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Rise Aspen Heights’ project was granted entitlements for an extra eight stories.

AUSTIN, TX—The tower at 805 Nueces St. made headlines for being the first project to navigate the downtown density bonus program. The 22-story project is eight stories and 86,000 square feet larger than what it otherwise would have been, based on underlying zoning.

That’s because the developer agreed to pay $868,400 or $10 for each additional square foot, to the affordable housing trust fund, along with other costly building upgrades that make the project compliant with a two-star rating from Austin Energy. It was granted the entitlements it needed to add those extra eight stories in December 2014, and will make the payment to the affordable housing trust fund this fall in advance of receiving its certificate of occupancy.

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Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.

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