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<title>AustinTowers Downtown Austin Condo News</title><link>http://www.austintowers.net/index.html</link><description>Downtown Austin Condo News</description><dc:language>en</dc:language><dc:creator>editor@austintowers.net</dc:creator><dc:rights>Copyright 2011 Paul J. D&#x27;Arcy</dc:rights><dc:date>2012-02-06T19:20:45-06:00</dc:date><admin:generatorAgent rdf:resource="http://www.realmacsoftware.com/" />
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<lastBuildDate>Mon, 6 Feb 2012 19:20:45 -0600</lastBuildDate><item><title>Free: 2012 Downtown Austin Guide&#x21;</title><dc:creator>editor@austintowers.net</dc:creator><category>News</category><dc:date>2012-02-06T19:20:45-06:00</dc:date><link>http://www.austintowers.net/Austin_Downtown/files/free_2012_downtown_austin_guide.php#unique-entry-id-597</link><guid isPermaLink="true">http://www.austintowers.net/Austin_Downtown/files/free_2012_downtown_austin_guide.php#unique-entry-id-597</guid><content:encoded><![CDATA[Every year, downtown residents anticipate the release of urbanspace's Urban Lifestyle and Residential Guide (Get it here for free).   The 2012 edition was just released and includes profiles on more than 100 condo and rental projects near Austin's urban core.   It is the most comprehensive list of cool places to live that we have seen.   In addition, it includes hundreds of great urban spots across downtown and adjacent neighborhoods.


Through special arrangement with UrbanSpace, a free copy of the new guide will be sent to any AustinTowers reader who requests one.   To get your copy of the guide -- click here.   It's a great resource -- get one while they last!


You can get your free copy of the Guide here.]]></content:encoded></item><item><title>Waller Update: 9 Design Teams Selected</title><dc:creator>editor@austintowers.net</dc:creator><category>News</category><dc:date>2012-02-01T20:06:58-06:00</dc:date><link>http://www.austintowers.net/Austin_Downtown/files/waller_creek_9_design_teams_selected.php#unique-entry-id-596</link><guid isPermaLink="true">http://www.austintowers.net/Austin_Downtown/files/waller_creek_9_design_teams_selected.php#unique-entry-id-596</guid><content:encoded><![CDATA[The redevelopment of Waller Creek will lead to a wholesale transformation of the East end of downtown.   As a massive tunnel diverts floodwaters and removes the area from the floodplain, an independent conservancy is driving bold plans for redevelopment of the area. 

...On Monday, The Waller Creek Conservancy announced the results of the first phase of "Design Waller Creek: A Competition."   Out of 31 submissions, nine design teams were selected will continue on to the next stage of the competition.   The goal is to pick a design team lead development of a master plan for Waller Creek redevelopment across the southeast corner of downtown.


...The lead design teams chosen by the independent jury to advance to Stage II includes a good selection of local and national design firms:


...In Stage II, the lead designers must assemble complete integrated design teams that are capable of executing the project.   To assist in this effort, the Conservancy will host a networking session to provide an opportunity to local consultants and contractors, including small, women- and minority-owned and small, disadvantaged businesses, to meet with the nine lead design teams for potential opportunities to team up during Stage II of the competition.   The networking event will be held February 28, 2012 at the Palm Door on 401 Sabine Street from 10 a.m. to noon.


The lead designers will decide who and which disciplines they choose to include, with a focus on the design phase as opposed to construction.   The target audience for the networking session includes architects and landscape designers; civil, structural and MEP engineers; cost consultants; project/program management; urban planning and design, and specialty design consultants.


"Waller Creek presents a unique landscape challenge and we will see some incredible teams formed to respond to this challenge in the next phase," Stephanie Lee McDonald, executive director of the Waller Creek Conservancy, said.   "This process, the first of its kind for Austin, has been thrilling and we are eager to see the work of the teams selected to advance to Stage II."


