{"id":1004068436,"date":"2013-03-08T08:45:05","date_gmt":"2013-03-08T16:45:05","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=107963"},"modified":"2020-04-07T05:00:38","modified_gmt":"2020-04-07T13:00:38","slug":"foundation-communities-plans-109-unit-affordable-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/foundation-communities-plans-109-unit-affordable-project\/","title":{"rendered":"Foundation Communities Plans 109-unit Affordable Project"},"content":{"rendered":"

By Camelia Bulea, Associate Editor<\/p>\n

\"\"<\/a>Foundation Communities plans to build a residential project with affordable units at 2800 S. Lamar Blvd.\u2014a booming area with upscale multifamily projects. The local nonprofit could build the 109-unit project on a site that currently houses a Goodwill retail store.<\/p>\n

The entire project, called Skyview Studios, would cost $15 million to build, out of which the developer hopes to receive $10 million in federal tax credits, according to The Austin-American Statesman<\/a>. <\/em>If the project receives the credits, the Austin City Council will contribute with $1.8 million to fund the project. The rest of the money needed to build the community would come from fundraising.<\/p>\n

The four-story building is planned to have a new 14,000-square-foot Goodwill store on the ground floor and more parking lots than the initial store \u2013 a total of 60 spaces. Monthly rates would range between $400 and $650 a month including utilities, said Walter Moreau, executive director of Foundation Communities, as quoted by the The Statesman<\/em>. Skyview Studios, with units of about 400 square feet, will target individuals with annual incomes under $26,000.<\/p>\n

If all goes according to plan, construction could begin in the spring of 2014, with completion expected to happen a year thereafter. When complete, Skyview will be the sixth apartment community developed by Foundation Communities in Austin\u2014with a total number of 600 affordable units.<\/p>\n

The project has received a lot of support from philanthropists and different local associations, being one of the few current developments to provide housing for low-income people in Austin. Although the city is booming with apartment projects, most of the multifamily communities planned in the area offer luxury units and not enough affordable ones.<\/p>\n

Photo rendering of Capital Studios, another affordable project developed by Foundation Communities in Austin<\/em><\/p>\n

For more news from Austin,\u00a0click here<\/strong><\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Foundation Communities plans to build a residential project with affordable rentals at 2800 S. Lamar Blvd., a booming area with upscale multifamily projects. The local nonprofit could build the 109-unit apartment project on a site that currently houses a Goodwill retail store.<\/p>\n","protected":false},"author":271,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1578,21742],"tags":[],"class_list":["post-1004068436","post","type-post","status-publish","format-standard","hentry","category-austin","category-latest"],"acf":[],"yoast_head":"\nFoundation Communities Plans 109-unit Affordable Project - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/foundation-communities-plans-109-unit-affordable-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Foundation Communities Plans 109-unit Affordable Project\" \/>\n<meta property=\"og:description\" content=\"Foundation Communities plans to build a residential project with affordable rentals at 2800 S. 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