Council divided over Mill Pond Residences proposal – Austin Day by day Herald
Determination tabled for the working session of April 19
Austin metropolis council was divided over whether or not to maneuver ahead with a proposed condo complicated throughout its working session on Monday night time.
The proposed resort, Mill Pond Residences, is from Three Rivers Group Motion, Inc., the identical developer answerable for Fox Pointe Townhomes. Three Rivers has proposed to develop the previous YMCA property at 704 First Dr. NW.
Mission plans embody the next:
• 48 items made up of 1, two, three and 4 bed room flats;
• Three flooring and underground parking and an elevator;
• Seven items for households which have skilled homelessness and 6 items for folks with disabilities;
• An actual property administration agent and administration providers by Lloyd Administration;
• A neighborhood corridor; and
• Inexperienced space.
Month-to-month rents are anticipated to vary from $ 678 for a one-bedroom unit to $ 1,080 for a four-bedroom unit. About half of the items could have inexpensive rents for households with incomes equal to or lower than 50 p.c of the area’s median revenue.
The projected price, which incorporates $ 650,000 for the acquisition of the previous YMCA, is $ 15,942,370, damaged down as follows:
• Grant from the Hormel Basis – $ 525,000
• Metropolis of Austin / Austin HRA Loans / Grants – $ 1,748,680
• Trois-Rivières – $ 12,623,839
• Power / gross sales tax credit – $ 409,295
• Further Hole Funding / Value Discount – $ 635,556
Additionally it is attainable to make the constructing a 4 story complicated, the primary one being utilized by the Head Begin program of SEMCAC. The price of the extra story could be round $ 2.7 million.
Austin Housing Redevelopment Authority Director Taggert Medgaarden and Three Rivers Group Improvement Officer Susan Strandberg mentioned the challenge with council through the working session. Medgaarden cited town’s 2017 housing research, stressing that there’s a excessive want for backed and inexpensive housing. He additionally mentioned the challenge helps the mission of the HRA.
Mayor Steve King has mentioned he would love the Metropolis to contemplate housing at market charges and has been in talks with builders who’ve expressed curiosity within the former YMCA location, though they’ve but to submitted design or finances. It was famous that the previous YMCA location is a perfect web site with easy accessibility to downtown.
Metropolis Councilor Mike Postma agreed with King, noting that there’s a demand for market-rate housing downtown, particularly from younger professionals, and that Austin competes with cities like Rochester within the housing market.
Councilor Jeff Austin expressed his assist for the proposal, noting that the Metropolis won’t have one other alternative like this on the former YMCA location.
Metropolis Councilor Oballa Oballa additionally backed the proposal, saying offering standardized housing was vital in making Austin a welcoming metropolis. He additionally famous that permitting SEMCAC to make use of a narrative would assist alleviate the scarcity of kid care in Austin.
In accordance with YMCA director at Austin Group Rec Middle, Diana Baker, the expense of sustaining the previous YMCA, which prices round $ 100,000 a yr, was additionally of concern. Baker mentioned the Hormel Basis helps cowl a number of the bills, however the CCRA YMCA is answerable for the remainder. She additionally famous that there have been latest graffiti and roaming points within the previous YMCA constructing.
Councilor Jason Baskin proposed that the vote be deferred till the subsequent enterprise assembly on April 19 to provide council time to search out out extra. Councilor Paul Fischer seconded the movement.
Baskin, Fischer and Postma voted in favor of the movement, whereas Austin, Oballa and Councilor Rebecca Waller voted in opposition to. Councilor Joyce Poshusta, who works for the HRA, abstained, leading to a tie of 3-3. King broke the tie by voting in favor of the movement.