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Austin: Kentucky Developer Aiming for 306-Unit Development Near Capital Center Retail Center

Featured Illustration: The development’s proposed building elevations by Kelly Grossman Architects LLC.

Posted: 5-27-2021

by Art Benavidez

Austin (Travis County) — City Council has scheduled a June 3 public hearing for a Louisville, Kentucky developer who is seeking housing tax credits for a 306-unit development.

After the public hearing, the city will consider a Resolution of No Objection about the proposed development.

The 2.7 acres property, The Henderson on Reinli, is located at 1101 Reinli Street near the Capitol Plaza retail center.

The property is developed with a two-story 20,544-square-foot shell building.

LDG Development, LLC, the developer, owns the property through their affiliate, LDG The Henderson on Reinli, LP.

LDG Development needs the city’s resolution as part of its application to the state for a 4% low income housing tax credit award, which is used to provide affordable housing. Families eligible for the lower rents would have to show earnings at or below 70% of the area median family income (MFI) for 95 units; 60% MFI for 116 units; and 30% MFI for 95 units.

The development will be podium-style constructed with a unit mix consisting of 155 one-bedroom-units and 151 two-bedroom-units. 

This is a five-story structure with a total gross square footage of 461,665 SF. Most of the ground floor is parking space, but there is a theatre, a lease office and club room, and a few apartment units.

The second level floor plan has apartment units circling two courtyards, of which one includes a pool.

The property management program associated with this development will give residents access to social services and recreational activities.

LDG Development proposes to finance the $80,249,450 development in part through the state administered 4% low income housing tax credit program and the associated tax-exempt bonds, which in this case would be issued by the Strategic Housing Finance Corporation of Travis County. The total construction contract is $50,755,259.

An affiliate of Austin Affordable Housing Corporation will be the general partner of the development’s partnership, giving the property a full tax exemption.

LDG Development does much of its own design and construction through its wholly owned subsidiary, XDC (Xpert Design & Construction). Also assisting on design is Kelly Grossman Architects of Austin.

Dunaway Engineering is the civil engineer. 

This project was previously described in a May 26, 2020 VBX article.

VBX Project ID: 2020-3F61