<a href="http://twitter.com/share" class="twitter-share-button" data-url="http://www.austintowers.net/Austin_Downtown/files/waller_creek_9_design_teams_selected.html" data-text="Waller Update: 9 Design Teams Selected" data-count="horizontal" data-via="austintowers">Tweet</a><script type="text/javascript" src="http://platform.twitter.com/widgets.js"></script>


<script src="http://connect.facebook.net/en_US/all.js#xfbml=1"></script><fb:like href="http://www.austintowers.net/Austin_Downtown/files/waller_creek_9_design_teams_selected" layout="button_count" show_faces="true" width="450" action="recommend"></fb:like>]]></content:encoded></item><item><title>Exclusive: Full Year Analysis of 2011 Downtown Austin Condo Sales</title><dc:creator>editor@austintowers.net</dc:creator><category>News</category><dc:date>2012-01-20T19:29:03-06:00</dc:date><link>http://www.austintowers.net/Austin_Downtown/files/2011_downtown_austin_condo_mls_sales.php#unique-entry-id-595</link><guid isPermaLink="true">http://www.austintowers.net/Austin_Downtown/files/2011_downtown_austin_condo_mls_sales.php#unique-entry-id-595</guid><content:encoded><![CDATA[With the addition of new, high-end inventory at the W and Austonian, the market saw increased breadth with more sales in mid and high-price bands. 

...With very few new condo units on the horizon, inventory is rapidly decreasing as more units are selling quickly at prices close to the asking price.  ...  If interest rates stay low and lending standards continue to return to more normal levels, 2012 should be a strong year for condo resale and condo values.


With new pricing records set throughout the year -- and a few big dollar unit sales --- the average condo price rose an amazing 13% to $388,157.   During 2011, 195 downtown condo units sold -- not including additional non-MLS sales at the Austonian, W Residences,  Four Seasons, and Spring -- for a record average of $329 / SF.   Unit sizes were unchanged from last year and slightly newer, continuing a four year trend that has moved the average year of construction from 1983 in 2008 to 1996 today.


While the year ended strong, it is important to note that much of the increase in value, and a small part of the increase in volumes, comes from the expensive new units that sold in the big new projects.   Not all existing buildings saw the same market average price appreciation: there were winners (Nokonah +16% $/SF, Milago +8%, Towers Town Lake +7%) and losers as well (Brown Building -11% $/SF, Brazos Place -11%, Cambridge Condos -8%). 

...	&bull;	7 units sold for $1 million or more during 2011 compared with 8 in 2010, 2 in 2009, and 1 in 2008.3 of these units -- including two priced over $2 million -- were in the W. ...  There were likely many more unreported non-mls $1+ million sales in the Austonian, W, and Four Seasons.


...While 2011 far exceeded 2010 results, it is also worth noting that the market was stronger on almost every dimension than the peak market in 2008.   As we look forward, it seems that 2012 will most likely be defined by a continuation of the trends that we have seen over the last year: constant inventory, slow but steady sales at the new high-end buildings, a sell-out at Spring, a reduction in inventory priced below $200K, and a broadening of the resale market for larger, more expensive units.


Over the next few weeks, we'll continue to provide detailed analysis of 2011 results, including a full analysis of building-by-building performance.


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According to the Austin Business Journal, "The areas around Lady Bird Lake that will benefit from the grant include the South Shore Central subdistrict, South First Street to the west, and East Bouldin Creek to the south and west."]]></content:encoded></item><item><title>New 23-Story Rainey Street Apartment Tower to Rise&#x2c; Block Neighboring Views</title><dc:creator>editor@austintowers.net</dc:creator><category>News</category><dc:date>2012-01-18T17:39:51-06:00</dc:date><link>http://www.austintowers.net/Austin_Downtown/files/skyhouse_austin_rainey_street_project.php#unique-entry-id-591</link><guid isPermaLink="true">http://www.austintowers.net/Austin_Downtown/files/skyhouse_austin_rainey_street_project.php#unique-entry-id-591</guid><content:encoded><![CDATA[Novare, the developer of 360 and the firm behind the recent acquisition of the downtown post office site, has announced plans for another downtown Austin apartment project. 


The new 23-story tower will rise in the rapidly transforming Rainey Street neighborhood on a long-narrow site directly east of Milago and north of Legacy on Town Lake.    The new project is likely to extensively block the views of residents in both units -- especially residents on the East side of Milago.


