Austin’s St. John redevelopment project has been in the works since 2017. The 19-acre site was originally purchased by the city over a decade prior, and has, since 2023, been intended for community development.
The Housing Authority of the City of Austin (HACA) and Greystar have been working together for the last three years to determine how exactly to bring initial ideas to fruition.
Now, with the help of Airbnb, funding for the redevelopment will be largely taken care of. On Monday, the company announced it was pledging $6.4 million toward the redevelopment of the St. John property.
Located near Interstate 35 and St. Johns Avenue, the site previously housed a Chrysler Dealership and a Home Depot. With the new funding, it’s set to become affordable housing.
In its statement, Airbnb wrote, “Airbnb’s inaugural $6.4 million investment will support the development of 201 affordable housing units in Austin, Texas.
These units are part of the larger St. John redevelopment project, a public-private partnership that will include more than 500 units of housing, retail, a park, and public art showcasing work by local artists in an historically underserved community.”
Part of a larger Airbnb program
The investment is part of Airbnb’s larger Housing Accelerator, a company-wide commitment to provide $250 million for housing projects worldwide that have been delayed and require “last-dollar” financial investments to reach completion.
Further into its statement, Airbnb explained the venture, writing, “Research commissioned by Airbnb estimates that 750,000 housing units across the country have cleared most regulatory hurdles but lack the final financing commitment needed to break ground.”
It’s an issue that has been plaguing the St. John development project, and Council Member José “Chito” Vela is grateful to receive financial support from Airbnb to get the ball rolling.
Vela said, “In so many projects that we see out there, there is some kind of gap that is keeping the ground from breaking and keeping construction from starting. So I think this kind of deal-closing fund for affordable housing is a phenomenal idea.”
He added, “The city can’t do this on our own. We need our business partners, our affordable housing partners and our philanthropic partners” to bring it over the finish line. Kirk Watson, Austin’s Mayor, expressed similar sentiments of gratitude.
Mayor Watson said, “Austin leads the national conversation and the actual outcomes on housing because we’re doing what it takes to build. I’m glad to see Airbnb investing in housing projects like St. John’s.”
Here’s how the St. John redevelopment would work
With Airbnb’s $6.4 million investment, the St. John property would be redeveloped into around 530 rental units. Chron reports that roughly half of those would be affordable housing units for individuals and families who earn between 50-70% of the Median Family Income for Austin residents.
Beyond that, the existing St. John Pocket Park will be expanded to encompass four total acres, and commercial space will be similarly developed. As of writing, the property is already under construction and will continue along its projected timeline for a Spring 2028 completion.
An additional investment of $11 million will be made from HACA and Greystar to fund the remaining portions of the redevelopment that won’t be covered by Airbnb’s investment.
This article first appeared on Good Info News Wire and is republished here under a Creative Commons license.
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