A $32 million residential project is in the works for the Galindo neighborhood at South Fifth and Cumberland Streets, the Statesman.com reports. The project will bring 119 condos, townhomes and flats to a section of the housing market that has a strong need for new residential units.
The project will be called the Denizen, and will be priced from the $180,000’s to the $400,000’s and square footage will range from 735 square feet to just under 2,000 square feet. The developers are anticipating that the units will appeal to a wide range of buyers, from families to empty-nesters and anyone who is seeking a place to dwell near the shops, restaurants and concert venues downtown and in SoCo.
The developer says that the first wave of units should be completed by the end of 2012 and that he has been meeting with residents to ask for their input to make the project fit in well with the neighborhood. He says their guidance has resulted in a better development. The project will now set aside 3.5 acres of its 8.6 acres for open space, including a 2-acre park that neighbors can use.
The Denizen includes 14 townhomes along South Fifth, with many units having downtown views and yards attached to the first-floor units. The green space will contain a community garden, pavillion, walking trails, a pool and two dog parks. The development will be the largest condo project to begin construction in the south-central area, which is the area south of Lady Bird Lake down to Ben white Boulevard, since the Barton Place development was built on Barton Springs Road. That development has 270-units.
The developer expects the Denizen, with its price points competitive to rising rents in the area, to be attractive to current apartment renters as they see their leases renew at higher rates.