A subsidiary of a Chicago-based steel manufacturer is adding another multifamily project to its lineup as it establishes itself as a developer in the Austin market.
Z Modular plans to build an apartment complex on the outskirts of Austin that will be roughly $75.8 million and 567,000 square feet, according to filings with the Texas Department of Licensing and Regulation. Officials said the details are still in flux, but the documents give a rough estimate of the size and scope of the project.
Dubbed “FUZE Parmer Lane” in state documents, the project is just one of several that the Chicago-based company has planned for the region, an official said. Z Modular specializes in prefabricated steel structures used in commercial construction.
“We’re bullish on the market,” said Mickey McNamara, president of Z Modular and executive vice president of the overarching Zekelman Industries. “We’re ready to move quickly… we’ll be opening in less than a year from when we break ground.”
An official construction start date is unclear, he said. The project is planned on 13 acres off Parmer Lane near State Highway 130 along the dividing line between the cities of Austin and Manor.
The project’s design will include a layout known locally as a “Texas donut,” which means the apartment units will wrap around a central parking garage instead of having parking spaces in front of the complex.
Z Modular also is working on a 264-apartment complex west of Austin with a price tag of roughly $31.5 million. McNamara declined to comment on other development plans in the region.
In 2019, Z Modular provided modular construction materials to a multifamily project in San Marcos that was developed by local firm Sabot Development. Z Modular later purchased the property from Sabot Development for an undisclosed price.
Zekelman is a steel pipe and tube manufacturer with annual revenue of $2.8 billion, according to Forbes. The company also is involved in other divisions including steel tubing. Billionaire Barry Zekelman is CEO of Zekelman, and his billionaire brothers Alan Zekelman and Clayton Zekelman share ownership of the company, according to Forbes.