HPI to erect apartment tower in fast-growing North Austin, filings indicate

The ever-growing area surrounding The Domain is poised to gain even more density.

HPI Real Estate Services & Investments Inc. is planning a multifamily development on Kramer Lane, according to city and state construction filings. The project could see hundreds of apartments added to an area of town that some consider the epicenter of growth in Central Texas.

HPI did not respond to requests for comment. It should be noted that construction filings with the city and the Texas Department of Licensing and Regulations are preliminary and subject to change throughout the development process.

The project, called only Kramer Lane Multifamily in filings, is planned to rise 80 feet, or seven stories, on 2.9 acres at 2631 Kramer Lane. It would have 381,403 gross square feet, according to the site plans.

The development could have 376 efficiency, one-, two- and three-bedroom apartments. Apartment floor plans range from 540 to 1,954 square feet, for a total of 297,141 rentable square feet.

In addition to the apartments, plans call for 20 business and administration units.

Construction on the project is expected to begin Sept. 29 and be completed in September 2025, according to the TDLR filing. The project carries an estimated cost of $74 million.

Belshaw Mulholland Architects Inc. is attached as architect, WGI Inc. is attached as civil engineer, Norris Design is attached as landscape architect and 4ward Land Surveying LLC is attached as surveyor.

Petrol Lounge, a climate-controlled storage facility for automobiles, currently occupied a one-story building on the property, meaning it would likely need to be demolished.

HP-Capital Ltd., an entity attached to HPI, has owned 2631 Kramer Lane since 1994, according to Travis Central Appraisal District records. The 35,824-square-foot building Petrol Lounge occupies was also built that year.

HPI joins several developers looking to raise the density in North Austin. Stonelake Capital Partners LLC is planning multifamily towers of 427 and 338 feet, High Street Residential is planning a 20-story-tower on Burnet Road and Karlin Real Estate LLC is planning a two-phase, mixed-use project consisting of multifamily residences, an office building, a hotel and a retail building adjacent to Q2 Stadium.

In May, HPI ranked No. 24 on Austin Business Journal’s list of multifamily development firms with 370 units planned, as well as No. 7 on our list of commercial property development firms in the area with 972,842 square feet of local real estate under development or delivered in 2022.

The List

Rank Prior Rank Business name (Prior rank)

1

1

Journeyman Group

2

2

Alliance Residential

3

3

The NRP Group

View this list

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