An apartment project planned directly south of Q2 Stadium and the upcoming McKalla Place light rail station has updated its proposal to more than three times its original size, according to documents filed with the City of Austin. The plan by local firm Cypress Real Estate Advisors was first permitted as a 274-unit apartment building replacing a warehouse structure at 10109 McKalla Place, but recent revisions to the plan indicate the project will instead contain approximately 900 residences, spread between a complex of four buildings across a 6.7-acre assembly of five adjacent properties all owned by entities linked with Cypress. The addresses included in the latest permit updates for the project include 10101, 10201, 10209, and 10301 McKalla Place; along with 2314 1/2 Rutland Drive.
According to city filings, the project will consist of three seven-story multifamily buildings and one ten-story mixed-use building containing 5,000 square feet of restaurant space, with approximately 900 apartments spread between the four buildings. As part of the density bonus requirements of the North Burnet / Gateway zoning district, the project will include 75 affordable units restricted to households earning no more than 60 percent of the Median Family Income, which in 2023 is $49,080 for an individual or $70,080 for a family of four. It’s only the latest sign of increasing residential density enabled by this region’s permissive zoning and the draw of the nearby stadium, along with the commercial anchor of the Domain and upcoming projects like the redevelopment of the Broadmoor Campus.
It’s going to be interesting to see how all these projects work to retrofit what is currently an extremely sprawled out and generally unwalkable zone into something almost like a downtown district, with plenty of other towers on the way around the Cypress project and a light rail station set to open directly north of the site. Don’t let that recent office market slowdown fool you — more housing is still a solid bet in this district, and the latest tweaks to the region’s zoning will likely incentivize further redevelopment of the industrial properties throughout this area. Wouldn’t you like to see how things look around here in twenty years?