Weekend Roundup: $74.5M Magic: 🎩 Transforming East Austin with Affordable Living Spaces! 🌆

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Here’s what you need to know about CenTex CRE Today:

1. East Austin's $74.5M Seabrook Square boosts affordable housing with 264 units! 🏘️

Affordable Housing Development

East Austin affordable housing development to begin construction next month

Source: KXAN News

Summary: The City of Austin's Housing Department has secured $74.5 million in funding to aid in the creation of affordable, multi-family housing in East Austin, with construction slated to begin next month. The development, known as Seabrook Square 1, will offer 204 units in its initial phase and is located at 3511 and 3515 Manor Road. A second phase, set to begin construction next year, will add 60 units of permanent supportive housing. The project, financed primarily through a $40 million bond from the City of Austin, is expected to be fully completed by 2026.

Why this matters: For commercial real estate professionals, this development signals an increasing demand for multi-family properties and affordable housing in Austin, which could lead to new investment opportunities or shape strategies for client advisement in the area.