A residential complex with affordable units is coming to the Northwest Hills community in Austin.
Central Southwest Texas Development has plans for a $50 million, 257,000-square-foot project at 3525 Far West Boulevard, where a Frost Bank has long stood, the Austin Business Journal reported. That’s about $195 per square foot.
The site will feature four five-story apartment buildings totalling 359 multifamily units, a six-story garage and some space for retail and a restaurant on a 3.9-acre lot. CSW has tapped STG Design and TDI Engineering as collaborators for the project.
CSW bought the property from Frost Bank in December 2021, and it was last valued at $3.4 million last year, according to Travis Central Appraisal District records.
The Austin-based developer, led by Todd Wallace and Robert O’Farrell, aims to qualify for Austin’s vertical mixed-use density bonus program, which allows structures to exceed height restrictions in exchange for building affordable housing. CSW is planning to reserve 10 percent of units as “affordable,” priced within 80 percent of the $79,450 median family income, the outlet reported.
The ground-level restaurant will measure about 6,000 square feet with a small commercial space next to it.
CSW ranked as the 10th most-prolific firm in the greater-Austin area last year, not including projects outside the metro, according to research conducted by the outlet. It amassed 329,000 square feet of developments that were either delivered or under construction.
CSW’s other projects in the works include a multifamily complex on South Lamar, an amenity-filled office building on Fifth Street and a mixed-use development on South Congress.
—Quinn Donoghue
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