Austin Developer to Tear Down Apartment Complex, to Build Another
In the housing market they’re called tear-downs. And its becoming more common in commercial real estate, especially in growing cities. In Austin, a developer is knocking down a two story apartment complex with 134 units to build a highrise on the same land with 385 multifamily units and office and retail space. Flats on Burton is the developer petitioning the City of Austin to back the zoning change which would allow the redevelopment plan. The current development, spanning five acres was built in 1972.
Under the requested zoning change, the developer would have the option to pay a fee-in-lieu of affordable housing or provide on-site affordable options. According to city code, at least 10% of residential rental units must be dedicated for affordable housing and made available to individuals earning below 80% of the region’s median family income. That currently amounts to $84,150 for a three-person household.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.