$32M Residential Project Breaks Ground in the Galindo Neighborhood

By Camelia Bulea, Associate Editor

A new residential project recently broke ground at South Fifth and Cumberland streets and is expected to bring 119 condominiums, townhomes and flats to the area. According to The Austin-American Statesman, developing the project is a partnership that includes Terry Mitchell, president of Momark Development, along with Adam Nyer of Skybeck and Bill Skeen. Institutional investors and Texas Capital Bank will finance the development.

The first units of the total 119 will be ready by the end of the year, as reported by the Statesman, which adds that they will be priced from the $180,000s to the $400,000s with sizes ranging from 735 square feet to 1,931 square feet. The green space will include a community garden and pavilion, walking trails, a pool and two dog parks.

Called the Denizen, this will be the largest condominium project to begin construction in the south-central submarket, which stretches from south of Lady Bird Lake to Ben White Boulevard.

Additionally, another residential project in Austin could be built at the northeast corner of West Riverside Drive and South First Street in downtown. According to the Austin Business Journal, Alliance Residential Co. submitted a conceptual plan that proposes a multi-use development encompassing 353,000 square feet on a 1.53-acre parcel. Moreover, the publication reports that the proposed project will include 230 apartment units, 150,000 square feet of parking and 3,000 square feet of retail.

The apartment sector has been the strongest of the local commercial real estate market for the past two years, fueled by rising demand from job and population growth and a tight supply of rental units. Rents continue to rise, prompting some to take the leap into homeownership, this as reported by the Statesman.

Photo credits: www.facebook.com/denizen04

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