UG TechRidge
The UG TechRidge Apartments is a planned 198-unit multifamily development to be located at approximately the intersection of 4712 East Yager Lane and East Parmer Lane in Austin. It is being developed by Urban Genesis, LLC in partnership with TCFC as approved through Resolution No. TCFC-2023-15. To provide affordable workforce housing options, 10% of the units (20 units) will be reserved for tenants earning up to 60% of the area median income, and 40% of the units (80 units) will be reserved for those earning up to 80% of the area median income. The remaining 98 units will be rented at market rates. TCFC will own the land and project, leasing it back to Urban Genesis' affiliated partnership. This project received approval from the Travis County Commissioners Court on March 26, 2024 and is currently in the approved phase.
Details
Documents
Resolution No. TCFC-2024-14
October 3, 2024
To authorize the transaction located at approximately 2824 through 2826 Real St., including the execution of all documents 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 the general contractor, and address other matters in connection therewith.
Resolution No. TCFC-2023-15
September 7, 2023
To authorize Travis County Facilities Corporation to cooperate with Urban Genesis, LLC for their proposed 198-unit UG Techridge Apartments in Austin, including negotiating and executing a term sheet, while reserving the right not to proceed. Also authorizes Urban Genesis to make filings to obtain equity and debt financing for the project.
Financial Analysis - Tech Ridge Highline
September 7, 2023
The CBRE report evaluates the proposed 198-unit Tech Ridge Highline multi-family project in Manor, Texas. The project, owned by the Travis County Facilities Corporation (TCFC), is planned as a 4-story building with a mix of market-rate and affordable units. The development relies on a 100% property tax exemption facilitated by the TCFC. The financial feasibility analysis shows that the project is viable only with rent restrictions and tax abatements.
