If you haven’t driven through East Riverside Drive in a while, you might be surprised by the rapidly changing development in the area. Some support the expansion of business, art, and residential communities in the area, while others are opposed to gentrification and its impact on long-time homeowners. The City of Austin has partnered with UT to study the development of this area and its impact on current residents and have pledged to offer tax credits to affordable housing opportunities in the area. However, at the same time, private land is being to sold to developers and the area is rapidly evolving.
Oracle’s forsight to build a South Shore Campus really kicked off a chain reaction of East Riverside development. Oracle opened a “South Shore” campus in 2018 and will double its size by the end of 2019. The Austin Business Journal quoted an Oracle executive saying, “The Lady Bird Lake campus will soon employ 3,000 people onsite and that the headcount could grow to 10,000 people as the company expands.” Oracle landing here has since driven much of the development in the area.
Here are just a few of the projects that have recently been completed or are currently in development in the area:
UNDER CONSTRUCTION (BLUE):
#54 Foremost-new apartment development
#55 The Elizabeth at Presidio-apartment development; rental units ranging from 504-1938 sq ft.
#57 IO at Tech Ridge- apartment complex
#58 Lenox Oaks- Mixed-use (residential and commercial) property
ALSO UNDER CONSTRUCTION: The Montopolis Recreation and Community Center (1200 Montopolis Drive) is expected to be completed in the Spring of 2020. This building will be co-operated by Austin Parks & Rec and the Austin Public Health Department. It will provide over 33,000 sq feet of new space, including a commercial kitchen, gym, fitness room, computer lab, conference rooms, and classroom areas.
PLANNED DEVELOPMENT (DARK BLUE):
#113 6507 Riverside—apartment complex
#114 Aspen Heights Riverside- 325-unit apartment complex
#115 The Mont-apartment complex
#116 The Riverside-apartment complex
#117 South Shore District Phase IV-322-unit apartment complex
#144-Cambrian East Riverside-65-unit multifamily mid-rise to be located at 1806 Clubview Avenue with a planned 55 units rated as affordable, or available to tenants earning less than 80 percent of the area’s median family income. Only 15 units are one-bedrooms, with the rest a mix of two, three, and four-bedrooms. The living spaces have a total area of 57,268 square feet, and the indoor common areas total 2,444 square feet.
#145 Tierra Skyline-apartment complex; affordable housing development
#146 Vi Collina-apartment complex; affordable housing development
PROSPECTIVE CONSTRUCTION (BROWN):
#198 Broadstone Riverside-apartment complex
#199 Project Catalyst-97-acre “urban village” along the East Riverside corridor, a mixed-use project including 4,709 multifamily units, 600 hotel rooms, 4 million square feet of office space, 60,000 square feet of medical and dental office space, and 435,000 square feet of ground-floor commercial space.
#200 Wickersham-apartment complex
#244 1600 Pleasant Valley-retail center property
#245 5700 East Riverside-retail center property
#246 The Point at Ben White-apartment complex with units ranging from 850-1185 sq ft
#247 Urban East-a mixed-used development with 100,000 square feet of office space and 20,000 square feet of retail/restaurant space.
This brief glimpse should tell investors and home owners alike that East Riverside and Montopolis are emerging areas to keep an eye on in the coming years. Let’s hope the city can continue to work with real estate developers and homeowners to create an East Austin anyone can live in and enjoy.