In the wake of Austin voters rejecting Proposition 15’s $78.3 million for affordable housing last week, the Houston-based Hanover Company will break ground this month on 225 unit mixed-use luxury apartment complex on S. Lamar Blvd. between Treadwell St. and Barton Springs Rd. Rents will start at around $2,000 a month, reports the Austin American-Statesman.
The upscale development will include a clubhouse with a fitness center, Wi-Fi lounge, entertainment areas, two movie theaters and private dining and conference rooms. It also will have a coffee shop or a small café connected to the clubhouse, along with about 6,000 square feet of boutique office space along Lamar.
Hanover regional development partner Marc Ott did provide some good news for those concerned about how the multifamily residential boom along the boulevard might worsen the thoroughfare’s mounting traffic issues.
“There is concern among institutional investors and lenders about oversupply of apartments in Austin, so we see the supply pipeline thinning over the next couple years,” Ott said.
