Stratus Properties and Canyon-Johnson Break Ground
AUSTIN, TX, October 17, 2007. Austin-based Stratus Properties and the Canyon-Johnson Urban Fund officially broke ground on Block 21 Friday and simultaneously debuted the sales center for the W Austin Hotel & Residence, a key component of the 35-story, $260-million mixed-use development.
Occupying a former vacant lot in downtown Austin's burgeoning 2nd Street District (www.2ndstreetdistrict.com), Block 21 is being considered for Platinum LEED Certification for its implementation of green building techniques, materials and operational standards under the guidance of sustainability leading expert Gail Vittori, Co-director of the Austin-based Center for Maximum Potential Building Systems (www.cmpbs.org). Upon completion in 2010, the project will offer residents and visitors a compelling and architecturally significant environment that will incorporate 196 luxury condominium residences, 250 hotel guestrooms, world-class spa, signature restaurant, approximately 47,000 square feet of premium, ground- and second-floor retail plus engaging public spaces. A 2,200-seat, state-of-the-art theater and music venue to be managed by Live Nation will also serve as the new home of KLRU-TV's venerable Austin City Limits (austincitylimits.org), the longest running televised concert series.
Local dignitaries, VIPs and development partners who participated in the afternoon groundbreaking ceremony included Mayor Will Wynn; basketball-legend-turned-business-tycoon, Earvin "Magic" Johnson of the Canyon-Johnson Urban Fund; legendary University of Texas football coach and UT Austin stadium namesake, Darrell Royal; Canyon-Johnson Urban Fund Managing Partner, Bobby Turner; Ross Klein, President of Starwood's Luxury Brands Group (W Hotels, St. Regis Hotels & Resorts and The Luxury Collection hotel brands); lead design architect, Arthur W. Andersson, AIA of Andersson?Wise Architects; Bob Roux, President of Live Nation's South division; KLRU-TV CEO and General Manager, Bill Stotesbery; Austin City Limits Producer, Terry Lickona; and Freddy Fletcher, Pedernales Records partner. The groundbreaking was timed to coincide with the KLRU-TV "Block Party" fundraising gala, which benefits the station that produces ACL. Stratus Properties hosted pre- and post-party cocktail and dessert events in the W Austin Hotel & Residences sales center for supporters of the Block Party, which took place in an adjacent tent.
"We are thrilled to deliver a project of this caliber to our hometown of Austin," said Beau Armstrong, CEO of Stratus Properties. "This assemblage of development partners, including the Canyon-Johnson Urban Fund, designers and sustainable development experts is truly a 'dream team' that will ensure Block 21 is an asset to our community and an incomparable destination for future residents and visitors for many years to come," he continued.
"We are big believers in Austin, and in the commitment that Mayor Wynn has made to continuing the revitalization already underway here," said Canyon-Johnson partner Earvin "Magic" Johnson. "Austin is a growing, dynamic and entertaining city, and through Block 21, we will work to enhance that by creating opportunities for the people of Austin, and making sure that it reaches its absolute fullest potential."
Design Team
The extraordinary group of designers and architects chosen for Block 21 have built national and international reputations for their commitment to stretching boundaries and creative innovation in their effort to set new standards in their respective fields. Team members include design architects AnderssonoWise Architects (www.AnderssonWise.com) of Austin, interiors consultant Holden & Dupuy of New Orleans, Seattle's Olson Sundberg Kundig Allen (www.OSKAarchitects.com) for public space and interior design, venue designers Rios Clementi Hale Studios (www.RCHStudios.com) of Los Angeles, Dallas-based BOKA Powell for project coordination and plan production (www.bokapowell.com) and Austin-based Gardens (www.gardens-austin.com) for landscape architecture.
Location
Ideally suited to take advantage of business and leisure offerings, Block 21 is in the core of downtown Austin and within walking distance of the Capitol, famed Sixth Street (www.6street.com), a popular destination for live music fans, and festive Warehouse District. Bounded by 2nd Street, 3rd Street, Guadalupe and Lavaca, the project is just one block north of Town Lake, known for its picturesque hike and bike trails, and steps from the numerous restaurants, boutiques and nightlife venues that have made the 2nd Street District a favorite gathering place for locals and travelers.
