Austin Business Journal April 23-29, 2021 pp A10|Real Estate|Multifamily| “Workforce Housing Plan Hatched In Downtown” “New tactic to deal with rising costs: Ditch much of the parking.”
Read the article for detail.
Shoal Cycle Mid-Rise Proposed for Shoal Creek & 11th. Image from weaverbuildings.com
Summary from 2244
While not even into the City of Austin planning process etc., “Austin-based developer Weaver Buildings LLC has submitted an application to the city of Austin seeking a height increase-to 90 feet-for a proposed workforce housing project…”. By an entity dubbed “Shoal Cycle LP” the proposal calls for 120,000 sq feet of Mid Rise, at Shoal Creek and 11th, that has an “allocation for 210 beds and 58 parking spots” atop of 3,500 sq feet of ground floor retail. To reduce costs and downtown congestion parking is limited.
“Workforce housing, according to Fannie Mae, is ‘housing affordable to the “missing middle”-those making modest incomes in markets across the country.’” “Rents would target those earning about $55K/year.” “Shoal Cycle would cater to those in the creative class or service industry, as well as anyone working in public-funded entities such as the city of Austin or University of Texas.”
Plans is for work to be completed by Spring 2023. See http://bizj.us/1q9qr1 and weaverbuildings.com for “more”