The project by Presidium Group will be called the Edison and will bring 353 apartments to nine acres near Riverside Drive and Wickersham Lane. The project is forecast to be finished in early 2019 and cost $71 million.
Environmentally friendly touches will include energy efficient heaters and a/c, systems that conserve water, and the ability to look at resident’s energy usage in real time. Amenities will include nine foot ceilings, spacious closets, ceilings fans in all the bedrooms, walk-in showers, and flooring that mimics the look of hardwood planks.
The land was purchased three years ago, but construction is finally ready to begin on the apartments, which will range from 516 square feet for a studio to 1,231 square feet for a two-bedroom. Rents are forecast to range from $1,187 to $2,144.
Presidium owns several apartment communities in Austin, San Antonio, Dallas, and Fort Worth. The company put in a bid to redevelop a city block south of Republic Square Park that is currently a parking lot and also to buy two Austin Independent School District properties that were put to a bid. One is the Carruth Administration Center, located on West Sixth Street just west of Downtown, and the other is the former Allan Elementary School in East Austin. AISD has not announced when they will make a decision on who will get those parcels.
East Riverside Drive is becoming very popular with young professionals due to its proximity to downtown and the Austin-Bergstrom International Airport. Oracle Corp. has a huge new campus under construction off Riverside Drive and Pleasant Valley Drive that is forecast to be complete near the end of 2017 or in early 2018.