Staff Writer-Austin Business Journal
Dallas-based Presidium Group LLC said Friday it had acquired a 4-acre land parcel near East Riverside Drive and Wickersham Lane in Southeast Austin for a new apartment complex.
The multifaceted conglomerate plans to build a 300-unit apartment project on the site, which includes another 9-acre parcel it acquired in August 2013. A small retail component might be a part of the development. Construction should begin in the fall of 2014.
“East Riverside has become one of the most dynamic submarkets in Austin,” said Presidium co-CEO Cross Moceri in a news release. “This development allows us to further expand our footprint in the area.”
The Austin Business Journal asked Presidium to provide more information about its local presence and plans, but the company has not yet responded.
The area along East Riverside Drive and north to Lady Bird Lake has been rife with development, including the South Shore District, which debuted in 2013.
Presidium Group LLC owns and operates more than 7,000 apartments in Austin, Dallas, Houston, San Antonio and Waco, according to the news release. The company also has construction and energy divisions.
This whole area has been a sleep giant for decades. Looks like its starting to really awake.