Plans for new development are forging ahead for a former utility yard in Crestview, with DMA Development Company LLC at the helm. This project, which is poised to add 300 units of housing alongside a park, is situated on a 5.4-acre plot near the Crestview Station transit hub. The Austin Monitor reports that despite recent tweaks to land use policies for transit-oriented developments, DMA does not foresee these changes crimping their development plans.
With a development agreement still in negotiation, DMA expects to reach a settlement by fall. This pending contract follows the Austin Housing Finance Corporation's decision in May to enter into talks with the firm, emphasizing a desire to boost the housing available near transit services. A stumble previously occurred when the city dropped an agreement with 3423 Holdings LLC, a company previously tagged in 2021 to revamp the site. Although selected, DMA's proposals haven't been met without resistance, eliciting some pushback from community members who had favored a competing plan by Pennrose LLC, which included housing options for seniors. "Thoughtful developers have included us in their real estate development plans," Carol Lilly from Boomers Collaborative Foundation expressed in a statement obtained by the Austin Monitor.
Mayor Pro Tem Leslie Pool has long been an advocate for the project, expressing her desire to witness progress on the Ryan Drive site during her final term. The prospect of expanding access to affordable housing aligns with the extension of Project Connect's blue line and the transformation of Crestview Station into a significant transit hub in the district. In an effort to secure the necessary funds for the project, the DMA has not shied away from pursuing 'outside-of-the-box' financing solutions amid the challenging economic climate. "We will leave no stone unturned in looking for outside-of-the-box solutions to accessing financing in this difficult economic climate," Janine Sisak, senior vice president for DMA, told the Austin Monitor.
Meticulous in adhering to city standards, DMA submission to the city's request for qualifications for the Ryan Drive site received the highest score from Housing Department staff. A central requirement for the project is the affordability quota, with half the units earmarked for those earning between 50-80 percent of the median family income, while the remainder are pegged at a maximum of 120 percent of MFI. The use of the city's "Affordability Unlocked" program further entrenches DMA's commitment to affordability within their development strategy. The Austin Monitor notes that the company's senior vice president, Janine Sisak, said the site's existing status in the transit-oriented district underpinned by the program negated any concerns stemming from policy changes, stating " I don’t think any from the new HOME initiative or any of the stuff that City Council has passed or is considering in the last 6 to 12 months affects the site for us."
The Austin Monitor, whose reporting is sometimes inclusive of its financial contributors, maintains a strict separation between its business operations and editorial content. Transparency is key for them, as evidenced by their readily available donor list and publicized code of ethics, ensuring the community can trust the integrity of their reporting on developments like the Crestview project.
