Oden Hughes Breaks Ground in Austin Opportunity Zone
- Aug 22, 2019
Oden Hughes has broken ground on a 279-unit community in East Austin. The project, slated for delivery in early 2021, will include 28 income-restricted affordable units.
Dubbed Lenox 7th, the property will occupy more than 4 acres in an Opportunity Zone area at 4910 E. Seventh St. The unit mix will consist of one- and two-bedroom floorplans ranging from 528 to 1,157 square feet. Common-area amenities will include two swimming pools, a fourth-floor skyline terrace and a coworking studio.
“East Austin is one of the most popular neighborhoods in Austin for young professionals due to its trendy restaurants, nightlife and close proximity to downtown,” Oden Hughes Vice President of Development Ben Browder told Multi-Housing News. “Major employers and retailers have taken notice, adding jobs and services that are fueling even greater demand for housing nearby.”
Rents for the market-rate apartments are anticipated to range from $1,560 to $2,600 per month. Income-restricted units will be available only to households earning no more than 80 percent of the median family income and rent for below-market rates set and adjusted by the City of Austin’s Neighborhood Housing and Community Development Office on an annual basis.
Blueprint Local—a national platform which helps communities connect with capital to revitalize neighborhoods—is an investor in the development. The project team includes architect Davis Collaborative, civil engineer Big Red Dog, landscape architect Blu Fish Collaborative and interior designer PPDS.