A project with more than 500 apartments is on tap for the rapidly growing East Riverside Drive corridor in Southeast Austin.
Urban East will feature 518 units on a more than seven-acre site at 6400 E. Riverside Dr. The property sits between Montopolis Drive and Vargas Road, about three miles west of Austin-Bergstrom International Airport.
As part of the project, 50 percent of the residences are currently designated as affordable housing, an increasingly important need amid the city's rapid growth.
The first phase of the project, designed by Davies Collaborative, will feature 381 apartments set to open in early 2023. The second phase, scheduled to get underway early next year, will add 137 apartments. About 80 percent of the apartments will be one-bedroom units, with the average size ranging from 750 to 800 square feet.
“With the extensive growth on East Riverside Drive, including the nearby relocation of Oracle’s corporate headquarters and the new Tesla Gigafactory, there is a great demand for quality, affordable, and sustainable housing that will be offered at Urban East,” Michael Gerber, president and CEO of the Austin Housing Authority, says in a February 22 release. “Of particular importance is the fact that both affordable and market-rate units will have the exact same high-end finish-out, which is fairly unusual in this market.”
Amenities at Urban East will include two resort-style swimming pools with sun decks, a pool-side lounge, a two-lane bowling alley, outdoor grills, a dog park, a gym, a yoga and fitness studio, a coffee bar, a media conference room, and a sky lounge with views of downtown Austin.
“Our vision for Urban East is to provide high quality housing and an attractive residential lifestyle with close proximity to employers, shopping, dining and entertainment,” said Cory Older, co-founder and president of River City Capital Partners.
River City Capital Partners is developing Urban East along with the Austin Housing Authority, Battery Global Advisors, and LDG Development.