Additional details and a rendering have emerged for the 300 Pressler Park multi-family development hinted at in September.
Forestar Group is planning a 112-unit apartment building with parking, on three consolidated tracts totaling about 1.2 acres. The address will be 300 Pressler.
It appears Forestar — a publicly-trading Austin company — purchased the larger 2.3 acre site for $11.7 million, and initially planned 280-unit luxury units in 2014 after purchasing the tracts, aiming at studio, one and two bedroom units and extensive amenities.
The current plan of 112 units appears to be only a component of larger vision. Forestar has a track record of developing apartments for rent, like the new-ish Eleven apartments along I-35, and there is no reason to think this would be any different.
The City of Austin is planning an extension of Pressler Street to better connect Clarksville and W 5th Street with the Lake and trail.
A low-res rendering, released to investors by Forestar in 2014, shows a five to six story building.
This is a special site, along a unique stretch of area sandwiched between W. 5th Street and a ridge that slopes towards greenspace, the hike & bike trail, and lake. Once completed it will become one of the most visible projects for those commuting in/out of downtown along Cesar Chavez.
Hopefully the final design reflects what makes this such a special site.