River City, Evergen embark on huge housing project near Tesla Gigafactory 

A joint venture of River City Capital and Evergen Equity is targeting a south Austin suburb for a large residential project.

The venture aims to deliver a more than 500-acre development to Creedmoor, the Austin Business Journal reported. The project’s exact details are unclear, but it could feature about 2,000 single-family homes, along with multifamily and build-to-rent components.

“We want to position the land to be useful to a multitude of users but primarily to homebuilders and homebuyers,” Cory Older, River City Capital co-founder and president, told the outlet. “Its geographic vicinity is unbelievable. It’s a direct exit from 45 South … from 45 you can get to Tesla, you can get to the airport, you can get to Austin.” 

The development would span 564 acres south of State Highway 45 at the intersection of Williamson and Turnersville roads. The site is about 15 minutes away from the Tesla gigafactory and Austin airport.

The developers are fine-tuning the lotting plan and envision three to four homebuilders partaking in the project. While specifics about lot dimensions remain uncertain, a substantial portion is anticipated to range between 50 to 60 feet wide. In addition, the community’s water supply is set to come from a private contract, the outlet said.

This planned development hints at a potential population surge for Creedmoor, a town with just 458 residents as of 2020, according to the U.S. Census Bureau. 

River City is concurrently working on a 700-unit apartment complex near the Austin-Bergstrom International Airport. It’s also co-developing over 1,500 apartments between projects on Parmer Lane in North Austin and East Riverside Drive in East Austin.

—Quinn Donoghue