River City Capital Partners is planning a 700-plus apartment development at 6610 Riverside Dr..` SCREENSHOT OF CITY OF AUSTIN DOCUMENTS


Austin Business Journal reports, "River City Capital Partners is planning a big apartment complex in Southeast Austin near the airport.

The project is set to include more than 700 apartments northwest of Austin-Bergstrom International Airport, according to site plans filed with the city. That's about a 15-minute drive from Tesla's Gigafactory, which has ramped up to more than 20,000 employees. The project will be developed in multiple phases and will have an affordability component.

River City Capital did not respond to requests for comment.

The project will rise on about six acres at 6610 E. Riverside Drive and will consist of 708 apartments. While the site plan did not indicate the total square footage of the project, it did specify that there will be a 10,000-square-foot strip retail plaza. Half of the units in the development will be priced below the area's median family income, according to a SMART Housing certification application. SMART Housing is an Austin program that provides fee waivers for development permits in exchange for onsite income-restricted units.

The proposed unit mix at River City Capital’s project will include 318 units priced at or below 80% MFI and 38 units priced at 60% MFI. For a family of three, 80% MFI was $84,150 and 60% MFI was $63,120 in July, according to the city’s housing department.

Affordable housing options are needed across the city. Coupled with lower inventory, Austin has faced a steep jump in home prices in recent years and an ever-rising cost of living. More than half of the four-person households earning 80% median family income or less face a severe shortage of homes considered affordable to them, equating to an estimated 50% undersupply, according to November analysis from Austin Board of Realtors.

While ABOR focuses on single-family homes, executives there acknowledge that Austin needs more of all types of housing.

“When we talk about housing affordability and accessibility, we are talking about all Central Texans, across all price points, being able to find housing near where they work and play, and at a price point that is affordable for their household income,” stated Emily Chenevert, ABOR CEO. “As a community, we must come together to take swift and bold action to change the trajectory of our housing market.”

River City Capital is developing other properties with an affordable component as well. The firm is co-developing Parmer Gateway, a 1,076-unit development in Taylor not far from Samsung's new factory. It's doing that project with the Austin Affordable Housing Corp., along with development firm LDG Multifamily and investment manager Battery Global Advisors. The groups are also partnering to develop the 518-unit Urban East apartment complex under construction at 6400 E. Riverside Drive.

River City Capital’s latest project isn’t the only one set to rise around the airport. The area is quickly growing with plenty of industrial developments rising, but it’s also been the site of new multifamily development. LDG Development is planning an affordable project to the south of the airport, and Roers Companies LLC is planning nearly 400 apartments southwest of ABIA."


Source: Austin Business Journal 

Written by: Cody Baird

Published: November 15, 2023

Posted by Grossman & Jones Group on


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