Crescent jumps at chance to add
apartments in NW Austin

Austin Business Journal - by A.J. Mistretta ABJ Staff
The company behind two master-planned communities north of Austin and a high-profile condo tower slated for the edge of downtown has plans for an upscale apartment project in one of the city's hottest areas.

Crescent Resources LLC is under contract to purchase a nearly 7-acre tract on Stonelake Boulevard near the Arboretum shopping center. Plans call for a four-story apartment building of 280 to 300 units surrounding a structured parking garage in a dense format. The property will use green building standards and seek LEED certification, but the amenities and specific design elements are uncertain at this point.

Charlotte, N.C.-based Crescent is seeking a zoning change on the vacant property next door to the Iron Cactus restaurant, from commercial to multifamily. That request is currently before the Austin Planning Commission.

"I love the demographics of that location," says Todd Farrell, director of multifamily development for Crescent. "All the retail support is there for an [affluent] resident."