A site in east Austin that is currently home to several student housing apartment complexes may be looking at a complete redevelopment, the Austin Business Journal reports.
The 79 acre site, which is in the East Riverside-Oltorf Neighborhood along Pleasant Valley Road near Riverside Drive, currently is occupied by 1,092 student housing apartments. The owners, Nimes Capital, purchased some of the apartments in October 2014 and the rest in June 2015. Their original plan was to invest in extensive interior and exterior upgrades so they could increase rent. Then Oracle came to town.
Oracle Corp purchased 25 acres of land on Lakeshore Boulevard, directly across from Nimes Capital’s holdings, in December of last year and began building their 560,000 square foot campus. Nimes Capital now plans to redevelop the land they purchased into a high density mixed-use project and is calling the project “Project Catalyst”.
The company is looking for the right partner to invest in Project Catalyst with them, but plans include 49 acres of multi-story development and approximately 30 acres of greenbelt that would have access to the neighboring 400-acre Roy G. Guerrero Park. The Lady Bird Lake Hike and Bike Trail is also directly across the street.
The total amount of development could be about nine million square feet and feature building heights between eight and twenty stories. The development could include 6,060 units of multifamily and a hotel project is recommended to support the residential and commercial aspects of the development. There would also be office space.
The ambitious plan would require some rezoning from the city.
One of the benefits of the existing apartments is that the project could be completed in phases while the owners still get operating revenues from current tenants.
If you’re looking for an apartment in the East Riverside-Oltorf area and don’t want to wait for the Project Catalyst redevelopment, you’re in luck. This is one of the densest areas of Austin, with lots of apartments nearby that provide easy access to downtown, the Hike and Bike Trail, and more.
Amli South Shore’s one and two bedroom apartments have faux wood flooring, full size washer and dryers, spa inspired bathrooms with large soaking tubs, spacious walk-in closets, scenic downtown and Lady Bird Lake views, private balconies and patios, and private fenced yards available. Community amenities include two courtyard swimming pools, a 24-hour fitness center, a rooftop deck with stunning views, direct lake access and boat docks, on the hike and bike trail, over 15,000 square feet of onsite retail and restaurants, and a UT shuttle and Cap Metro stop onsite.
Avesta South Shore has a beach volleyball court, covered parking, a dog park with dog wash station, is the first stop on the UT Shuttle, has Google Fiber available, has a fitness center with free weights, a pool, and so much more! The studio, one, and two bedroom apartments feature hardwood floors, granite counters, decorative backsplashes, stainless steel appliances, patios and balconies, and modern upgraded bathrooms.
Azul Lakeshore has studio, one and two bedroom apartments with ten foot ceilings, custom lighting and ceiling fans, wood style flooring, granite counters with tile backsplashes, spacious closets, washer and dryer in every home, and patios or balconies. Azul Lakeshore has a fifth floor deck and lounge with downtown views, covered bicycle racks, a controlled access parking garage, a state-of-the-art fitness center, and a theater room with surround sound.
Metropolis offers floorplans from studio apartments up to three, four and even five bedrooms! The community has monthly parties by the pool featuring live music, regular beach volleyball games, and more. Floorplans are unusual and have a “funky” aesthetic with brightly painted interiors and exteriors and unique touches like ceiling niches and unique tile patterns in the bathrooms.
Ready to call East Riverside home? Give Apartment Experts South a call today at 512-416-8100 and let us help you find the perfect apartment to fit your lifestyle!