AUSTIN, TEXAS — The NRP Group, in partnership with Austin Independent School District (AISD), has broken ground on Phase I of the Anita Ferrales Coy school-to-housing redevelopment in East Austin. A school operated on the 18 acres at 4812 Gonzales St. from 1916 to approximately 2018, after which time the property was used as an alternative learning center. AISD selected The NRP Group as a redevelopment partner in 2023, and last year, AISD was relocated to prepare for redevelopment.
The first phase includes 341 units, while the second phase, estimated to begin later this year, will comprise 334 units. About half of the community’s apartments will be reserved for households earning between 60 and 80 percent of area median income. The NRP Group says the affordable units are being developed to serve AISD teachers, bus drivers and staff. Financial partners for Phase 1 include private equity capital from Clarion Partners and construction lending provided by the Urban Investment Group at Goldman Sachs Alternatives. The Austin Business Journal reports the entire project cost to be approximately $142 million. AISD is leasing the land to The NRP Group to create a revenue stream for the district. This is part of a broader trend involving the selling of land no longer needed for schools to address a budget deficit and declining enrollment.