Downtown Austin high-rise projects face new rulesDowntown Austin high-rise projects face new ruleshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=68972013-07-03T07:26:00Z2013-07-03T06:45:00Z

AUSTIN - A city program approved by Austin City Council changes the requirements downtown high-rise project developers face when negotiating public benefits for the extra square footage.

Developers of taller residential structures must pay fees or set aside space for low-income residents under the bonus program. The requirements do not apply to commercial projects, such as hotels.

If the project is in downtown Austin, developers will pay $10 per sf of bonus space as part of an affordable housing fee. If developers opt to include low-cost housing in the project, the rules require that 10 percent of the bonus space is affordable.

The program, which takes effect in two weeks, replaces a program where developers wanting to construct big downtown projects negotiated with city officials over what perks they would offer — such as park upgrades — in exchange for bonus square footage.

Austin Business Journal
Austin-Round Rock
http://www.bizjournals.com/austin/blog/morning_call/2013/07/downtown-high-rise-projects-face-new.htmlRead more at {Source}

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