Schlosser Development’s Shoal Creek Walk concept, to be located where a large surface level parking lot currently exists, has agreed to include an affordable housing component (in addition to $2.3MM in green-scaping concessions) in order to receive the Planning Commission’s recommendation for a height variance to 350 ft. The building is intended primarily as an office tower, but has included 90 residential units at the top. Schlosser may pay a $3 per foot (for all area greater than 687,000 ft) fee in lieu of actually building the affordable dwellings.
And I suppose if they had instead decided to build a squat two-story drive-through bank with a huge surface parking lot and no green-scaping, they wouldn’t have had to concede anything. Such is what is fundamentally flawed about the density bonus component of the Downtown Austin Plan.
Great point, Roger.
This is an interesting building, I think it will be the only office/condo tower in Austin. I wonder who the anchor tenant will be.
I also wonder what the price range of the units will be and what amenities they will offer. They aren’t going to get the same synergy of use that a hotel/condo building gets, so it will be interesting to see how the separate out the condo portion from the office portion.