April 6, 2016
Cielo Property Group will soon break ground on The Foundry, an office and residential project in Central East Austin, TX. The plan was approved by Austin’s city council, following Cielo’s proposal concerning an affordable housing plan in partnership with Austin’s Habitat for Humanity.
The 95,444-square-foot development at 301 N. Comal will offer 78,324 square feet of office space and 17 for-sale condo units, with one family-sized unit donated to Habitat for sale to a qualified buyer. Cielo agreed to swap parcels of land with Habitat, located a few blocks away, on which Habitat can build 30 affordable housing condos.
The developer is also meeting the city’s density bonus program, which mandates that 10% of a project be set aside for affordable housing. The developer can also pay a fee-in-lieu assessment, which it opted to do, voluntarily increasing the fee.