Austin real-estate firm Rastegar Property Company announced the purchase of a 1.3 acre lot at 5402 S. Congress Ave., Austin, near the W. Mockingbird Lane intersection. The firm plans to develop a 76-unit multifamily complex on the property with 115 underground parking spaces.
Rastegar Property CEO Ari Rastegar told Community Impact Newspaper Aug. 13 that the project is still in the design phase, and that his company is currently considering architecture firms to lead the project. Once an architect has been selected, he said it will likely take at least a year to break ground on the facility.
Rastegar said that he was drawn to the area due to the demand of what Rastegar called a “higher-end workforce,” or an increasing numbers of young professionals moving to Austin to work downtown who seek living accommodations.
Regardless of which firm is selected, Rastegar said the firm’s vision was to have the facility meet the desires of the workforce it is being designed for—professionals seeking a high-end living experience.
“We believe this area really is the future of Austin,” he said.< Back to all impacts