StoryBuilt's latest project: $50M housing development just south of Mueller

Posted by Grossman & Jones Group on Wednesday, February 10th, 2021 at 11:03am.

StoryBuilt's latest project: $50M housing development just south of Mueller

A developer is gearing up to build 80 townhomes and 36 single-family homes in Central East Austin, where new housing is proliferating.

The 116-home, $50 million development is planned at 2211 E. M. Franklin Ave. — between Martin Luther King Jr. Blvd. and Manor Rd., just west of the municipal Morris Williams Golf Course — by Austin-based residential and commercial developer StoryBuilt and will be called George.

Construction has not yet started. The developer said homes will start to come online in the fourth quarter of this year. All residences would be completed by late 2022.

In addition to the 80 two-story townhomes and flats and 36 single-family homes, there will be expansive green space and a community pool. George is the name of an 18-year-old red-lored parrot at Austin Zoo sponsored by StoryBuilt.

Townhomes will range from 626 to 1,700 square feet and offer one or two bedrooms, balconies, private yards and parking. Single-family homes, meanwhile, will come in either two- or three-bedroom floorplans and measure 1,468 to 1,728 square feet in size. Each single-family residence will have a yard and two-car parking.

One-bedroom homes will start in the $290,000s, while two-bedroom homes will be offered in the $400,000s. Three-bedroom homes will start in the low-$600,000s.

“Our new community answers the demand for new housing in the very heart of Austin, near Mueller and all the East Side has to offer,” Hannah Rangel, StoryBuilt development manager, said in a statement. “Austin is seeing an unprecedented level of growth, and we are proud to be a part of the housing solution by providing high quality, energy-efficient homes with modern design and beautiful finishes.”

StoryBuilt, which rebranded in 2019 but still operates legally as PSW Real Estate LLC, has built 50-plus communities in five markets and said it has $1 billion of future product in the pipeline. Other StoryBuilt developments in Austin include Clementine (detached single-family homes in South Manchaca), Willa (condos, office and retail in South Austin), Lucy (single-family homes in East Austin) and Frank (condos, office and retail in South Austin).

The Central East Austin submarket, wedged between historic East Austin and the Mueller mixed-use development, is certainly a hot one for residential real estate development.

Lots are in high demand. For example, Taylor Morrison has temporarily sold out of homes at 51 East and Park at 51 East, both about two miles east of Mueller. More homes could be available in December and January.

Vaike O’Grady, Austin regional director for housing data provider Zonda, said property values have been consistently rising across East Austin for several years. Housing has historically been more affordable on the east side and was home to many minority residents. But low housing inventory and high demand have pushed prices up, creating wealth for East Austin landowners but also displacing longtime residents and leading to rapid gentrification.

“There’s very tight supply there right now," O'Grady said. "There’s no supply and lots of interest."

Neighborhood Scout, using data from the U.S. Census Bureau and other federal sources, identified the 10 Austin neighborhoods where housing prices have climbed the most since 2000 — all were east of I-35.

O’Grady looked at base pricing for new homes in a three-mile radius around StoryBuilt's George project and said an attached home would run in the $300,000s, while a detached home would range from $400,000 to more than $500,000.

 

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Photo of Listing #6609577

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$985,000 - 3 Beds, 2 Baths, 1,639 Sf

MLS® # 6609577

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5107 Menchaca Road 12, Austin

$815,000 - 3 Beds, 3 Baths, 1,850 Sf

MLS® # 9292908

PSW Homes, LLC

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