River City Capital Partners’ Peter Kehle and 6400 East Riverside Drive (River City Capital Partner, Getty)
River City Capital Partners is set to start work on the second phase of its Urban East multifamily development in East Austin early next year.
According to plans filed with the Texas Department of Licensing and Regulation, another 138 units and a four-story parking garage will begin construction in February for an estimated cost of $40 million. The East Austin multifamily project that has been in various stages of planning since 2019.
Located at 6400 East Riverside Drive, the 7.3-acre Urban East, designed by Davies Collaborative, began construction on the first phase of 381 units earlier this year. Those units are expected to be completed and ready for lease in early 2023, according to River City Capital Partners website. An opening date for the 138 units in the second phase of construction has not yet been announced.
Around 80 percent of the apartments will be one-bedroom units, with an average size of 750-800 square feet. It will include studio apartments at 550 square feet and the largest units will be over 1,200 square feet. The development will include three parking garages when complete, plus two swimming pools and its own bowling alley.
“Urban East will represent one of the largest multi-family opportunity zone projects to break ground in Austin,” said Peter Kehle, co-founder and CEO of River City Capital Partners in a statement. “There is a much greater emphasis on affordable housing with this development than similar projects in the area, and we are proud to make this offering available to meet the strong demand for this dynamic hub of Central Austin.”
Originally, plans for the development included a mix of office and retail space but plans were changed in 2020 after the COVID-19 pandemic, Kehle said. The project is being built in partnership with Austin’s Housing Authority in a bid to provide more affordable housing options. Exact financial details and cost per unit have not yet been announced.
“With the ongoing growth along East Riverside, including the relocation of Oracle’s corporate headquarters nearby and the new Tesla Gigafactory, there is a great demand for the type of quality, affordable and sustainable housing that will be offered at Urban East,” said Michael Gerber, president and CEO of the city’s Housing Authority, in a statement. “Of particular importance is the fact that the affordable and the market rate units will have the exact same high-end finish out, which is fairly unusual in this market.”
The project is only 8 miles from the Tesla Gigafactory that opened this summer at an estimated cost of $1 billion dollars. The factory is over 10 million square feet and is cited as a major economic driver in East Austin.
Read more
Residential
Austin
Austin officials approve city-funded affordable housing project
Commercial
Austin
Lincoln Ventures embarks on multifamily in East Austin