[Urbannizer]

Developer Proposing Razing Student Apartment Complex for a 317-Unit Development

Travis County Commissioners Court postponed a Tuesday action item to have its housing finance corporation consider becoming general partner on a 317-unit apartment project, in order to work toward getting a larger share of affordable units.

The commissioners once before postponed a decision on the corporation’s involvement at their June 24 meeting.

The Dallas-based private developer, Presidium, is proposing to use conventional debt and equity financing to construct the multifamily complex on what is roughly the southern third of a 37-acre lot located at 4700 East Riverside Drive in Southeast Austin.

Should commissioners allow the Travis County Housing Finance Corporation (TCHFC) to participate, the development would be eligible for a property tax exemption, assuming the TCHFC takes ownership of the land. In exchange for TCHFC’s participation, Presidium offered below market rent controls to about 42% of the units.

An apartment complex constructed in 1995 currently stands on the proposed site; Tempo at Riverside Apartments is marketed as student housing and encompasses 15 buildings. Its 684 units are a mix of one, two, three and four-bedroom units.

The apartment complex is to be vacated by year’s end so that it can be razed and the property will be divided into four quadrants.

One of the quadrants will be redeveloped as a 317-unit, single building project — River Park/Block 15 Apartments.