Stratus Properties Inc. (NASDAQ: STRS) (“Stratus” or the
“Company”) today announced that it has secured financing for, and
commenced construction of, Holden Hills, a new development
comprised of 475 custom residences on 495 acres within the
established Barton Creek community in southwest Austin. Stratus
considers Holden Hills, which is the last remaining single-family
project in the Barton Creek community, to be a crown jewel of its
30-plus years of residential development. For more information
about Holden Hills, visit www.HoldenHills.com.
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Holden Hills (Photo: Business Wire)
Stratus has entered into a joint venture with an unrelated
third-party investor that contributed 50% of the equity to develop
Holden Hills.
In addition, Holden Hills, L.P., the Texas limited partnership
formed by Stratus and the equity investor, has entered into a
construction loan agreement with Comerica Bank, which agreed to
provide a three-year construction loan, guaranteed by Stratus to
finance Phase I of the development. The partnership has secured all
key construction permits for Phase I and construction has
commenced. The partnership plans to complete the financing of Phase
II of the two-phase development program with additional bank
debt.
William H. Armstrong III, Chairman of the Board and Chief
Executive Officer of Stratus, said, “We have a long history of
navigating the Austin market and creating value in our properties
across a range of economic environments. Holden Hills is a unique
and beautiful property, and our focus on sustainability and
wellness has been thoughtfully planned to capitalize on growing
trends in consumer demand.”
Mr. Armstrong continued, “The Holden Hills project is
expected to extend our long track record of creating value, and
positions Stratus to continue returning capital to shareholders,
building on our recent $40 million special cash dividend and $10
million share repurchase program. We will continue to leverage our
team’s knowledge, experience and relationships in the markets where
we operate to pursue prudent growth opportunities.”
Located within the established Barton Creek Community, Holden
Hills is designed to promote sustainability, energy conservation,
and residents’ health and wellness, both inside and outside of the
homes. Stratus’ research confirms that buyers want a safe home,
built to protect their health, both mind and body, and the natural
environment. The Holden Hills property is planned to maximize
onsite renewable energy production to meet the community’s needs,
with any excess energy to be returned to the local electrical grid.
Stratus is also committing to use safe construction materials
essential to creating a healthy living space.
The Holden Hills project will comprise a series of
neighborhoods, each designed by leading architects, including
AnderssonWise and Sanders Architecture, known for distinguished and
thoughtful design. Project Architect Arthur Andersson, said “Our
inspiration for the Holden Hills residences comes from land and
climate. Our floor plans are shaped to naturally honor the
characteristics of the Texas Hill Country, creating dwellings that
celebrate our local prevailing breezes, dramatic views and heritage
live oak groves. Holden Hills presents an opportunity to live
intimately with nature, to celebrate the beauty of the Texas Hill
Country and be a model of sustainable design for generations.”
Architect Christopher L. Sanders said, “A sustainable project
leads with good design. Building beautiful and resilient homes
suitable and responsive to their site is fundamental to achieving
our ambitious sustainability goals for the Holden Hills
neighborhood in southwest Austin.”
LEED Fellow Gail Vittori, working in conjunction with project
Sustainability Consultants Andrew Wagner Architects, said “Health,
wellness and ecological stewardship are enduring values that are
fundamental to Holden Hills’ design ethic. The project’s
integrated, systems-oriented approach will set a compelling
benchmark for what residential development in Central Texas needs
to be.”
As part of a focus on wellness, Holden Hills will provide
residents with a direct connection to nature and community, through
carefully curated green spaces, communal gathering points and an
extensive trail system that will stretch approximately 3.5 miles
through undisturbed open space and connect to the 14 mile long
iconic Barton Creek Greenbelt. These homes have intimate interior
spaces that transition to outdoor living rooms with expansive views
and are designed with a palette of native masonry, plaster, brick,
stone and metal roof material to ensure that they blend with their
natural surroundings and reinforce advanced sustainable building
practices. Stratus expects to begin building homes and selling home
sites in late 2024.
About Stratus Properties Inc.
Stratus is a diversified real estate company engaged primarily
in the acquisition, entitlement, development, management, leasing
and sale of multi-family and single-family residential real estate
properties and commercial properties in the Austin, Texas area and
other select markets in Texas.
Forward-Looking Statements
This press release contains forward-looking statements in which
Stratus discusses factors it believes may affect its future
performance. Forward-looking statements are all statements other
than statements of historical fact, such as plans, projections or
expectations related to the total capital that will be required to
develop Holden Hills, the timing of building homes or selling homes
sites at Holden Hills, plans for the financing of Phase II of the
development of Holden Hills, possible future cash returns to
Stratus’ shareholders, implementation and effectiveness of
sustainability, energy conservation and health and wellness goals,
and Stratus’ expectations about the Austin real estate market. The
words “anticipate,” “may,” “can,” “plan,” “believe,” “potential,”
“estimate,” “expect,” “project,” "target," “intend,” “likely,”
“will,” “should,” “to be” and any similar expressions and/or
statements are intended to identify those assertions as
forward-looking statements. Stratus cautions readers that
forward-looking statements are not guarantees of future
performance, and its actual results may differ materially from
those anticipated, expected, projected or assumed in the
forward-looking statements. Important factors that can cause
Stratus’ actual results to differ materially from those anticipated
in the forward-looking statements include, but are not limited to,
Stratus’ ability to execute profitably on its development plan for
Holden Hills, the availability and terms of additional financing
for the development of Phase II of Holden Hills, Stratus’ ability
to implement its business strategy successfully, including its
ability to develop, finance, construct and sell or lease properties
on its anticipated schedule and at prices its Board of Directors
considers acceptable, changes in the demand for real estate in the
select markets in Texas where Stratus operates, changes in
economic, market, tax and business conditions, including increases
in inflation and interest rates, supply chain constraints,
tightening bank credit, increases in operating and construction
costs, including real estate taxes and the cost of building
materials and labor, environmental risks, future cash returns to
shareholders, including the timing and amount of repurchases under
our share repurchase program, and other factors described in more
detail under the heading “Risk Factors” in Stratus’ Annual Report
on Form 10-K for the year ended December 31, 2021, and Quarterly
Report on Form 10-Q for the quarter ended September 30, 2022, each
filed with the Securities Exchange Commission.
Under Stratus’ Comerica Bank debt agreements, Stratus is not
permitted to repurchase its common stock in excess of $1.0 million
or pay dividends on its common stock without Comerica Bank’s prior
written consent, which was obtained in connection with the special
cash dividend and share repurchase program. Any future declaration
of dividends or decision to repurchase Stratus’ common stock is at
the discretion of Stratus’ Board, subject to restrictions under
Stratus’ Comerica Bank debt agreements, and will depend on Stratus’
financial results, cash requirements, projected compliance with
covenants in its debt agreements, outlook and other factors deemed
relevant by the Board. Stratus’ future debt agreements, future
refinancings of or amendments to existing debt agreements or other
future agreements may restrict Stratus’ ability to declare
dividends or repurchase shares.
Investors are cautioned that many of the assumptions upon which
Stratus’ forward-looking statements are based are likely to change
after the date the forward-looking statements are made. Further,
Stratus may make changes to its business plans that could affect
its results. Stratus cautions investors that it undertakes no
obligation to update any forward-looking statements, which speak
only as of the date made, notwithstanding any changes in its
assumptions, business plans, actual experience, or other
changes.
A copy of this release is available on Stratus’
website, stratusproperties.com.
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William H. Armstrong III (512) 478-5788
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