A multifamily property in Southeast Austin’s Riverside neighborhood is getting supersized.
Austin City Council approved a developer’s request to rezone the 5-acre property at 1900 Burton Drive, tripling the number of allowed units, the Austin Business Journal reported.
The developer, Flats on Burton LLC, aims to redevelop the 134-unit Easton Hills apartments into a mixed-use complex with 385 multifamily units and 9,000 square feet of office and retail space.
The property, located between Valley Hill Circle and Mariposa Drive, was valued at $12.3 million last year by the Travis Central Appraisal District. Built circa 1980, rents start at $1,150 per month, according to the property manager’s website, which advertises a 550-square-foot studio.
In exchange for allowing increased density, the developer has the option to provide on-site affordable housing or pay a fee that goes to other affordable housing initiatives — a major focal point among city officials in recent years.
At least 10 percent of the development’s rental units are required to be dedicated to households earning under 80 percent of the region’s median family income, which stands at $84,150 for a three-person household, the outlet reported.
Furthermore, to ensure a smooth transition for existing tenants, the developer must comply with tenant notification and relocation assistance provisions outlined in the city’s land development code.
The project’s approval reflects the ongoing densification in the Riverside area, where a number of large-scale developments are in the works.
New York-based Related Cos. recently unveiled plans for a 6-acre mixed-use project at the intersection of South Congress Avenue and West Riverside Drive. The multi-tower project is slated for 800 residential units, a 225-key hotel, 200,000 square feet of office space, 120,000 square feet of retail and a 25,000-square-foot grocery store.
Austin-based Wildhorn Capital is working to replace two apartment complexes, totalling 530 units, near East Riverside Drive with a 2,100-unit development.
—Quinn Donoghue
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