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Austin: City Backs Local Developer’s Plan to Renovate Hotel into Housing Project

Feature Photo: View of the former hotel site that will be renovated into an affordable housing project. Image: Google Streets

Posted: 9-13-2022

by Art Benavidez

Austin (Travis County) — A former hotel will be renovated into an affordable housing project after the City Council approved funding for the project.

Austin-based Foundation Communities, Inc. is proposing to renovate the former TownePlace Suites by Marriott Austin Arboretum into a housing project known as the Balcones Terrace under the subsidiary FC Balcones Terrace.

The city provided $2.4 million towards the project. In August, the Austin Housing Finance Corporation (AHFC) approved a $16.1 million loan to Foundation Communities for the acquisition of the hotel.

AHFC will become property owners and ground lease to Foundation Communities who will redevelop the hotel into a $26.5 million project that will feature 123 efficiency units.

Redevelopment costs of the hotel are expected to be near $7.9 million.

The project is slated to have 31 units at or below 30% median family income (MFI), 31 units at or below 40% MFI and 61 units at or below 50% MFI.

VBX Project ID: 2022-3312


art@virtualbx.com

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By |2022-09-13T21:08:18-05:00September 13th, 2022|Construction Preview, Feature Story|

About the Author:

Art Benavidez (Construction News Reporter, Central Texas) is a seasoned journalist with over 15-years of experience in writing breaking news and in-depth features at the local level. He honed his research and reporting skills in newspapers and magazines throughout South and West Texas along with expertise in crafting digital content as Managing Editor of New Image Marketing Research Corporation. Benevidez is a Texas native and graduate of UT-RGV.

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