HOUSTON—City officials are prepared to double Houston's Downtown Living Initiative, a subsidy program that has encouraged the development of downtown residences since late 2012.
The program offers $15,000 for each unit developers build in a multifamily complex of at least 10 units, and it has carried a cop of 2,500 total units. By increasing that cap to 5,000, the city will double the total incentives from $37 million to $75 million.
“We have a crest going on. Let's be opportunistic and take advantage while we can right now," the city's chief development officer, Andy Icken, told the Houston Chronicle. "This is Development 101: Rooftops lead retail, they lead to street-level activity. We start from a principle that Houston as a city will benefit from a denser downtown core.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
