The NRP Group and the Austin Independent School District (AISD) have begun construction on a mixed-income residential development at 4812 Gonzales Street in East Austin, Texas, US, repurposing a former school site through a public-private partnership.
The project, named after Anita Ferrales Coy, will replace an underused school facility and is set to deliver 675 rental units across two multi-storey buildings on an 18-acre site.
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The initial phase will provide 341 units, with the remaining 334 scheduled for construction later this year.
Half of the units will be income-restricted rentals, set aside for households earning up to 60% and 80% of the area median income (AMI). The remaining units will be offered at market rates.
AISD has entered into a long-term ground lease agreement with The NRP Group, which ensures a sustainable revenue stream for the district and supports the creation of affordable homes targeted at essential workers such as teachers, bus drivers and staff.
Private equity from Clarion Partners and over $60m in construction lending from the Urban Investment Group at Goldman Sachs Alternatives have financed the initial phase of the redevelopment.
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By GlobalDataThe site lies within a federally designated Opportunity Zone, which was established to encourage investment in areas considered underserved.
The development will include one-, two- and three-bedroom apartments designed for both working professionals and families.
A range of shared facilities such as a swimming pool, fitness centre, co-working lounge, parking garage and communal outdoor spaces are planned for residents.
Additionally, a public green area featuring preserved heritage trees, walking paths, murals and installations by local artists will form part of the project.
Leasing for the first phase is expected to begin in autumn 2027.
AISD teachers and staff will have priority access through a Preferred Employer Programme, although the new community will also be open to other residents.
The NRP Group Development vice president Nick Walsh said: “This mixed-income community is designed to provide a high‑quality, attainable housing option for the workforce that forms the backbone of this city, and to support AISD teachers, staff, and families who deserve the opportunity to live in the communities they serve.”
