These are all within the 27-floor south tower.Īll of the previous hospital site will be redeveloped, and the project will take up almost the whole block. Of those 232 units, half have more than one bedroom - 90 with two bedrooms, and 23 with three bedrooms. The residential towers contain a total of 921 units, with more than a quarter reserved for low-income Austin families. “ will double the number of income-restricted units in downtown Austin.” The city currently manages 233. “We are thrilled to join this project to help deliver an unprecedented level of affordable housing,” said CEO of Capital A Housing Fayez Kazi in the release. It is just up the street from some of the city’s busiest nightlife, a third of a mile from Mohawk, the northernmost of the densely situated Red River music venues. The neighborhood is easily walkable to most places downtown, and even some parts of East Austin. Located near the newly revamped Waterloo Park and a Project Connect light rail line to come, this property has potential to be one of the most connected in the city. The lease under negotiation lasts 99 years, and should be finalized by spring of 2023 for a summer of 2027 delivery target. The approval allows negotiations for the Master Development Agreement (MDA), which will ultimately lead to a final approval back in the council. comprises multiple towers, and targets mixed-income residents, a tactic that aims to diversify the complex rather than creating a socio-economic bubble. The project is being negotiated between affordable and mixed-income business Capital A Housing, affordable housing nonprofit the NHP Foundation, and real estate developers Aspen Heights. The project will make 232 units available for affordable housing, according to a news release. On September 29, Austin City Council approved “full negotiations” to transform a piece of city-owned property on downtown's Red River Street, the former site of HealthSouth Rehabilitation Hospital. As Austin continues to grow and real estate continues to get pricier, the city council is stepping in.
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