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240-Unit Complex Rides Fast Track to Delivery

AUSTIN-In a rare show of all-round cooperation, the paperwork was expedited in 29 days for the Realtex Development project. Riverside Meadows became reality with $11.7 million in tax-exempt bonds, taxable bonds and 4% tax credits.

By Tim Green | Updated on December 16, 2002

AUSTIN-Riverside Meadows is not only Austin’s newest affordable apartment complex, it’s also an example of how fast the city’s development process can work under the right circumstances.

The 240-unit complex has opened at the intersection of east Riverside and Montopolis drives in Austin’s southeast submarket. It is aimed at residents whose income is 60% or below of the Austin area’s median income, which is $42,650 for a family of four.

The project’s developer, Realtex Development Corp., worked under the city’s SMART housing program to speed through the entire process in less than 120 days. It took just 29 days for the city to act on the subdivision, site plan and building permits, which usually takes 90 days. “It was monumental,” Rick Deyoe, the president of Realtex, says of the effort.

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