Feb 2007
Affordable Housing Task Force
February 27, 2007 21:41 Filed in: Development
Watch
Over the last year, a city-sponsored Affordable
Housing Incentives Task Force has been discussing
ways to encourage the development of afordable
housing units as part of large scale development
projects. The city wants more affordable downtown
units, but State law doesn't allow the city to place
affordability requirements on new developments. The
purpose of the task force is to create incentives
that make it attractive for developers to include
these units.
Last week, the Task Force delivered its recommendations to the Austin City Council, Planning Commission and the Community Development Commission. After seven months of work and twenty meetings, the task force reached consensus on incentive policies to encourage developers to provide affordable housing.
Like most policies, there is a carrot and a stick. The carrot provides for expedited review, fee waivers, and zoning variances that allow for greater height or density if affordable units are included. The stick is a fee -- as much as $10 per SF -- that applies to project area in excess of standard zoning density requirements when variances are granted for projects that do not include affordable units. As the City Council has already been applying similar rules in some zoning discussions, the incentives seem likely to be put into effect.
Read More...
Last week, the Task Force delivered its recommendations to the Austin City Council, Planning Commission and the Community Development Commission. After seven months of work and twenty meetings, the task force reached consensus on incentive policies to encourage developers to provide affordable housing.
Like most policies, there is a carrot and a stick. The carrot provides for expedited review, fee waivers, and zoning variances that allow for greater height or density if affordable units are included. The stick is a fee -- as much as $10 per SF -- that applies to project area in excess of standard zoning density requirements when variances are granted for projects that do not include affordable units. As the City Council has already been applying similar rules in some zoning discussions, the incentives seem likely to be put into effect.
Read More...
A Second Downtown?
February 25, 2007 22:21 Filed in: Development
Watch
This week, Endeavor Real Estate announced ambitious
plans for the second phase of the Domain: the new
mini-city rising off Mopac just north of 183. Between
now and 2015, Endeavor plans to build 50, yes FIFTY,
new buildings with heights ranging from 2-26 stories
(as tall as 310 feet). When complete, The Domain will
form a second Austin "downtown" with as many as
82,000 residents and 50,000 daytime workers. To put
these numbers in context, Mayor Will Wynn has working
hard towards a big goal: getting 25,000 people to
live in the real downtown by 2015, the same
timeframe. Read More...
Austin Growth & Migration
February 21, 2007 21:17 Filed in: Market
Analysis
The Statesman ran its annual analysis of migration in
and out of Austin. The summary is that "More people
[are] moving here but not as many as during the
boom".
In the 1990's Austin grew by an incomprehensible 41% as it added more than 190,000 new residents. Growth comes from two source: net migration and organic growth. The net migration is the gain from people moving into the city while organic growth occurs when more people or born than die during the year. The Statesman stats focus only on migration. So what is the bottom line? A net gain of 8,079 households (approximately 19,400 people). Very solid growth but about 30% lower than the peak year, 2000. The counties that saw the most people coming to the region were overwhelmingly in California. Still, Austin population is growing at a very fast rate. Read More...
In the 1990's Austin grew by an incomprehensible 41% as it added more than 190,000 new residents. Growth comes from two source: net migration and organic growth. The net migration is the gain from people moving into the city while organic growth occurs when more people or born than die during the year. The Statesman stats focus only on migration. So what is the bottom line? A net gain of 8,079 households (approximately 19,400 people). Very solid growth but about 30% lower than the peak year, 2000. The counties that saw the most people coming to the region were overwhelmingly in California. Still, Austin population is growing at a very fast rate. Read More...
"Hyatt Towers" Approved
February 16, 2007 23:17 Filed in: Condo
Projects
Today, the Austin City Council approved a project
that will include two towers, each approximately 20
floors, adjacent to the Hyatt on the south shore of
Town Lake. The project, to be developed by Fairfield
Residential of Grand Prarie, shows how much the
attitudes towards development has changed over the
last few decades. Read
More...
How many buildings fit downtown?
February 13, 2007 21:40 Filed in: Market
Analysis
Last June, the Austin Chronicle published a
fascinating analysis of potential downtown
development. The main point is simple: it is getting
very difficult to assemble a downtown parcel large
enough for a major project. The number of viable
sites is rapidly dwindling. The mayor has set a goal
of 25,000 residents downtown by 2015 -- 20,000 more
than exist downtown today. While their may be enough
downtown parcels to get there with very dense
development, downtown capacity is very limited by the
following factors:
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Downtown Post Office Redevelopment
February 07, 2007 20:45 Filed in: Condo
Projects
Not everybody is thrilled with the rate of
development downtown. However, most Austinites would
agree that the downtown post office at 6th &
Guadalupe is one of the worst developed sites in the
city. They took a prime downtown lot and built a
small ugly 2-story post office that takes up less
than 30% of the block. They surround it with a
parking lot and a couple of mailboxes.
Last year, Mayor Wynn went to DC to lobby for redevelopment of the site. The fed agreed, proposals were submitted, and Novare Group Holdings of Atlanta---the firm behind the 360 project--was selected. Today, more details were announced. Read More...
Last year, Mayor Wynn went to DC to lobby for redevelopment of the site. The fed agreed, proposals were submitted, and Novare Group Holdings of Atlanta---the firm behind the 360 project--was selected. Today, more details were announced. Read More...
Seaholm Details Revealed
February 01, 2007 20:37 Filed in: Development
Watch
More details emerged today on one of the most important downtown projects: the redevelopment of the Seaholm power plant site between Lamar and the second street district and just north of the river. Seaholm is a 7.8 acre site, the main feature of which is the 136,000 historic art deco decommissioned power plant. The redevelopment project will add a 22-story hotel and condo project featuring 80 condo units atop a 160 room hotel. While the initial phase of the project will open in 2008, the Seaholm Plaza Hotel is not expected to open until 2010.
Read More...