The Works III / Tillery Road / Springdale
The Works III (Tillery Road/Springdale) Apartments is a planned 360-unit multifamily development located at 701 Tillery Street near Springdale Road in Austin. It is being co-developed by 3423 Holdings and Capital A Housing in partnership with LifeWorks and TCFC as approved through Resolution Nos. TCFC-2022-04 and TCFC-2023-11. This will be a permanent supportive housing community, with 120 units (33%) reserved as permanent supportive housing averaging 40% of the area median income. An additional 60 units (17%) will be reserved for tenants earning up to 80% of the area median income. The remaining 180 units (50%) will be rented at market rates. The project received approval from the City of Austin and has executed a cooperation agreement with the Housing Authority of the City of Austin. TCFC will own the land and project, leasing it back to the developer partnership.
Details
Documents
Resolution No. TCFC-2024-16
October 3, 2024
To authorize ratifying the Works III at the Tillery Apartments transaction located at approximately 701 Tillery St.; including the execution of all documentation necessary to carry out the transaction; authorize the purchase of the land for the transaction and the lease of such land for the transaction; authorize the Travis County Facilities Corporation (TCFC) to serve as a general contractor; and address other matters in connection therewith.
Resolution No. TCFC-2022-04
July 7, 2022
To approve partnerships between Travis County Facilities Corporation, Travis County Supportive Housing Collaborative, and developers to provide property tax exemptions and support the development of permanent supportive housing at three locations in Travis County.
Resolution No. TCFC-2023-11
May 18, 2023
To approve and authorize the transactions for multiple apartment projects, including the Real Apartments transaction to be located at 2824 and 2826 Real Street; the Willow East Apartment project to be located at 6400 FM 969; the Tillery Road/Springdale Apartments project to be located at 701 Tillery Street near Springdale Road; the North Lamar Apartment project, formerly known as the Cambrian Apartment project, to be located at 5916 North Lamar; The Burleson Apartments project to be located at 7800 Burleson; the Citizen House Bergstrom Apartments to be located at 7710 Burleson; Citizen House Gilbert Apartments to be located at 6103 North SH 130; Citizen House Decker Apartments to be located at 8800 Hog Eye; Citizen House Howard Apartments to be located at 5121 Howard Lane; Springdale Apartments to be located at 1200 Springdale Road; Blue Ridge Apartments to be located at 290 East Palmer Lane. The resolution also includes authorizing the execution of all necessary documentation for the transactions, authorizing the purchase of land for the projects, and authorizing the Travis County Facilities Corporation to serve as the general contractor; and other matters in connection therewith.
Financial Analysis - The Works III / Tillery
August 27, 2024
The CBRE report evaluates the proposed development of Tillery Street Apartments in Austin, Texas, featuring two components: a for-profit site with 531 units and a non-profit site with 120 units. Owned by the Travis County Facilities Corporation under a 75-year ground lease with a 100% property tax exemption, the for-profit site will rent 50% of its units to tenants earning less than 60% of the area median income (AMI), requiring tax exemptions for feasibility. The non-profit site, operated by LifeWorks, will provide supportive housing for tenants earning less than 40% AMI, needing additional public funding for feasibility. Financial analysis indicates the for-profit site is feasible only with rental restrictions and tax abatements, while the non-profit site requires further public assistance.
