AUSTIN (KXAN) — After years of negotiating around midnight on Thursday the Austin City Council approved affordable housing in the Plaza Saltillo development.
The council agreed on an amendment to the plans that says 25 percent of the affordable housing must be two bedrooms. Last March, the Capital Metro Board of Directors approved the master development and lease agreement for the 10 acres along East 5th Street.
The land near the Plaza Saltillo station is owned by CapMetro who agreed to lease it for $1.6 million per year for a base term of 99 years. The proposed development includes retail, offices, and apartments.
The Endeavor Group won the bid to develop this land back in 2014; they offered to pay workers $11 per hour. The Workers Defense Group held a rally calling for higher wages prompting the city to raise the rate to $13 an hour.
The development will take two to three years to complete. A price tag for the project has not been announced, but it will not involve taxpayer money since it’s being privately funded.