A new apartment complex in Lakeway’s upcoming City Center development has updated its age requirements as final completion of construction draws closer.
The overview
The Jovie Lakeway apartment complex is located in Tuscan Village, a section of Lakeway’s upcoming City Center development, which began construction in 2022.
Amendment 8 to the Tuscan Village Planned Unit Development was passed at a City Council meeting held March 17, specifying that the age restrictions on the apartment complex, which require 50% of residents to meet a minimum age threshold of 55, will be removed, according to city documents.
Currently, age restrictions prevent many lenders from working with the development, said Taylor Wilson, owner of The Jovie developers Wilson Capital. By amending the age restriction of the complex, a wider range of financial tools and multifamily loans will be made available to the developers.
The framework
Currently the project’s framework is complete, with developers hoping to see new residents moving in by October, Wilson said. The complex can is described as “amentity-rich” and geared towards active adults, with residents of The Jovie granted access to offerings like weekly yoga classes, massages and resident clubs.
The complex will feature 210 units, with one and two-bedroom options available. Rental prices at the complex will be higher than standard apartments, Wilson said, with a typical 1,100 square-foot residence estimated to cost around $2,700-$3,000 per month.
Wilson Capital currently operates two similar projects under the same name—Jovie Pflugerville and Jovie Belterra. Both of these projects offer similar programming, but do not have any restrictive age covenant, Wilson said.
What else?
Other changes made to Tuscan Village following the amendment include redefining a section of cottages and condos in the development as for-sale only. This change would make The Jovie the only rentable property in Tuscan Village said Erin Carr, Director of Building & Development Services.
A subsection of the amendment requesting permission for a drive-through restaurant was postponed to council's April regular meeting.
