editor Posted October 18, 2012 Share Posted October 18, 2012 As an alternative to using a zoning stick to prod developers in a particular direction, the city has put together a carrot to encourage the construction of 2,500 new homes in the eastern half of downtown. The Downtown Living Initiative (PDF here) does a number of interesting things: Sets out design standards for streetscaping, sidewalks, and parking garages in order to encourage pedestrian-scale neighborhood building. Designates certain streets for pedestrian or vehicular priority. Gives developers rebates up to $15,000 per apartment/condo built. Project boundary: Street priorities: The purpose of the Downtown Living Initiative Chapter 380 Program (Program) is to promote economic development and stimulate business and commercial activity in the target area by providing economic and other development incentives for certain new multifamily residential mixed-use developments. The target area comprising the east side of downtown offers exciting attractions and amenities including Discovery Green Park, Phoenicia Market, churches and schools (including the planned HISD High School for the Performing and Visual Arts), major hotels, three of the region’s four major sports venues and the George R. Brown Convention Center, ranked in the nation’s top twenty. Link to comment Share on other sites More sharing options...
Houston19514 Posted October 18, 2012 Share Posted October 18, 2012 As an alternative to using a zoning stick to prod developers in a particular direction, the city has put together a carrot to encourage the construction of 2,500 new homes in the eastern half of downtown. The Downtown Living Initiative (PDF here) does a number of interesting things: Sets out design standards for streetscaping, sidewalks, and parking garages in order to encourage pedestrian-scale neighborhood building. Designates certain streets for pedestrian or vehicular priority. Gives developers rebates up to $15,000 per apartment/condo built. Project boundary: Street priorities: Link to comment Share on other sites More sharing options...
Houston19514 Posted October 18, 2012 Share Posted October 18, 2012 This was covered in another thread starting 2 months ago. The thread was cleverly disguised by its name: "City plans incentives for downtown homes"Would it kill you to do a search before starting new threads? ;-) Link to comment Share on other sites More sharing options...
HoustonMidtown Posted October 18, 2012 Share Posted October 18, 2012 This was covered in another thread starting 2 months ago. The thread was cleverly disguised by its name: "City plans incentives for downtown homes"Would it kill you to do a search before starting new threads? ;-)Wow - way to speak to the guy that runs this website Link to comment Share on other sites More sharing options...
Stephen Posted October 19, 2012 Share Posted October 19, 2012 interesting to see that practically ALL the C (vehicular/service) streets are one-way outbound! Link to comment Share on other sites More sharing options...
infinite_jim Posted October 19, 2012 Share Posted October 19, 2012 Those boundary lines are kinda suspect. Link to comment Share on other sites More sharing options...
Nate99 Posted October 19, 2012 Share Posted October 19, 2012 Those boundary lines are kinda suspect.Looks like they wanted to make sure that no one got an incentive to develop condos in Houston Pavillions, and they also zigged to avoid teh Texaco building. Link to comment Share on other sites More sharing options...
samagon Posted October 19, 2012 Share Posted October 19, 2012 Those boundary lines are kinda suspect.lol, yeah, HP is deliberately drawn out of the boundary. GRB, Disco, baseball and basketball are drawn in. weird.37.5 million over the next 4 years too, that's not a small amount of money. Link to comment Share on other sites More sharing options...
kylejack Posted October 19, 2012 Share Posted October 19, 2012 Looks like they wanted to make sure that no one got an incentive to develop condos in Houston Pavillions, and they also zigged to avoid teh Texaco building.Well, the Texaco project planning is already well underway...so why give an incentive to promote an existing project? Link to comment Share on other sites More sharing options...
TheNiche Posted October 19, 2012 Share Posted October 19, 2012 Well, the Texaco project planning is already well underway...so why give an incentive to promote an existing project?I agree with you in principle, however unless they've already got financing to move forward on the Texaco Building conversion, plans are mere ink on paper. Nothing more. It doesn't necessarily make them feasible. And in fact, if the City is aggressively encouraging other developers to build stuff nearby that would compete within a thin market, then that's a risk factor that might discourage prospective lenders. Link to comment Share on other sites More sharing options...
Nate99 Posted October 19, 2012 Share Posted October 19, 2012 I agree with you in principle, however unless they've already got financing to move forward on the Texaco Building conversion, plans are mere ink on paper. Nothing more. It doesn't necessarily make them feasible. And in fact, if the City is aggressively encouraging other developers to build stuff nearby that would compete within a thin market, then that's a risk factor that might discourage prospective lenders.I thought I read that the Texaco redevelopment was at least working toward some manner of incentive from someone, but I agree with you, this plan gives the Texaco developers a lot of subsidized competition.Maybe the whole deal will be more of a first mover advantage than create tons of competing projects, but if they end up going after the same homeowners/tenants, one project in the new zone is value lost to the Texaco project. Link to comment Share on other sites More sharing options...
kylejack Posted October 19, 2012 Share Posted October 19, 2012 I agree with you in principle, however unless they've already got financing to move forward on the Texaco Building conversion, plans are mere ink on paper. Nothing more. It doesn't necessarily make them feasible. And in fact, if the City is aggressively encouraging other developers to build stuff nearby that would compete within a thin market, then that's a risk factor that might discourage prospective lenders.I dunno, Marvy Finger already got his variance from the city for his plan. Seems like that deal is already a Go. I'd hate to throw money at something that is already happening. Link to comment Share on other sites More sharing options...
TheNiche Posted October 19, 2012 Share Posted October 19, 2012 I dunno, Marvy Finger already got his variance from the city for his plan. Seems like that deal is already a Go. I'd hate to throw money at something that is already happening.A developer that is trying to put together a complicated deal will often not close on the acquisition of their site until conducting ridiculously thorough due diligence and lining up all the necessary variances, permits, and incentives if at all possible. It's not a 'Go' until it's gone; and until they have money, all they've got is talk. These circumstances are as true for Finger's deal as they are for Provident's, however to my knowledge Finger got the incentives and Provident has not, will not, and will now have to deal with subsidized competition as they're trying to lease up and stabilize their development.It is possible that Provident will have a separate deal worked out, but it may also be possible that Provident got snubbed for some reason. I don't care to speculate how they might've gotten snubbed or who might've engineered it if they were. Suffice it to say, somebody throught this through carefully. Link to comment Share on other sites More sharing options...
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