Wildhorn Capital wants to cash in on East Austin’s rapid growth, as it pursues a multifamily expansion near East Riverside Drive.
The Austin-based firm is working with city officials to rezone 530 units, spanning two apartment complexes, at 2207 Wickersham Lane and 2239 Cromwell Circle, the Austin Business Journal reported.
If the city approves Wildhorn’s request to raise the site’s building height limit from 40 to 120 feet, the developer could build 2,100 units. The Austin Planning Commission recommended the zoning change in a 9-1 vote last week, sending it to city council for final approval.
The properties, totalling 23 acres, were most recently valued at roughly $71 million by Travis Central Appraisal District. Wildhorn’s development could be considered transit-oriented due to its proximity to bus stops and the city’s planned light rail network.
Wildhorn would reserve more than 90 units as affordable housing, available to renters making 60 percent of the region’s median family income level, which is about $66,000.
“The existing homes are near the end of their useful lives barring serious investment, without the zoning they would likely clear the site and double the amount of housing by-right with zero affordability,” Greg Anderson, of the Planning Commission, told the outlet.
The project has received some pushback from local residents. Malcolm Yates, chair of the East Riverside Oltorf Combined Neighborhood Plan Contact Team, said the property shouldn’t be eligible for rezoning, since much of the land is outside the recommended quarter-mile perimeter surrounding the Pleasant Valley Transit Hub. Others have concerns about displacement, as the area continues to be overtaken by large-scale developments.
PlaceMKR, for instance, is planning a $450 million mixed-use development at the intersection of East Riverside and Highway 71. River City Capital is also working on a $40 million expansion of a multifamily property at 6400 East Riverside Drive.
—Quinn Donoghue
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