A seven-story building will be exempt from local height regulations in exchange for providing affordable housing.
A 375-unit apartment development in Austin will be the first test of the city’s new ‘vertical mixed-use’ regulations that exempt developments from height limits if they meet affordability guidelines, reports James Rambin in Towers.
The building at 2001 South Lamar Boulevard will be built at 87 feet, 27 feet higher than the height limit in the area and 3 feet under the 90 foot limit in the new ordinance. Roughly 12 percent of the units will be affordable for households earning 60 percent or less of regional median income. “The building’s 45 affordable homes will remain income-restricted for a period of 40 years upon the project’s completion.”
For Rambin, “It’s hopefully evidence that the new guidelines of these latest modifications to the vertical mixed-use program are properly calibrated to incentivize the participation of local builders, since the proper percentages of affordable units required under the ordinance was a matter of debate for council last year.”
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