Published on November 6th, 2015 | by Laurie Lyons
East Riverside Corridor Plan Finally Sees Affordable Housing Added to Luxury Apartments
There’s a new kid on the exceedingly popular Riverside block: Austin-based developer Oden Hughes just broke ground on the Lenox Boardwalk community at the southwest corner of Pleasant Valley and Elmont Drive.
The new community is a five story, 339-unit luxury community located near the shores of Lady Bird Lake and the Lady Bird Lake Boardwalk and will be built to LEED for Homes Silver Level standards and will feature one and two bedroom apartments with a variety of floor plans. The units will typically rent for between $1,100 and $2,500 per month.
Riverside Drive has become a very popular place for developers in the past few years at the East Riverside Corridor Master Plan gradually unfolds, with AMLI South Shore, South Shore District, and their accompanying retail and food spaces, as well as Lakeshore Pearl and Eastwood at Riverside all popping up to serve this newly revitalized area.
What truly sets Lenox apart from the others, however, is that this property will offer 17 apartments at below market rates for low income families (households making no more than 60 percent of Austin’s median family income or $3,070 per month for a family of two). Rates in these units will start at $800 per month and increase based on household size. Oden Hughes is the first developer under the East Riverside Corridor Plan to offer affordable units onsite instead of paying a fee to the City of Austin.
Austin-based design firms The Davies Collaborative, BIG RED DOG Engineering, and Coleman & Associates are handling the architecture, Civil Engineering, and landscape architecture, respectively. Lenox Boardwalk is projected to open in 2017.