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Austin: Local Real Estate Firm Eyeing Mixed Use Development in Southeast Austin

Feature Photo: An aerial view of the proposed site off the 2200 block of East Riverside Drive. Image: Google/VBX Graphic.

Posted: 5-11-2021

by Art Benavidez

Austin (Travis County) — A local developer received rezoning for a mixed use multifamily-retail development in southeast Austin, during last week’s City Council meeting.

The property added corridor mixed-use (CMU) to its East Riverside Corridor (ERC) district zoning, along with increasing the height bonus from 65-feet to 120-feet through the density bonus program.

The undeveloped 1.99-acre property is currently located at 2200 E. Riverside Drive in the southeast portion of the city.

FBZ Town Lake Circle III, LLC, the landowner and developer of record, is a special purpose entity created by F&B Capital, an Austin-based private equity real estate investment firm specializing in multifamily acquisitions and redevelopments. 

They are proposing to develop the project with retail use and 250-units, along with increasing the allowable height through the development bonus program.

Vehicular access to the site would be from East Riverside Drive. The land is also in an urban watershed that limits impervious cover to 60% for a multifamily development.

The city’s land development code requires standard landscaping and tree protection, along with parkland dedication at the time of subdivision or site plan.  

The Planning Commission recommended the project at their April 13 meeting.

Development Services staff noted in their comments that allowing participation in the density bonus program to obtain the requested height of 120 feet “will allow for more affordable housing and promotes higher density, which supports transit development along this Future Rail Line corridor.”

VBX Project ID: 2021-3406


art@virtualbx.com

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By |2021-05-11T14:33:30-05:00May 11th, 2021|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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