Stream Realty Partners has started work on a senior-living apartment complex in the Austin area as part of a new national building campaign.
Dirt started turning in the past few weeks on Solea Cedar Park, a 184-unit community at 1520 Juliette Way, about three miles north of Lakeline Mall. Stream Realty, which is based in Dallas but has an office and significant holdings in Austin, is building six other Solea properties around the country for those 55 and older.
Solea Cedar Park will have one- and two-bedroom units that span 653 to 1,294 square feet. Amenities include a 10,000-square-foot clubhouse, a theater, a gym, a coffee and wine bar, a resort-style pool and, in a nod to its residents’ particular needs, elevator access.
Stream Associate Luke Bourlon told Austin Business Journal the first units will deliver in summer 2017.
The complex sits on 7.5 acres of a 32-acre planned unit development near the intersection of Cypress Creek Road and South Lakeline Boulevard in Cedar Park, one of the fast-growing cities on Austin’s periphery where homebuyers and renters are flocking because of lower costs. Retail developments are planned on both sides of Solea Cedar Park, although a developer for that portion of the PUD and a firm plan are still being worked on, Bourlon said.
The planned unit development also features parkland and walking trails and will connect to nearby municipal trails.
“We want to bring active adults back into the heart of our community,” Bourlon said. “The idea is that our residents want to rub shoulders with the broader community but love the idea of living right next door to their friends in the same stage of life.”
The deal has been in the works for close to two years but Stream closed its purchase of the land about two months ago, Bourlon said.
By: Will Anderson
SOURCE: Austin Business Journal