A new mixed-used development aiming to ease Austin's affordability crisis is coming to the Northeast Austin intersection of East Braker Lane and Wedgewood Drive.
The project, called ASPIRE, is a $65 million joint venture from local nonprofit BiGAUSTIN and Banc of America Community Development Company.
Announced October 20, the mixed-use, mixed-income development will include more than 400 multi-family housing units, as well as a 20,000-square-foot Economic and Social Impact Resource Center, which will serve as BiGAUSTIN's headquarters.
"ASPIRE will be a diversified, multi-use, mixed-income development that provides underserved residents an environment to survive and thrive," notes a release. "The project advances social and economic opportunities for low income and minority individuals through entrepreneurship and job-skills training, access to loans, affordable housing, and community building initiatives."
The housing is expected to include 112 efficiency units, 165 one-bedroom units, 106 two-bedroom units, and 24 three-bedroom units. The team anticipates "at least 50 percent of the units to be affordable — distributed between 30 percent, 50 percent, 60 percent, and 80 percent AMI [area median income]." Pricing information for the housing units has not yet been established.
BiGAUSTIN expects to break ground in mid-to-late 2023, a spokesperson says, pending permitting. The construction timeline is slated for 18 months, meaning the project could open in early 2025.
“As we expand our offerings in northeast Austin and throughout Travis County, our team will continue to pursue meaningful opportunities to support entrepreneurs and job seekers in those areas with the fewest resources and housing options," says Stacy Rhone, BiGAUSTIN CEO.