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.”
Among those developers that have jumped on the deal are a consortium that broke ground last year on SkyHouse Houston, a 24-story, 336-unit luxury high-rise apartment. The group was the first to be awarded the subsidy from the city program, according to media reports.