Round Rock City Council gave developers Cornerstone Associates LLC the green light April 23 to seek low-income housing tax credits from the Texas Department of Housing and Community Affairs to help finance the project.
Plans for the development call for a mixture of studios and one- and two-bedroom units. Building height is anticipated to be three stories, said Brad Wiseman, Round Rock’s director of planning and development.
A representative from Cornerstone, who joined the meeting via phone call, said the maximum rent for a studio apartment is expected to be $1,026 a month. One-bedroom units will top out at $1,098 a month, and maximum rent for a two-bedroom unit is anticipated to be $1,318 per month.
The site, located at Red Bud Lane and Doris Lane in eastern Round Rock, is currently within the city’s extraterritorial jurisdiction. As part of the development agreement, the site will be annexed into the city limits, Wiseman said.
With council’s unanimous vote of no objection to Cornerstone’s intention of applying for low-income housing tax credits to the TDHCA, the developer agreed to not pursue any property tax exemptions or abatements on the project.
Omaha-based Cornerstone is also the developer behind another proposed senior living property on University Boulevard in Round Rock.