Austin's housing shortage is being covered by a local multifamily housing developer.
Taylor Wilson, president and founder of Wilson Capital, said that since December, the firm has been'meaningful' working on 708 apartment units in the Austin region. The latest groundbreaking took place in March. Wilson Capital has 1,894 apartments already under construction. Another 885 are planned to begin construction in this year.
Wilson Capital's operations have been significantly boosted by the apartments under construction. Wilson Capital ranked No. The most recent ABJ list of the largest multifamily developers in the area ranked Wilson Capital No. It reported 1,191 apartments under construction or delivered in 2021.
According to estimates, the new housing will help the city meet the demand for additional apartments. The city is expected to need more than 100,000 apartments by the year 2035.
Wilson stated in a press release that'multifamily has proved to be a resilient class of assets in many economic climates. We firmly believe in Austin's fundamentals and its long-term growth.
Wilson Capital is aiming to deliver projects in the 2025-2027 timeframe.
Wilson Capital’s latest project, The Bower in Pflugerville (705 E. Olympic Dr.), broke ground in March. The project, which will cover 263,350 square feet, will include 294 apartments that range from 646 to 1,407 sq. ft. Wilson stated that The Bower will be completed in the fourth quarter 2024, with most of the leasing taking place in 2025.
The developer has also begun building apartments in Lakeway after breaking ground in February on The Jovie Lakeway. Active adult communities are for people aged 55 and older and located in Tuscan Village, a planned unit development. The two buildings will have 210 apartments that range from 657-1282 square foot. The Jovie Lakeway will be completed in the fourth quarter of 2024, with most leasing taking place in 2025.
Local in Dripping Springs
Wilson Capital broke the ground for Local at Dripping Spring in December. The project will be built in two phases at 27110 Ranch Road 12 and is a 172.028-square foot project. The project will be built in two phases, the first of which will see 174 apartments and the second of which 32. The units range in size from 538-1 427 square feet and are expected to be completed by the third quarter of 2024.
Clark Wilson Builder, the general contractor for all three projects, is Clark Wilson Builder. Meeks Partners, WDG architecture and Humphreys and Partners are all attached as architects to the three projects.
Wilson Capital has been selective in its selection of projects to move forward due to changing market conditions. Wilson Capital said that rising construction costs and rates have led it be more selective in selecting projects. Some projects that were viable in 2021 or even 2022 may not be feasible in the current economic climate.
The developer still plans to break ground on Wilson Tower in 2024. It will be the tallest building in Texas when completed at 1,035 feet. The project's plans hit a snag when they failed to get approval from the Design Commission of the city in January. Aan Coleman cited lack of space for public use as a major issue.
Wilson Tower will still break ground this year. Wilson added: "We are making changes to respond to feedback from the Design Commission as well as to changing market conditions."