Presidium to build large luxury resi complex in ATX tech hub

Presidium hopes to build  a 358-unit apartment complex in Northeast Austin’s Tech Ridge Corridor, in a play for  well-heeled tech workers willing to pay pricier rents.

Presidium Tech Ridge, to rise at 12212 Tech Ridge Boulevard, will cost an estimated $50 million, or nearly $140,000 a unit, according to a Texas Department of Licensing and Regulation filing. The four-story, multi-building complex is slated for completion late next year.

Dallas-based Humphreys and Partners Architects will design the complex that includes amenities such as a private pool with cabanas, dog parks, a game room, a theater lounge, a golf simulator, a fitness center, a yoga studio and a business center.

The developer will include smart-home tech such as keyless entry doors and Alexa-controlled thermostats, as well as  electric vehicle charging stations. The company gained approval from the city to situate the complex along a spring-fed creek that runs through 5 acres of dedicated parkland, including a quarter-acre dog park.

Presidium is hoping to lure the  tech-based workforce that has flooded Northeast and Southeast Austin in recent years. Companies such as Dell, General Motors and Samsung have established headquarters in the area, which has been dubbed the Tech Ridge Corridor of Texas.

(Presidium)

The project will be located less than 3 miles down the road from Samsung’s manufacturing plant and 1 mile from Dell’s office complex. Tesla’s giga-factory is 17 miles to the south.

Founded in 2003 by  John Griggs and Cross Moceri, Presidium is based in Dallas and has about $2.5 billion in assets under management, including over 10,000 apartments, according to its website. Its new development projects in the Austin area include a 272-unit complex in Pflugerville and a 472-unit complex near the Central Business District.