Temple: Austin Multifamily Developer Sets Sights on 180-Unit Apartment Project
Feature Illustration: Concept rendering of a building type for Cypress Creek Temple. Courtesy: Mucasey & Associates.
by Adolfo Pesquera
Temple (Bell County) — An Austin company specializing in multifamily developments is gearing up to construct a 180-unit partially income-restricted apartment community in the city’s far west side.
The project, Cypress Creek Temple, would include seven, three-story residential buildings, an amenity center/clubhouse, and a grille house next to a courtyard and pool. The total square footage of new construction is estimated at 202,582 square feet.
The developer was able to secure a 9% housing tax credit award of $1.5 million from the Texas Department of Housing and Community Affairs at their July 22 session. The tax credit is used as leverage to close on construction loans for projects that involve income-restrictions.
For this project, 46 units will lease to tenants earning 50% or less of the area median gross income (AMGI) and 44 units will lease to tenants earning from 51-70% of AMGI. The other 90 units will be leased at market rates.
The project site of 9.92 acres is located at the southwest corner of West Adams Avenue (FM 2305) and South Cedar Road. This is across Cedar Road, west of the Sage Meadows single family subdivision.
The residential buildings are a mix of four types. Three buildings are identified as Type 1; two are identified as Type 2; and there is one each of Type 3 and 4. The breakdown of square footage for all building construction is as follows:
166,770 SF of net rentable space
6,564 SF for the amenity center/clubhouse
11,474 SF of per-unit patio or balcony space
9,097 SF of breezeway and stair space
7,946 SF of other support areas
731 SF for the grille house
The traffic plan include a main entrance onto Adams Avenue and a second rear access point onto Cedar Road. Surface parking all along the driveway is sufficient for 342 vehicles, including 19 handicap accessible spaces.
The developer/owner was identified as SSFD Cypress Temple Developer LLC. However, that is a single project special purpose entity created by Austin-based Bonner Carrington.
Bonner Carrington is a multipurpose company that does development, general contracting for its own projects and property management. The firm has been building what it describes as “sustainable” multifamily properties since 2003.
Their estimated construction costs were reported as $21,649,133. The total development cost is about $31 million.
Bonner Carrington retained the services of Mucasey & Associates Architects for the concept designs. The civil work is being handled by Pape-Dawson Engineers.
Adolfo Pesquera (Reporter/Editor) is a veteran news journalist. He has worked for Hearst Corp., American Lawyer Media, News Corp and Freedom Communications. His work has been published in newspapers and magazines across the USA. He is a journalism graduate of UT-RGV. He writes, edits and creates digital pages for VBX.