An apartment complex planned for North Austin will consist mostly of affordable housing.
O-SDA Industries along with Saigebrook Development, Three Bar Architecture and Kimley-Horn first revealed plans for the $39 million development, Saison North, in 2021, the Austin Business Journal reported. TCC Country Hill Development Corporation, Skybeck Construction and Accolade Property Management have joined the development team since the project was first proposed.
The development will rise on the site of the old North by Northwest Restaurant and Brewery at 10010 North Capital of Texas Highway in Gateway. About 70 percent of the units will be marketed as affordable housing for residents who make less than the area median income.
Bank OZK provided a $19.5 million construction loan and JPMorgan Chase granted a $12.9 million permanent loan for the project. The rest of the financing will come from a $2.4 million construction-to-permanent loan from Travis County, a $6.2 million soft loan from Austin Housing Corporation, a $375,000 soft loan from Texas State Affordable Housing Corporation, a $14 million federal low-income housing tax credit and a $1.5 million tax credit from the Texas Department of Housing and Community Affairs.
The five-story building will have 48 one-bedroom, 44 two-bedroom and 24 three-bedroom units. About 34 apartments will be priced at market rate. Of the 82 affordable units, 39 will be for those who make 60 percent of the area median income, 34 for those who make 50 percent and nine for those who make 30 percent. The median income for a family of four in Travis County was $110,300 in 2022.
The building will have modern appliances in the units as well as a business center, leasing center, fitness room and two-story clubhouse. There will also be bicycle parking.
Construction is set to be completed by May 2024.
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