Bobbi Lucas, president and chief operating officer of Cornerstone Associates, LLC, presented the plans to council. Cornerstone Associates, the developer behind the project, is based in Omaha, Nebraska. Lucas said the company has 31 years of experience building multifamily housing, and this senior living project would be the company's first in Texas.
“Looking at the demand, there hasn’t been a whole lot of senior affordable housing in the Round Rock area," Lucas said. "We feel like we found a diamond in the rough. It just was meant to be.”
The Austin-Round Rock Metropolitan Statistical Area is home to the country’s second-fastest growing population of adults age 65 and older as well as the fastest-growing population of adults between 55 and 64 years old, according to the U.S. Census Bureau.
The property is planned to be a 3-story building with 157 one- and two-bedroom units, Lucas said. Every unit is restricted for seniors (55 and older) with incomes at or below 60% of the area median income, she said. For a two-person household, the income restriction is $45,420. The one-person household income restriction is $39,780.
Rent for a two-bedroom unit would be $1,200 in 2019, Lucas said. A one-bedroom unit would rent for $1,050 in 2019. Utilities and amenities--including a pool, billiards room, library and kitchen--are included in the rent, she said.