A new affordable housing community is coming to a sought-after area of South Austin. In late September, Industry SOMA broke ground on a 23-unit modern townhome development in the vibrant South Menchaca neighborhood.
The new project is a partnership between developer Industry ATX and award-winning architecture firm Mark Odom Studio and will feature 20 three-bedroom units and three four bedroom units across four building clusters. Applications to pre-qualify to purchase a home are available now, and the community is expected to be complete in the fall of 2025.
The community sits on a 41,700-square-foot site and will offer amenities such as green space, common living areas, and Austin Energy Green Building Certification.
Perhaps most significant is Industry ATX's designation as an affordable living option. The project, in compliance with Austin’s S.M.A.R.T. housing standards, will serve households at or below 80 percent MFI (Median Family Income).
Expected pricing for the units ranges from $235,000 (for the 1,042-square-foot units that feature three bedrooms and one-and-a-half baths) to $265,000 (for the larger 1,208-square-foot units with four-bedrooms and two baths). This sits significantly below the city of Austin's median home price, which in August 2022 was $555,000, according to ABoR.
“We are honored to be a part of this project which will underline our city's housing needs while providing the resources and motivation to serve Austin’s underserved ‘missing middle’,” said Mark Odom in a release. “The goal for Industry SOMA is a cohesive and dynamic composition with a focus centered on community and enjoyable outdoor living.”
Industry SOMA will be located at 1903 Keilbar Ln., near the intersection of William Cannon Drive and Menchaca Road. An online brochure for the project highlights its proximity to local businesses such as Summer Moon Coffee, Casa Garcia's, and Austin Montessori School.
The City of Austin will determine eligibility of applicants based on family size and monthly household income.