383 new Koenig Apartments are closer to reality.
The Austin Business Journal reports that the apartments are to be built on the site of an old Honda dealership. The Koenig apartments have been in jeopardy over concerns that they are in the floodplain.
However, the Austin City Council passed a new ordinance allowing apartment and parking construction in a floodplain. That means these Koenig apartments could be built.
The land has been empty for 5 years and encompasses about 5.4 acres. The Koenig apartments would be 338,000 square feet according to city records.
|Photo courtesy of Google Maps
The developer for the Koenig apartments is Ledcor Group from British Columbia. They are planning to spend $48 million on the four-story project. It will be called The Pearl and local architect Brett Rhode will also work on the project. Rhode’s other local projects include The Independent, The Catherine, Gibson Flats and many more.
Parts of the land are in the 25 and 100 year floodplains of a tributary of Shoal Creek. While the Koenig apartments will not be in a floodplain, a 100-year flood event could flood around the building. That has the potential to strand residents.
To mitigate flood risks, the developer is building the Koenig apartments two feet above the 100 year flood plain and almost two feet above the 500 year flood plain. They are also putting in place a comprehensive flood plan for residents. It will advise residents to shelter in place in event of a flood. It will also include a flood risk notification, signs about flooding and a building management emergency response plan. However, as Austin Monitor reports, Ledcor will also create an elevated pedestrian bridge that residents can use to get to safety in case of an emergency.
Interested in Koenig apartments or neighborhoods nearby such as Crestview? Apartment Specialists can help! Call or text us at 512-241-1150 to have one of our Austin apartment locators help you find your new place!