The Evolving Riverside Condo District

The shores of Riverside drive on the south side of Ladybird lake are about to undergo a dramatic transformation. Starting next year, four separate developers will begin construction on as many as 3,000 luxury condo and apartment units. With close access to downtown, the South Congress entertainment district, the lake, and the hike and bike trails, the location is highly desirable yet less expensive than the city core.

As we have reported, some of these projects have requested zoning variances to allow them to build closer to the lake than the 200 feet that the current rules allow. As a result of the zoning opposition, one developer has decided to redevelop the existing structures, some as close as 20-feet to the lake, as opposed to building new structures with a 150 foot set back. As part of the development, an extension of the hike and bike trails between Congress and I-35 and beyond is likely on the south shore of the lake.

The scope of the combined Riverside-area development is incredible: 3,000 units are now planned – more units than currently exist in all of downtown. While it will take many years for the projects to reach fruition, construction of the first projects will begin next spring.

Here is a summary from the Statesman:

The transformation of East Riverside Drive from a sprawling, well-worn, affordable enclave into a dense and upscale urban village will begin in earnest in the spring, when the first planned condo project is expected to break ground.Australian developer Constellation Property Group plans to begin work in March on its 225-unit project at the northeast corner of Interstate 35 and Riverside Drive. The Star Riverside condos, which will sell for between $400,000 and $1.2 million, will be broken into four buildings ranging from 60 to 110 feet high.The first owners are expected to move in in April 2009.Constellation faces competition from numerous condo projects planned in the vicinity.AMLI Residential hopes to break ground by the middle of next year on 375 luxury apartments on 11 acres at the northwest corner of East Riverside Drive and South Lakeshore Boulevard. In addition, Sutton Co. will build at least 45 condos. Construction could take up to two years.Cypress Real Estate Advisors also hopes to break ground next summer on a mixed-use development that will replace 800 aging apartments with as many as 2,500 apartments, condominiums and townhomes, as well as commercial, retail and live-work space on a 50-acre site on South Lakeshore Boulevard.