Milestone has partnered with Weaver Buildings to build Capitol Quarters, a 30 unit workforce housing development in Austin, TX, comprised entirely of 3 bed / 2 bath units, with a gross building area of approximately 45,000sf. The site is well-located in downtown Austin with close proximity to Google, Tesla and several large tech companies. The building will also feature ground floor retail space totaling 6,200sf.
One unique feature of the development is that it will not feature resident parking. Chris Riley, a former Austin City Council member who lives near the Capitol Quarters site, said he’s excited to see a project in the area “offering new options for car-free living.”
“Instead of creating a costly and ugly garage for cars, Weaver Buildings is providing what we really need: more housing for people,” Riley said.
“Space costs money, and high rent areas with walkable features like cafes, restaurants, etc. usually prioritize serving people over cars,” said Weaver Buildings owner Jen Weaver, who lived in New York City from 2010 to 2013. And looking forward, she said, “the future of autonomous vehicles also begs a re-think of space prioritization– if we can call our car to pick us up, does it need to be located where we live?”
According to Milestone Partners CEO William Wells, “Austin has become a global draw, but the unfortunate downside of the increased demand is that rental rates are skyrocketing. We are proud to be part of a development that will provide housing for working families desperately in need of affordable living space.”
Echoing Wells’s sentiments, Michael Wardlaw, senior vice president of multifamily in Austin with global real estate services firm CBRE, said he expects to see ample demand for Capitol Quarters’ units, given downtown’s growing residential population. Wardlaw is not involved with the project.
“Future jobs and renter demand are expected to continue to grow dramatically,” Wardlaw said, citing 3.2 million square feet of new office space now under construction in downtown, its growing medical center district and other projections for downtown job and population growth. This property is ideally located and smartly designed with rent levels to attract the current and growing (downtown) resident population,” Wardlaw said.
Construction of Capitol Quarters is expected to be completed in Q2 -2022.
