The City of Austin Housing's Department has secured $74.5 million in construction financing for the development of affordable housing in East Austin.
Teaming up with the NHP Foundation (NHPF), Capital A Housing, and the Austin Housing Finance Corporation, the project, known as Seabrook Square I, will consist of a 204-unit multi-family development located at 2210 Pershing Drive, formerly known as 3511 & 3515 Manor Road.
The construction for Phase I is set to begin in October 2023, with Phase II scheduled to start in 2024. Both phases are expected to be completed in 2026, according to a press release by the City of Austin.
This initial phase of Seabrook Square, including the 204 affordable units, will be reserved for households with incomes up to 60% of the Median Family Income (MFI). Additionally, the development will feature ten live-work-residence studios, designed for local artists in East Austin. Seabrook Square II, a separate project, will be developed by Integral Care and Capital A Housing, with a focus on becoming an arts hub for Black-led non-profits and small businesses. This includes organizations like Raasin in the Sun, Six Square, and Origin Studio House, a black-owned café and community space. (Source)
“Seabrook Square I is a unique opportunity where we can ensure economic diversity of residents in an affordable, creative development providing over 200 new construction apartments,” said Rosie Truelove, Director of the Housing Department, according to the City of Austin. “We are excited to see a full community vision that includes gathering spaces, resilience hub, public plaza, support for cultural arts organizations.”
The NHPF, a not-for-profit real estate corporation headquartered in New York City, is collaborating with Capital A Housing and the Austin Housing Finance Corporation for the development. NHPF has a long history of commitment to preserving affordable housing, having contributed nearly $3 billion to economic security for seniors, families, and children, according to its website. (Source)
The construction of Seabrook Square I and II aims to address the need for affordable housing in East Austin while also fostering a vibrant arts community. With the support of various organizations and the City of Austin, this development will provide much-needed housing options and support for local artists and cultural organizations.