Out of Reach

Grateful to be included in this roundup regarding fee increases affecting our new construction rental project, Shoal Cycle. Parkland, one of our largest fees, increased 120%, and a new Street Impact Fee increased the Shoal Cycle site plan fees from $600k to $900k – in less than a year from our partnership documents signing. Hopeful that policymakers and developers can work together better to build our city – we shaved off 3 units to accommodate the fee change.

How can developers and the City of Austin work better together on building a more affordable Austin? Great suggestions in the article: if a fee increases by more than 10% – announce clearly 2 years in advance to accommodate the partnership agreements and site plan submission, verify market assumptions and findings in fee calibrations with those that participate in the market – for example, I promise you no one is getting $45/NNN for retail in downtown Austin!, expedite adoption of the new land development code for clear and predictable rules – thanks Greg Anderson!, and reduce parking requirements. 

Read now OUT OF REACH Housing affordability is city’s No. 1 challenge — a threat to Austin as we know it in the Austin Business Journal.