Featured Photo (above): A rendering of the proposed Southside Dwell apartment complex, looking westward from the corner of Lucksinger Lane and Sheraton Avenue. Image: JHP
Posted: 3-11-20
By Edmond Ortiz
Austin (Travis County)–A 255-unit mixed-income apartment complex with two multi-story buildings is planned for construction on a 3.39-acre parcel.
Travis County Commissioners Court was briefed March 10 about Southside Dwell at 4515 South Congress Ave.
The scope of work includes 50 studio units, 162 one-bedroom units, 38 two-bedroom units, and five live-work units.
Studio units will be 418 square feet. There will be three floor plans for the one-bedroom units, ranging 555-793 in square feet.
There will also be three floor plans for two-bedroom units, ranging 919-1,036 square feet. The live-work units will measure 1,330 square feet.
The irregularly shaped property, which features a gentle slope, is bound by South Congress to the west, Lucksinger Lane to the east, and an auto collision repair business to the north.
The southern boundary of the Southside Dwell property is comprised of Sheraton Avenue, and a small retail strip at the corner of South Congress and Sheraton that includes a gas station.
Southside Dwell will have community features such as a swimming pool, courtyards, club room, fitness center, business cafe lounge, private conference rooms, a dog park and wash, and package concierge.
The apartments will be developed in a three-story building and a five-story building. The five-story structure will front South Congress, between the existing retail strip and the auto collision shop, and include the live-work units on the first two levels.
The three-story structure will front Lucksinger Lane, and include the leasing office and the tenants’ amenity space at the corner of Lucksinger and Sheraton.
The two-level leasing/amenity section could contain some public retail space, according to a preliminary site plan.
A five-level parking structure, accessible from South Congress and from Lucksinger, will be tucked between the two apartment buildings and the auto collision shop property. The parking garage will have 412 total spaces, including 12 public retail spaces.
Exterior construction material for the buildings will include as a metal panel system around the leasing/amenity/retail section, masonry brick, cementitious paneling and siding, fiber cement paneling, pre-fabricated metal screening, natural stone veneer, wood composite slats, and corrugated metal panels.
Additionally, the project requires demolition of a cluster of now-dormant self-storage metal buildings.
The developer, Cypress Real Estate Advisors, anticipates beginning construction in July 2020. The first units will be delivered in early 2022. Dallas firm JHP is the project architect. Hard construction costs are estimated at $29.3 million.
While the project site is in Austin city limits, Cypress asked that the Travis County Housing Finance Corp. serve as general partner and general contractor.
Cypress plans to completely finance the Southside Dwell development without support from public bonds or housing tax credits. VBX members may track this project using ID number: 2020-21CF.
Developer representatives described Southside Dwell as being marketed to a “missing middle population that is not normally possible on a traditional tax credit/bond project and there is a considerable gap in the market between households needing housing at this price point and availability,” county staff wrote in a report.
Twenty-six units which will be restricted to individuals or families with incomes at or below 60% of the area median income (AMI). Another 90 units will be reserved for tenants with incomes between 60% and 80% of AMI.
Thirty-eight more units will be leased to tenants earning from 80% to 90% of AMI. Seventy-six units will be leased to tenants earning at or below 120% of AMI. The property will also have 25 units at market rate.
Southside Dwell will be located near the growing St. Elmo District, south of multifamily developments such as SoCo 44, Public Lofts Condos, The Yard, and 415 St. Elmo.
edmond@virtualbx.com