The project, to be named SkyHouse Austin, will be enormous, adding 320 apartments to the Rainey Street district.   The development will also contain ground floor retail and restaurant space.   The project will be designed by Atlanta-based Smallwood Reynolds Stewart Stewart Associations Inc.


Hopefully, the project will bring much-needed public-parking to the increasingly popular bar and restaurant district.   Rainey street is one of the few corners of downtown that doesn't have a surplus of parking.


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]]></content:encoded></item><item><title>USPS: No More Downtown Post Office</title><dc:creator>editor@austintowers.net</dc:creator><category>News</category><dc:date>2012-01-12T16:12:41-06:00</dc:date><link>http://www.austintowers.net/Austin_Downtown/files/usps_to_close_downtown_austin_post_office.php#unique-entry-id-590</link><guid isPermaLink="true">http://www.austintowers.net/Austin_Downtown/files/usps_to_close_downtown_austin_post_office.php#unique-entry-id-590</guid><content:encoded><![CDATA[Last month, the U.S.   Postal Service announced that it had come to agreement with Novare Group -- the developer of 360 -- to sell the current downtown post office site and to relocate the post office in early 2013.   Novare is looking at building a new high-rise development on the current low-rise site.


...Postal Service has confirmed the they will close the site next year and that they do not plan to open another downtown site.   Once the site closes, downtown post office customers will need to go to the South Congress post office location for USPS service.


The downtown post office building may be the worst structure constructed downtown in the last century.   It wastes a prime central block  (Block 51) with an enormous elevated parking lot.   It leaves all four sides devoid of retail, restaurants or cultural use.   It places the structure in the middle of the block, far from the street and close to parked cars.   It wastes a prime tall-building lot with a tiny 2 floor structure.


With mounting financial troubles and shifting demand for postal services, the USPS has been closing Post Office locations across the country.   With the impending sale of the downtown site, it is no surprise that the USPS will not open a new site downtown.   However, it is unfortunate that the growing pool of downtown residents -- many who do not own cars -- will no longer have a Post Office that they can walk to.


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]]></content:encoded></item><item><title>Exclusive: November and December Sales Set New Records&#x21;</title><dc:creator>editor@austintowers.net</dc:creator><category>News</category><dc:date>2012-01-15T16:38:22-06:00</dc:date><link>http://www.austintowers.net/Austin_Downtown/files/Strong_december_2012_condo_sales.php#unique-entry-id-589</link><guid isPermaLink="true">http://www.austintowers.net/Austin_Downtown/files/Strong_december_2012_condo_sales.php#unique-entry-id-589</guid><content:encoded><![CDATA[We've updated the AustinTowers | urbanspace Downtown Austin Condo Market Index for November and December, 2011, and our seasonally neutral 12-month tracking index set four new records in each of the two months.   With November and December sales included, the 12-month tracking index set records for the highest $/square foot ($329), average sales price ($388,157), and % of list (96.4%) as well as the lowest average days on market (83.4).   However, after a long streak of increasing monthly sales, both November and December saw significant decreases in the absolute number of monthly sales.


...Avg SF


...Avg SF


...Dec-11


...One of the factors driving high sales values was the inclusion of two big dollar sales.   One of these was a $2.35 million sale in the W, the most expensive unit recorded in MLS since we began tracking downtown sales 4-years ago.   As a result, both months show significant improvements in price, $/SF, and size.   Days on market continues to improve, showing increased strength in the downtown market.   Sales also showed a shift toward higher price bands with 7 units sold for $200K - $300K, 5 for $300K to $500K, an amazing 8 for $500K to $1 million, and 2 for more than $1 million.


Top buildings during the two-month period were 360 with 7 sales and  Spring & W which each had two sales.   The remaining sales were spread across 7 additional buildings.   As usual, additional private sales -- which are not reflected in the MLS data -- continued to close at Spring, Four Seasons, the W and Austonian. 


