Multifamily spigot opens with Endeavor’s North Burnet development

Endeavor Real Estate Group is moving forward with an apartment project on a 4.3-acre site in Austin’s North Burnet neighborhood. 

The Austin-based developer will bring 396 units to 2320 Kramer Lane, in an area that has relaxed zoning under the city’s North Burnet/Gateway plan, Towers reported. 

The project will feature five floors of residential units, 14,000 square feet of amenity space, and a central parking garage. It is set to replace a Culver’s fast food restaurant and the Copenhagen Imports furniture store. 

The location is half a mile from Q2 Stadium, near CapMetro’s McKalla and Kramer light rail stations. Construction is expected to start sometime next year.

Atlanta-based Dwell Design Studio is the architecture firm attached to the project. 

The North Burnet/Gateway plan, introduced in 2007, focused on the Domain, “Austin’s second downtown,” and was designed to meet the rising demand for development by allowing increased floor plates and taller buildings. 

Endeavor, which closed a $610 million private equity fund last summer, is the firm behind the planned redevelopment of the former Austin American-Statesman site at 305 South Congress Avenue, along the shores of Lady Bird Lake.

The firm launched a student-housing division recently and is planning a mixed-use district at the Texas Christian University campus in Fort Worth. 

Multifamily development has dropped off considerably this year, as Austin’s market became oversupplied after the post-pandemic building boom. But there are still projects in the pipeline.

For example, SomeraRoad is planning 230 units next to St. Elmo Public Market in South Austin. A Blackstone subsidiary is planning 500 units in a five-story project on Metric Boulevard. And Turnbridge Equities is planning a 45-story apartment tower on a 13-acre assemblage near Q2 Stadium.

— Andrew Terrell

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