Austin: City Buys Properties for Two Multifamily Developments
Feature Photo: An aerial view of the future apartment development that will front 1212 W Slaughter Lane. Image: Google.
by Art Benavidez
Austin (Travis County) — The Austin Housing Finance Corporation (AHFC) Board of Directors recently sold two properties of land comprising approximately 6-acres for $5 million to the City of Austin that will be used for two multifamily developments.
The sale pertains to portions of two AHFC properties, one located at 1127 Tillery Street, and the other at 1212 W Slaughter Lane, both transferring to the Austin Parks and Recreation Department (PARD).
City Council will also be asked to purchase the same portions of these two properties from AHFC, who approved the sale of the properties on Feb. 18.
The sale allows PARD to provide parkland within walking distance of the future housing developments and the surrounding community. The parkland will be developed in partnership with the Housing and Planning Department (HPD).
The AHFC board approved the sale of the undeveloped property at 1212 W Slaughter Lane for $4,267,044, which will be 4.2-acres of a larger 9-acre parcel to provide 250-plus-units of affordable housing.
The rest of the land on the 1212 W Slaughter Lane will be dedicated parkland in a fast-growing region in what the city considers to be a “high opportunity area”.
Readers can follow the 1212 W Slaughter Lane development with the VBX Project ID: 2021-2570
The undeveloped property at 1127 Tillery Street sold for $784,202 and includes 2.8-acres of a 5-plus-acre site, which is planned for 66-units of affordable housing.
The remaining acreage will be developed as a neighborhood park, which the community desired to save the existing grove of pecan trees.
Readers can follow the 1127 Tillery Street development with the VBX Project ID:2021-2571.
The AHFC Board of Directors has selected MRE Capital/Imagine Art as the developers for the 1127 Tillery Street development.
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.