See the full index here. 
]]></content:encoded></item><item><title>Sabine: the Next &#x22;Great Street&#x22;</title><dc:creator>editor@austintowers.net</dc:creator><category>News</category><dc:date>2012-01-08T20:46:06-06:00</dc:date><link>http://www.austintowers.net/Austin_Downtown/files/sabine_great_streets.php#unique-entry-id-588</link><guid isPermaLink="true">http://www.austintowers.net/Austin_Downtown/files/sabine_great_streets.php#unique-entry-id-588</guid><content:encoded><![CDATA[Austin's great streets program has transformed second street into a prime downtown hub with wide sidewalks, rich landscaping, public art, controlled traffic, and crowded street cafes.   Today, second street is a key destination for residents, tourists, and other visitors to downtown.


With the Waller Creek tunnel eliminating the flood plain on the East end of downtown, Sabine (the street between Red River and I-35) may be the next street to be transformed into a downtown destination.


According to the Statesman, the City is looking to transform Sabine "between East Fourth Street and East Seventh Street into a promenade that, according to a 2010 master plan for the Waller Creek district on downtown's east side, "can become a catalyst for the revitalization of the area."


Although the promenade details remain to be worked out, that master plan for Waller Creek, which meanders just east of this section of Sabine, anticipates that more than 55 feet of the street's existing 80 feet of right of way would be given over to broad sidewalks on each side, with a double row of trees on one side and a single row on the other.


The makeover would be similar to other "great streets" designs the city has done and continues to do elsewhere downtown, but this one would be oriented even more toward those on foot and on bikes."


Since much of Sabine Street is undeveloped -- there are plenty of parking lots -- the street redesign would create a foundation for developers to in the Area.   The goal would be for the street work to be completed by 2014 to coincide with the completion of the Waller Creek Tunnel project.   At that point, the Eastern end of downtown is likely to experience rapid and dramatic redevelopment as a large area is removed from the flood plain. 


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]]></content:encoded></item><item><title>NPR: Austin Too Expensive for Musicians</title><dc:creator>editor@austintowers.net</dc:creator><category>News</category><dc:date>2011-12-28T10:47:51-06:00</dc:date><link>http://www.austintowers.net/Austin_Downtown/files/NPR_Austin_too_expensive_for_musicians.php#unique-entry-id-586</link><guid isPermaLink="true">http://www.austintowers.net/Austin_Downtown/files/NPR_Austin_too_expensive_for_musicians.php#unique-entry-id-586</guid><content:encoded><![CDATA[Especially for renters, the cost of living here is just going up and up. 

...Young people are moving there in search of its plentiful sunshine, freewheeling lifestyle, hi-tech jobs and vibrant music scene.   However, more and more musicians find they cannot afford to live in the self-styled "Live Music Capital of the World."


...Yet many musicians cannot make a reasonable living wage in this town, which is why they need cheap rent. 

...South Austin just got uncool," says Jacob Rocha as he loads his belongings into a pickup truck.


Rocha plays in a grindcore punk-rock band called F'n A and was a resident of the colony. 

...Bobby Lane &mdash; one half of the duo Weedhawks &mdash; was loading his worldly possessions into a van and preparing to go back and live on the road with his musical partner, Ruby Jean. 

..."Ronnie Lane from The Faces lived at the first cottage up there; Will Sexton lived next-door; and talk Stevie Ray Vaughan lived in my cottage.   I'm not sure if that's true or not, but just a lot of great musicians in the neighborhood and a really good creative energy here," Lane said.


Despite the high cost of living, more than 170 new people move to Austin every day. 

...Michelle Ward is a sales associate at Barton Place, one of the trendy new condos springing up throughout Central Austin.


"Our amenities include things like a saltwater pool; there is a fitness center; also, there's four rooftop terraces," she recites, "and so price ranges for two-bedrooms in general range from the $350,000s to the $590,000s."


So here's the kill-the-golden-goose paradox: The music scene is one of the biggest reasons why people are flocking to Austin, and all those new people are crowding out the musicians who make the music."


