Townhomes planned for East Austin

Oct 16, 2013
Austin American Statesman

More housing is coming to East Austin, but this time it’s a proposed $30 million townhome project instead of apartments

Todd McCullough, a local land developer, said he plans to prepare lots for 86 townhomes at the southeast corner of the 12th and Hargrave streets. The first lots on the 5.6-acre site are expected to be ready for construction by November 2014, with the first homes ready for residents in spring 2015

McCullough said the townhomes would range in size from 1,500 to 2,000 square feet and likely be priced in the low- to mid-$300,000 range. He said he has not yet selected a builder

The project, tentatively called 12th and Hargrave, comes amidst high demand for housing in the Austin area. The region’s rapid job and population growth, coupled with a low supply of both new and pre-owned homes, has pushed Central Texas home prices higher

The neighborhoods immediately east of downtown are undergoing a transformation, with most of the developing or newly completed residential projects bringing hundreds of luxury apartments to the area

Other developments, including Riverside Villas and the Mueller community, have shown “there is a proven demand” for single-family homes in East Austin as well, said Madison Inselmann, a local housing market analyst

McCullough’s company, 12th and Hargrave Interests LLC, financed its $3.3 million acquisition with a loan from Pride of Austin Capital Partners. Robert Buchanan, a co-managing member with Pride of Austin and a custom homebuilder, said he has seen firsthand the rapid appreciation of the city’s east-side neighborhoods

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