Austin, Texas – (Commercial wire) – Stratus Properties Inc. (NASDAQ: STS) (“Stratus” or “Company”) today completed construction funding for the development of St. George, a 316-story luxury condominium to be built in northern Austin. Announced that it was done. Burnett Road. The St. George Project is minutes from the University of Texas, downtown employer, Apple Inc.’s new campus in North Austin, the major league football team Austin, the Q2 stadium, home of Austin FC, and the domain of luxury retailers. I have. Office and residential centers with over 100 stores and restaurants. Construction is scheduled to begin later this month.
William H. Armstrong III, Chairman and Chief Executive Officer of Stratus, said: Burnett. Located in the north-central part of Austin. St. George is a high quality addition to our portfolio and ultimately adds value to our charter operations. We look forward to considering the opportunity to monetize this property once the project is stable.
This project is a limited partnership in Texas and is owned by Stratus subsidiary The Saint George Apartments, LP. Financing for construction consists of a $ 56.8 million four-year construction loan from Comerica Bank to the Limited Partnership, secured by the project. Stratus offers a completion guarantee and a 25% money-back guarantee. These will be deleted when the project meets the specified conditions. The remaining estimated project cost is covered by equity that contributed to the limited partnership between Stratus (10%) and independent investors (90%). Stratus also collects project development and administration costs.
Stratus is currently expected to complete the substantial completion of St. George by mid-2024. Facilities include a roof terrace, fitness centre, swimming pool, bicycle storage and community workspace. Stratus has entered into a voluntary restriction agreement that provides 10% of all units as affordable units. The project is built according to Stratus’ goals of sustainability, well-being and conservation.
About Stratus Properties Inc.
Stratus is a diverse real estate company that acquires, owns, develops, manages, leases and sells residential and commercial real estate primarily for single-family and multi-family homes in the Austin, Texas region and some other markets. Texas.
Description of future prospects
This press release contains forward-looking statements that explain the factors that Stratus may impact future performance. Forward-looking statements are all statements other than historical fact statements. “Expect”, “May”, “May”, “Done”, “Plan”, “Believe”, “May”, “May”, “Estimate”, “Expect”, “project”, “goal”, “intended”, “likely”, “will”, “should”, “will” and similar expressions include forward-looking statements, etc. The purpose is to identify the description. Stratus does not guarantee future performance with forward-looking statements, and its actual results may differ materially from those predicted, forecasted, forecasted, or implied in forward-looking statements. I warn the reader that. Key factors that could cause actual Stratus results to differ materially from those expected in the forward-looking statements are the ability to beneficially implement Stratus’ St. George’s development plans and the ability to continue Stratus development. Includes, but is not limited to. Effectively implement strategies such as the ability to develop, finance, build, lease and sell real estate at affordable prices on time, and the changing strategic planning process of Stratus, as a result of changes in real estate demand in certain Texas markets. I will do it. Regions in which Stratus operates, recent changes in economic, business and market conditions such as inflationary stress and supply chains, and other factors detailed under the “Risk Factors” heading n Stratus 2021 Form 10-K Annual Report for the fiscal year ending December 31 and Form 10-Q Quarterly Report for the quarter ending March 31, 2022 are submitted to the US Securities and Exchange Commission, respectively. it was done.
Investors should be aware that many assumptions underlying Stratus’ forward-looking statements are subject to change after the date on which the forward-looking statements are made. In addition, Stratus may make changes to its business plans that may affect its business performance. Stratus undertakes no obligation to investors to update any forward-looking statement stated only as of the date of creation, regardless of assumptions, business plans, actual experience, or other changes. I warn you that.
A copy of this press release is available on the Stratus website at stratusproperties.com.