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<script src="http://connect.facebook.net/en_US/all.js#xfbml=1"></script><fb:like href="http://www.austintowers.net/Austin_Downtown/files/NPR_Austin_too_expensive_for_musicians" layout="button_count" show_faces="true" width="450" action="recommend"></fb:like>]]></content:encoded></item><item><title>7Rio Re-imagined as Rental Project</title><dc:creator>editor@austintowers.net</dc:creator><category>News</category><dc:date>2011-12-26T12:04:18-06:00</dc:date><link>http://www.austintowers.net/Austin_Downtown/files/7Rio_reimagined_as_rental_project.php#unique-entry-id-584</link><guid isPermaLink="true">http://www.austintowers.net/Austin_Downtown/files/7Rio_reimagined_as_rental_project.php#unique-entry-id-584</guid><content:encoded><![CDATA[According to the Downtown Austin Blog, 7Rio may be back on the drawing board.   The previously proposed 32-story condo project on 7th and Rio Grande -- on the site of Ranch 616 -- is now supposedly being redrawn as a 24-story rental tower adjacent to Ranch 616.


With the rapid rise in rental rates, developers are racing to bring new projects to market.   New towers are already under development on the Whitley printing site and Lamar near second street.   In the current market environment, rental units are being absorbed at a much quicker rate than comparable condo units.   For this reason, rental projects are easier to fund and manage to profitability.


We will post additional details as they emerge.


The original condo proposal can be found here: 7Rio


Renderings of the Original 7Rio Tower


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The project will also feature 14,000 square feet of retail which may be the most accessible retail to the hike and bike trail.   A new pedestrian bridge across Cesar Chavez makes the retail spaces very easy to access from the trail.   Over the next few years, the area to the East of the new tower will also be developed as Seaholm and Green Water Treatment sites see new activity.   In the end, the Park Plaza development will book end a new neighborhood that spans from the convention center to Lamar along 2nd street.


The new 18-story Park Plaza Tower


Rendering by Ziegler Cooper Architects


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One of the ways that the City has made 2nd street social is by creating broad sidewalks with benches, rooms for outdoor cafe seating, and lots of trees and public artwork.   Now, the City plans to add these fancy features to the 2nd Street sidewalks between Congress Avenue and the convention center.   This will provide a foundation for an improved and more continuous 2nd street experience which will eventually extend from the convention center on Trinity street to Seaholm.


According to the Statesman, "Second Street east of Congress Avenue will be reduced from three lanes to two and lose about two dozen parking spaces under a $5.4 million "great streets" project approved unanimously Thursday by the Austin City Council.


Work is expected to start shortly after South by Southwest in March .   Sidewalks along East Second between Congress Avenue and Trinity Street (currently 10 feet wide or less) will be broadened to 32 feet on the north side and 18 feet on the south.   That will match the design of Second Street west of Congress where a similar makeover took place in two phases since 2004.


Currently, those three blocks east of Congress have two westbound lanes and one eastbound lane, with parallel parking on both sides of the street.   When the 11-month project is done in early 2013, there will be one travel lane in each direction and parallel parking only on the north side."


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<script src="http://connect.facebook.net/en_US/all.js#xfbml=1"></script><fb:like href="http://www.austintowers.net/Austin_Downtown/files/2nd_street_sidewalk_extension" layout="button_count" show_faces="true" width="450" action="recommend"></fb:like>]]></content:encoded></item><item><title>Downtown Post Office Sold to 360 Developer</title><dc:creator>editor@austintowers.net</dc:creator><category>News</category><dc:date>2011-12-16T05:38:26-06:00</dc:date><link>http://www.austintowers.net/Austin_Downtown/files/novare_to_buy_downtown_post_office_site.php#unique-entry-id-581</link><guid isPermaLink="true">http://www.austintowers.net/Austin_Downtown/files/novare_to_buy_downtown_post_office_site.php#unique-entry-id-581</guid><content:encoded><![CDATA[The downtown post office building may be the worst structure constructed downtown in the last century.   It wastes a prime central block  (Block 51) with an enormous elevated parking lot. ...  It places the structure in the middle of the block, far from the street and close to parked cars.   It wastes a prime tall-building lot with a tiny 2 floor structure.


When Will Wynn was mayor, he led a campaign to rid the block of the dreaded post office. 

...Postal Service announced that it has come to agreement with Novare Group -- the developer of 360 -- to sell the site and to relocate the post office in early 2013. 

