Plan advances to turn HealthSouth site into 2 towers with nearly 1,000 apartments
Quarter of units to be affordable housing; Negotiations underway for master development agreement
https://www.bizjournals.com/austin/n...-partners.html
A plan to transform downtown Austin's old HealthSouth building has taken a significant step forward.
City Council last week approved moving ahead with negotiations for a master development agreement with Aspen Heights Partners LLC.
The Austin-based real estate development firm wants to build two apartment high-rises on city-owned sites at 1215 Red River St. and 606 East 12th St. They will be within the quickly changing Palm District and some expect this could serve as a catalyst for more development on the northern end of the Central Business District.
Of the 921 units planned across the two 37-story towers, 232 — about 25% — will be affordable housing for low-income residents. That represents an increase from the 116 affordable units offered in prior plans and showcases how the city is negotiating for more community benefits in real estate projects, especially on public land.