Project to Include 518 Residential Units, Ample Parking, Extensive Amenities, and 50 Percent of Residences Designated for Affordable Housing
River City Capital Partners LLC, in partnership with Battery Global Advisors, LDG Development and the Housing Authority of the City of Austin, today jointly announced the planned groundbreaking for the first phase of Urban East, a multi-family opportunity zone development in the bustling East Riverside Drive corridor.
Located at 6400 East Riverside Drive, between Montopolis Dr. and Vargas Rd., the 7.3-acre Urban East project, designed by Davies Collaborative, will include 381 units in the first phase, with an expected delivery date of Q1 of 2023. The second phase, estimated to begin in Q1 of 2022, will bring an additional 138 units for a total of 518 units. Approximately 80 percent of the apartments will be one-bedroom units, with an average size ranging from 750 to 800 square feet, as well as efficiency studios at approximately 550 square feet and the largest units spanning over 1,200 square feet. The site also will feature three structured parking garages.
“Urban East will represent one of the largest multi-family opportunity zone projects to break ground in Austin,” said Peter Kehle, co-founder and CEO of River City Capital Partners. “There is a much greater emphasis on affordable housing with this development than similar projects in the area, and we are proud to make this offering available to meet the strong demand for this dynamic hub of Central Austin.”
Complementing the multi-family residence at Urban East will be an exceptional line up of high-end amenities, including two resort-style swimming pools with sun decks, pool-side lounge, two-lane bowling alley, outdoor grills, dog park, fully equipped gym, yoga fitness studio, coffee bar, media-conference room and a sky lounge with views of downtown Austin.
“Our vision for Urban East is to provide high quality housing and an attractive residential lifestyle with close proximity to employers, shopping, dining and entertainment,” said
River City Capital Partners Set to Break Ground on Urban East Multi-Family Opportunity Zone Development on East Riverside, Page 2-2
Cory Older, co-founder and president of River City Capital Partners. “Residents at Urban East will be minutes from attractions including vibrant downtown Austin, miles of trails at Lady Bird Lake, eclectic East Austin and a future light rail stop on the blue line, to name a few.”
Joining River City Capital Partners in the development of Urban East are the Housing Authority of the City of Austin, LDG Development and Battery Global Advisors. Construction will be completed by Bartlett Cocke General Contractors, with financing led by Texas Capital Bank.
“With the ongoing growth along East Riverside, including the relocation of Oracle’s corporate headquarters nearby and the new Tesla Gigafactory, there is a great demand for the type of quality, affordable and sustainable housing that will be offered at Urban East,” said Michael Gerber, president and CEO of the Housing Authority of the City of Austin. “Of particular importance is the fact that the affordable and the market rate units will have the exact same high-end finish out, which is fairly unusual in this market.”
River City Capital Partners has established a reputation for its extensive experience in development, finance, construction and land entitlement. Some of the firm’s other noteworthy projects in Central Texas include entitlement of a multi-family project at 7400 East Riverside and development of a mixed-use opportunity zone project adjacent to the campus of Samsung Austin Semiconductor on East Parmer Lane featuring multi-family, hotel, retail and rental housing.