W Austin Hotel & Residences
Residences at Block 21 will be located on floors 16 to 35, providing each level with superb views over surrounding buildings to Town Lake, the Hill Country or the city skyline. One-, two- and three-bedroom homes will range in size from approximately 643 square feet to 3,183 square feet, excluding outdoor living areas. Four penthouse plans, available on floors 32 to 35, will offer up to 3,779 square feet of indoor living space with three bedrooms. Residence highlights will include limestone, marble, luxury carpet and imported European wide-plank wood flooring treated with natural oil, floor-to-ceiling windows, Bulthaup cabinetry, Miele kitchen appliances, Vola and Grohe faucets, Philippe Starck designed Duravit bathtubs and black honed slate, honed granite or Carrera marble countertops.
W Austin Hotel & Residences will feature all of the brand's celebrated comforts including its signature Living Room experience and Whatever/Whenever(R), the hotel's 24-hour concierge service that can provide whatever guests want (from a pair of running shoes at 2 a.m. to private jet service) whenever they want it. Other highlights of the property will be several innovative restaurants and clubs, a street-level plaza, an outdoor elevated garden incorporating a swimming pool, a full-service Sweat fitness facility, a 5,000-square-foot spa, 13,000 square feet of meeting space and 4,300 square feet of banquet rooms. Owners of W Austin Residences will have full use of all the hotel's facilities as well as access to 24-hour room service, daily housekeeping service and concierge services.
Austin City Limits Studio & Theater
Beginning with the Willie Nelson pilot in 1974, Austin City Limits has presented live music to audiences across the world on PBS. The award-winning series - including The National Medal of Arts presented in 2003 - spotlights artists of every genre, from rhythm and blues to rock, jazz and alternative. In total, Austin City Limits has featured more than 600 artists. The new theater, which will have more than five times the capacity of the current soundstage, is being developed in partnership with the iconic Nelson and his nephew, Freddy Fletcher, of Pedernales Records. Live Nation has been selected to oversee a range of ongoing entertainment programming for the more than 300 nights a year when it will not be in use by ACL. ACL is a production of KLRU-TV, Austin PBS and C3 Presents.
About Canyon-Johnson Urban Funds
The Canyon-Johnson Urban Funds (CJUF) are the country's largest private real estate funds focused on the development of urban properties in underserved neighborhoods. A joint venture between Canyon Capital Realty Advisors and an entity of Earvin "Magic" Johnson's Magic Johnson Enterprises, the funds were formed to identify, enhance and capture value through the development and redevelopment of real estate in densely populated, ethnically diverse urban communities. The funds' objectives are to seek current income and capital appreciation and, in addition to meeting investment goals, the funds are committed to providing for and fostering economic opportunities for the residents of the urban neighborhoods in which Canyon-Johnson invests. With nearly $1 billion in committed equity capital, the funds are positioned to facilitate more than $4 billion in development and revitalization in major U.S. metropolitan areas. For more information, visit www.cjuf.com.
About Live Nation
Live Nation is the world's largest live music company. Our mission is to inspire passion for live music around the world. We are the largest promoter of live concerts in the world, the second-largest entertainment venue management company and have a rapidly growing online presence. We create superior experiences for artists and fans, regularly producing tours for the biggest superstars in the business, including The Rolling Stones, The Police, Madonna, U2 and Coldplay. Globally, we own, operate, have booking rights for and/or have an equity interest in more than 160 venues, including House of Blues(R) and Fillmore(R) music venues and prestigious locations such as Nikon at Jones Beach in New York and London's Wembley Arena. Our websites collectively are the second most popular entertainment/event websites in the United States, according to Nielsen//NetRatings. In addition, we also produce, promote or host theatrical, specialized motor sports and other live entertainment events. In 2006, we connected nearly 60 million fans with their favorite performers at approximately 26,000 events in 18 countries around the world. Headquartered in Los Angeles, California, Live Nation is listed on the New York Stock Exchange, trading under the symbol "LYV".
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
