JV to develop mixed-use community at former Springdale Farms site in Austin

StoryBuilt, an urban residential and commercial community developer, and IHP Capital Partners, a prominent provider of equity financing for residential real estate development, have announced a $44 million real estate joint venture to fund the residential portion of Ellie May, a new mixed-use community in Austin, Texas.

The 4.9-acre property acquired by the JV was formerly the home of Springdale Farms, which supplied produce to local restaurants and, in 2013, began a farm-to-table restaurant named Eden East. The property is vacant except for a farmhouse that will relocate to the western portion of the site and will become a new Eden East farm-to-table restaurant.

The JV is bringing 84 unique condominiums with 28 distinct home types to the development, offering residents a variety of housing types and styles.

Located at 755 Springdale Road, Ellie May is within walking or driving distance to ample restaurant and entertainment options. It is easily accessible to re