With a successful apartment complex already established in Austin, the Stencil Group is looking to add another to the site of a familiar Austin landmark.
The group, which built Flats on 21 on the northern outskirts of Austin, plans to build an apartment complex on the site of the old YMCA building.
âIt’s a market-priced, 92-unit apartment building,â CEO Nathan Stencil said. âIt will be a higher category apartment. “
Stencil Group acquired the property earlier this year and with a target opening date of spring 2023, things are already starting to move quickly.
Work to remove contaminants inside the building, such as asbestos, has been completed and demolition work has started.
âIt was pretty easy to determine that unfortunately the building was not going to be usable at the development stage,â Stencil said. âWe’ve just started going the way that if we were to remove the contaminated material and demolish the buildingâ¦ a new project. This is what we determined was viable.
Housing in Austin has been a major concern recently. Single family homes are selling almost as quickly as they are entering the market.
The Austin Port Authority originally purchased the building for $ 650,000, with the amount to be repaid through the TIF District, meaning there will be no final cost to the City of Austin or the port authority.
Ownership was then transferred to the Stencil Group, which operates as Mill on Main, LLC.
It is hoped that this complex will help fill this housing need. Stencil said that not only was Flats on 21st successful, but similar projects in Northfield and Hastings were also successful.
One of the group’s main selling points is its proximity to downtown amenities, including shopping, swimming pool, restaurants, and the Mayo Clinic Health System-Austin.
Stencil said it was also easy to work with the city of Austin because of past successes.
âBecause of our history and [Flats on 21st] working with the city, they approached us, âStencil said.
The complex will be larger, appearing as a four story on the west side and five stories on the east due to the substantial tenure of the property.
Plans currently include a sky lounge on the top floor, both indoor and outdoor, which overlooks the city center.
âThe level of apartments that are in the market rate represents the high end when it’s done,â Stencil said. âIt’s a great opportunity.
âI think overall what we were interested in was doing a terrible journal of this style of apartment,â he added.
Overall, Stencil hopes to build on the success of the company’s previous building to simply give Austin a quality housing addition.
“[Flats on 21st] was a well-received project and I think this will complement that, âStencil said.