The 19 acres, considered to be Austin's most valuable commercial real estate, are set for transformation into six new towers set around a new park to adjoin the Butler Hike-and-Bike Trail.
abstained.
Despite their reservations, the 19 acres of the PUD , considered to be Austin's most valuable commercial real estate, are set for transformation into six new towers set around a new park to adjoin the. Those towers are planned to contain a 275-room hotel, 1.5 million square feet of office space, 150,000 square feet of retail, and 1,378 residential units.
It's the last of these components that drew the Statesman PUD conversation out for so long, as Tovo led the charge to set aside as many of these units as possible for people who otherwise could not afford to live in a Downtown skyrise at the heart of America's fastest-growing metro area. In the end, income-restricted units will be provided in addition to the high-value apartments and condos – but not on-site. Developerwill pay the city $23.
Some on Council wanted about 10% of the on-site units to be income-restricted; Endeavor offered closer to 4%, as these units are expensive to construct. But instead, a compromise was reached on paying what's called a– a policy tool viewed skeptically by some CMs as a way of letting developers off the hook of actually producing affordable housing.
A third-party economic analysis estimated a $418,000 construction cost for each housing unit within the PUD, so the city would have to spend more of that $23.2 million to bring the subsidized cost of those units down to a level attainable by people earning somewhere around 80% of Austin's median family income . The on-site option likely would have netted around 55 such units; off-site, the city is likely to net around 70 – maybe more if the city bundles the $23.
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