...Once the Post Office is gone, Novare will redevelop the block for much denser use.   Apparently, all options are still on the table including condos, apartments, office, hotel and retail. 19 months ago, Novare announced preliminary plans for two new towers to rise one block west of the downtown post office.   The new plans called for construction of a 250 unit 28-story condo tower and an adjacent 16-story office tower on the 1.2 acre site bounded by Fifth, Sixth, San Antonio and Nueces streets.   That project, called Ovation, replaced earlier plans for a larger 400-unit condo development on the same site.   Novare's 360 was one of the largest and most successful downtown projects, selling out 430 units with strong pre-sales and minimal discounting. 


The Post Office represented what Will Wynn called a "staggering underutilization of land."   While it remains to be seen what will follow, development of this prime downtown block will improve pedestrian flow through the area, will better frame Republic Square park, and will hopefully add new residents to downtown Austin. 


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]]></content:encoded></item><item><title>Plaza Lofts: Once You Move In&#x2c; You Don&#x27;t Move Out</title><dc:creator>editor@austintowers.net</dc:creator><category>News</category><dc:date>2011-12-14T18:00:34-06:00</dc:date><link>http://www.austintowers.net/Austin_Downtown/files/plaza_lofts_mystery.php#unique-entry-id-579</link><guid isPermaLink="true">http://www.austintowers.net/Austin_Downtown/files/plaza_lofts_mystery.php#unique-entry-id-579</guid><content:encoded><![CDATA[Plaza Lofts is something of a mystery.   Built in 2002, the 60 unit 14-story condo tower has surprisingly low turnover.   This year, only two units have sold.   Over the last 6 months, no sales have been recorded in the MLS.


In comparison to other projects, the rate of turnover is very low.   So far this year, just 3% of the building's units have been sold.    At Austin City Lofts, a similarly sized downtown condo project, nearly 9% of the units have changed hands.   At the Brown Building, 7% have changed hands. 10% of units have changed hands at Avenue Lofts.


...While the building remains desirable, the two units that sold this year were on the market for an average of 319 days, a sign that they may have originally been priced above market.   A number of other units have been removed from the MLS after failing to sell.


Plaza Lofts was one of the first downtown condo projects in the new era of development and many of its residents are the downtown pioneers who first jumped at the opportunity to live in a downtown condo.   So maybe they are also the last to leave, satisfied with their downtown living and unlikely to move as quickly as newer downtown residents.   In truth we don't know why turnover is so low --- and thus the Plaza Lofts mystery remains.


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]]></content:encoded></item><item><title>&#x24;350M Downtown Plan Approved</title><dc:creator>editor@austintowers.net</dc:creator><category>News</category><dc:date>2011-12-10T19:57:38-06:00</dc:date><link>http://www.austintowers.net/Austin_Downtown/files/downtown_austin_plan_approved.php#unique-entry-id-578</link><guid isPermaLink="true">http://www.austintowers.net/Austin_Downtown/files/downtown_austin_plan_approved.php#unique-entry-id-578</guid><content:encoded><![CDATA[After a 4-year process, the City Council finally approved a comprehensive master plan for downtown Austin.   The plan subdivides downtown -- defined as the area between the lake and MLK, I-35 and Lamar -- into 9 distinct areas with differentiated development and preservation plans.   The plan will guide downtown development for the next 10 years.


The 200-page plan will cost an estimated $350 million to carry out, money that will need to be raised through bonds, fees, or partnerships with private developers.   Now, City staffers will turn the plan into detailed land use rules which will also require Council approval.


According to KXAN, Highlights of the plan include:


	&bull;	"Dramatically improve downtown parks, including those along Waller Creek and the three historic squares.


	&bull;	Complete the first phase of urban rail as the hub of a regional, comprehensive public transportation plan.


	&bull;	Re-make East Sixth Street into an attractive destination for everyone.


	&bull;	Provide permanent supportive housing throughout Austin for those most in need.


	&bull;	Continue to invest in infrastructure, advancing the Plan&rsquo;s long-term vision for a dense and vibrant downtown."


In addition, the plan raises the maximum noise level for downtown businesses that serve food and requires new large development projects to offer or fund public benefits such as affordable housing, public space, or eco-friendly construction.


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