AUSTIN, Texas — A groundbreaking was held Tuesday morning for a new affordable housing development in East Austin.
Seabrook Square I will be a 204-unit multi-family housing development located at 3511 and 3515 Manor Road, now addressed as 2210 Pershing Drive. The first of two planned phases will include a 5-story and a 4-story building that will include units available to those who make 60% or less of the Median Family Income (MFI). Seabrook Square I will also feature 10 "live-work-residence-studios" dedicated to East Austin artists.
In addition, the community will include an arts hub centered on Black-led nonprofits and small businesses. Among those are the artist incubator Raasin in the Sun, Six Square and Origin Studio House, a Black-owned café and community space.
Seabrook Square will be located in the J.J. Seabrook neighborhood, named for former Huston-Tillotson University president Dr. John Jarvis "J.J." Seabrook. The Seabrook neighborhood was "envisioned to be inclusive and harmonize with the current resources and cultural history," according to the City of Austin.
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The City said Seabrook Square is being funded through a $40 million tax-exempt bond issued by the City, a $3.4 million Citibank construction bridge debt, $32.3 million in 4% LIHTC Equity syndicated by Boston Financial and $13.5 million in Austin Housing Finance Corporation subordinate debt financing through Rental Housing Development Assistance (RHDA).
The second phase of the Seabrook Square project, Seabrook Square II, will feature 60 units of permanent supportive housing. According to the City, both phases of development have a long-term ground lease with the Austin Housing Finance Corporation (AHFC) through which the land will continue to be publicly owned.
Tuesday's groundbreaking marks the start of construction for Seabrook Square I. Construction is set to begin on Seabrook Square II sometime this year. The City expects both phases to be completed in 2026.
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