Reducing the rent
$60 million project brings 120 affordable apartments to Central Austin
Jun 3, 2019 | 2:25 pm
The mixed-use development will open in either late 2020 or early 2021.
Rendering courtesy of Travis County
As of June 3, construction is underway on a mixed-use development at 5325 Airport Blvd. that will include apartments designed to help curb rising housing costs. Known as Travis Flats, the project will include studios and one-bedroom, two-bedroom, and three-bedroom units available for rent.
Of the 146 apartments, 122 will be designated for people at or below the area's median income, which now is $56,760 for a family of four. The 24 other apartments at Travis Flats won't be income-restricted, meaning rental rates will be on par with those for similar units in Austin. Travis County Housing Finance Corp. has teamed up with Austin-based DMA Development Co. on the multifamily component of the project.
For years, government and business officials in Austin have been pressing for ways to improve access to affordable housing. In early May, Apartment List reported the median rent in Austin was $1,161 for a one-bedroom apartment and $1,433 for a two-bedroom apartment. That represented a 3.5 percent year-over-year increase in rent.
Aside from escalating rents, home prices are also continuing to climb in Central Texas, though there is evidence that they're beginning to somewhat stabilize. In April, the median price of a single-family home within Austin's city limits stood at $394,450, up 1.1 percent from the same period a year earlier.
Travis County has partnered with Austin-based Southwest Strategies Group on the office component of the mixed-use development. The more than 80,000 square feet of offices will feature space for the county's health services, veterans services, jury services, and passport programs. A small retail shop will be included.
The three-acre, county-owned site is bounded by Airport Boulevard, 53 1/2 Street, and Helen Street. It's just southwest of the intersection of I-35 and U.S. Highway 290 East. Neighboring the mixed-use development are offices for the Travis County clerk and Travis county tax collector.
"Not only are we bringing affordable housing and jobs to a central location, this mixed-use development will be a game changer for redevelopment along Airport Boulevard," Diana McIver, president of DMA, says in a release.
Completion of the $60 million project is scheduled for December 2020 or January 2021.
Entertaining News
Austin suburb to welcome first ever movie theater and entertainment center
Courtesy of Evo Entertainment
Evo Entertainment is bringing eight screens and a whole lot more to Hutto.
The Austin suburb of Hutto is set to welcome its first ever movie theater in 2024. A Hutto City Council meeting on January 19 revealed the full details, announcing EVO Entertainment Group's newest ground-up prototype would be part of the ongoing expansion of Townwest Commons.
The Austin-based entertainment group is the fastest-growing cinema circuit in the country. Sarted with one location in 2014, EVO Entertainment Group has since expanded to 18 locations across five states.
Located south of the Hutto YMCA, off of the US Highway 79 near SH 130, the new Hutto location will be the company's first ground-up build post-Covid, breaking ground this spring and slated to open in early 2024. The 53,300 square foot venue will feature eight theaters (including the EVX enhanced viewing experience format), 10 bowling lanes, and 7,200 square feet of gaming, attractions, and virtual reality — not to mention a bar-lounge area, patio, and private event space.
"As an Austin-based company, we're proud to be a part of the Hutto community," says Mitch Roberts, founder and CEO of EVO Entertainment Group in a release. "Hutto's rapid growth and recognition as a great place to raise a family is in perfect alignment with our strategic growth initiatives for 2023 and beyond."
Estimated to create at least 40 full-time equivalent jobs, the $25 million project is set to have a significant economic impact on the area. Bob Farley, Economic Development Director for the City of Hutto, shared in the release that the project is estimated to produce $3 million in sales tax revenue per year — roughly a 25 percent increase over current sales tax revenues in Hutto — in addition to producing property tax revenue.
"Together with City leaders, the Hutto Economic Development Corporation promised our community we'd bring them a major venue for all-ages of entertainment, and we delivered," says Farley in the release. "EVO is the perfect partner to kick off a new wave of strategic growth that will benefit the quality of life of the Hutto community for many years to come.