SOURCE: LD & C - Land Development & Construction
AUSTIN, TX--(Marketwire - Jun 12, 2012) - Land Development and Construction, LLC. (LD&C), an Austin commercial real estate development company proudly announces the ground breaking of a multi-family housing project at 21st and Pearl Streets near the University of Texas. Robert Lee, principal of LD&C, has brought together several Chinese American investors to fund this $26 million commercial high-rise student housing project. This is the largest privately funded Asian commercial real estate project to date in Austin.
"I am proud to bring together several Chinese families to invest in this Central Austin project," says Robert Lee, of LD&C. Lee is the grandson of Admiral Ma Chi-Chuang, former Secretary General of Taiwan. The Lee family has been investing in real estate since the early 1980s when Rita Lee (Lee Ma Chiu Yi) founded Lee Properties, a real estate brokerage and leasing company. "Our 21 Pearl street project is the next step in the evolution of our business. We started in residential properties, then my brother, Raymond (Lee) and I progressed into duplexes and multi-family housing and later planned a suburban community. So, when we had the opportunity to develop high rise housing in Austin's West Campus, I didn't hesitate to invest," explains Robert.
Chinese American investors - Austin's Asian population is growing and private investors have been working independently. As commercial development processes are much more complicated, investors are finding it advantageous to work together on larger projects. Lee is the catalyst to this project, bringing years of experience in the Central Texas real estate market. His construction team includes Stephen Haug, of Skyline Commercial, Inc of Austin as the general contractor, interim financing by Chris Martineau, Senior VP of Commercial Lending, Mutual of Omaha Bank, Dallas, Texas, and LD&C will be the project manager. The 21st Street construction project is scheduled to open August 2013 and will begin pre-leasing in the fall.
Land Development and Construction, LLC. (LD&C) is a private partnership of Robert Lee, local and foreign investors, whose vision is to develop high quality, socially responsible commercial real estate in the Central Texas area. LD&C draws on two generations of industry knowledge and experience, its own financial portfolio and works exclusively with like minded investors on sustainable and market competitive commercial real estate development projects. www.ldandc.com