EDR Executes Ground Lease for UT-Austin Housing

Known as 2400 Nueces, the project will contain 622 beds of housing over street-leve retail space.

Austin, Texas — Education Realty Trust has executed a 60-year ground lease with the Board of Regents of the University of Texas System for a new collegiate apartment community near the University of Texas at Austin (UT-Austin) campus. Construction is expected to begin this summer for a summer 2013 opening. Named 2400 Nueces for its address, located at the intersection of 24th Street and Nueces, the community will be two blocks from UT-Austin's core. The building will contain residential floors above parking along with mixed-use retail at street level. The 304 units will provide 622 beds in a mix of studio, one-, two-, three- and four-bedroom apartments. The project is targeted to meet LEED-Silver certification requirements and will be financed through Education Realty Trust's On-Campus Equity plan — The ONE PlanSM. PageSoutherlandPage will serve as the project's architect and Hensel Phelps Construction Co. will serve as its general contractor.

 

— Daniel Beaird

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