![]() ![]() In the following years, Encore would receive a 75 percent reimbursement based on the site’s tax increment-in other words, the amount that its property taxes increase due to it being developed. The incentive package that the TIRZ approved on Tuesday is unusual in that it would grant Encore $1 million next year and another $1 million in 2023. ![]() Last year, the firm was planning to partner with local company Lynd to build the 259-unit 210 Josephine Apartments in Tobin Hill, though it is unclear whether it’s still involved in the project. “We look forward to working with our neighbors in a collective way towards building fantastic future growth and prosperity,” she said.įulcrum has lately shown interest in the urban core. The two city departments that focus on urban development-Center City Development and Operations, and Neighborhood and Housing Services-have not been in communication with Fulcrum, city spokeswoman Michelle Vigil said.Įncore’s complex is “a project independent” of the Broadway East master plan, Encore spokeswoman Amy Dunaway said in an email, when asked whether Encore was working with Fulcrum. In a phone interview after the meeting, Griffin said that Encore would be working with Fulcrum, but that he didn’t know what Fulcrum intended to do. Fulcrum executives did not respond to requests for comment. In July, GrayStreet sold nearly all its property in Broadway East-14.6 acres in all-to local firm Fulcrum Development, known for building master-planned communities in the Medical Center district and the area around Interstate 10 and Loop 1604.Īt the TIRZ meeting on Tuesday, Griffin and Ian Benavidez, an assistant director with the city’s Neighborhood and Housing Services Department, said the incentive package would help lay the infrastructure for future phases of Broadway East-though no one seems to know whether Fulcrum will follow GrayStreet’s development plan. In December, the city retired its Center City Housing Incentive Policy, through which Encore had received a $6 million package to build its last project in San Antonio, the Encore SoFlo complex in south downtown. In recent years, Mayor Ron Nirenberg and other elected officials have responded to concerns about rising housing costs in the urban core by drawing back incentives for market-rate housing. The reimbursements will likely end up below the $7 million cap, amounting to an estimated $4.9 million, according to an analysis by the city-but that would still make it one of the largest incentive packages the city has ever awarded. Encore plans to start construction in the next month or two, its attorney James Griffin said. The package would help offset the cost of expanding water and sewer lines to service the complex and future additions to Broadway East, which GrayStreet had once planned to develop with 1.6 million square feet of mixed-use space at a cost of $560 million. In a TIRZ, revenue from the rise in property taxes is captured and put back into the zone in the form of public upgrades and affordable housing initiatives. The agreement is subject to City Council approval. The board of the Midtown Tax Increment Reinvestment Zone (TIRZ) voted 7-1 Tuesday to approve an agreement awarding 10 years of property tax reimbursements to Dallas firm Encore Multifamily to build a $90 million apartment complex with 386 market-rate units at the northwest corner of Carson and Austin streets, in Government Hill. ![]() The first phase of the Broadway East master-planned community across from the Pearl is on track to receive a city incentive package worth up to $7 million, giving the project crucial momentum after GrayStreet Partners’ withdrawal left it in turmoil. Rendering shows Encore Multifamily’s apartment project near Broadway. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |