Triangle will feature seven floors of apartment units built above two levels of parking. Independent living, assisted living and memory care service options will be offered within the building, enabling residents to age in place without having to relocate from the project over time. The luxury suites will range in size from efficient memory care units to independent living two-bedrooms with more than 1,300 square feet. The average size throughout the building is 882 square feet.
“It’s unique to have a senior’s site in the densely populated urban core, particularly within a well-known mixed-use project and minutes away from established retail, medical services and religious institutions,” said Steve Freche, executive vice president with W2 Real Estate Partners. “When we looked at the five-mile radius around the site, it was clear that this long-established Austin submarket in close proximity to Austin’s finest hospitals, was very much underserved in quality senior living options.”
The building is uniquely designed in an “E” shape featuring two elevated exterior common area terraces, known as the Garden Terrace and Water View Dining Terrace, both of which overlook the existing Triangle pond and nature area. Each terrace will feature outdoor seating and dining options amidst fire pits, lush landscaping, and multiple activity areas. Additionally, resort-style common areas and amenities will feature: an indoor heated saltwater pool, fitness/aerobics center, movie theater, arts-crafts studio, private dining, town hall, full service salon, library, putting green, convenience store and numerous lounges and living areas.
Individual one and two-bedroom residential units will feature private balconies and floor to ceiling glass windows to enhance the unobstructed views of the downtown skyline and the Texas Hill Country. Most residences will also feature designer kitchens with granite counters and stainless steel appliances. To create this unique project, W2 has partnered with the award winning and innovative teams of House + Partners Architects and TBG Partners to handle the architecture and land planning, respectively.
During construction The Village at the Triangle project will employ over 1,000 construction workers, and upon completion more than 80 full and part-time employees will work at the facility. Harvey Cleary Builders has been selected as the general contractor and Stantec (formerly Bury) as the civil engineer.
W2 completed a re-zoning of the property in February 2015 which allowed the project to achieve a building height up to 90 feet. Freche notes the City of Austin and the surrounding neighborhoods including Hyde Park and Rosedale have been great to work with, with each offering support of the project.
“The project has been very well received by the stakeholders in the surrounding area,” Freche said. “In fact, it has been quite validating for our team that we’re already receiving calls from prospective residents in the area who are looking for a seniors’ facility in close proximity to their longstanding neighborhoods, friends and families.”
Locally, other W2 Real Estate projects have included Frontera Ridge, Lakeline Crossing I and II, Airport Commerce Center I, The Triangle and the Reserve at Bull Creek. Some of Bridgewood Property Company’s other Texas projects have included The Village at the Arboretum (Austin), The Village of the Woodlands Waterway (Houston), The Village of Tanglewood (Houston) and the Village of River Oaks (Houston).
About W2 Real Estate Partners
W2 Real Estate Partners, the spun-off and rebranded successor of Simmons Vedder Partners, is an experienced, highly-regarded real estate firm that specializes in the acquisition and development of commercial and multifamily real estate properties. W2 has successfully developed vertical mixed-use, office, warehouse, multi-family, student housing, senior housing and land development. The company has been responsible for the development and acquisition of over 8 million square feet of office, industrial and residential projects with an aggregate value of over $2 billion. Its projects span such markets as Atlanta, Austin, Denver, Ft. Lauderdale, Houston, Oklahoma City, Orlando, San Antonio, and Washington D.C. Through prudent speculation and careful research, W2 Real Estate Partners continues to pursue top locations in underserved markets for commercial and residential development with a primary focus in the Central Texas markets. For more information, please visit: www.W2REP.com.
About Bridgewood Property Company
Bridgewood Property Company is a premier developer of high quality, culturally enriched senior living communities. With 30 years of experience in commercial real estate development, and over a decade focused exclusively on senior living, the principals of Bridgewood have developed over 3,000 independent, assisted living, and memory care living units representing more than $500 million asset value.
For media inquiries, please contact Mary Alice Kaspar at firstname.lastname@example.org or (512) 963-1096.
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