Item 5b_SCW Reg Plan SAPJC 041322 — original pdf

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South Central Waterfront Regulating Plan Small Area Planning Joint Committee April 13, 2022 Greg Dutton – Housing and Planning Content Background Regulating Plan How will it work? What will it do? What will it not do? Gives and gets Other Considerations Next Steps Waterfront Planning Background  Town Lake Corridor Study (1985)  Established principles to protect and promote shoreline  Waterfront Overlay (1986)  Incorporated into code (LDC)  Determines what can or cannot be developed  Waterfront Planning Advisory Board (2012)  How to advance principles of TLCS  South Central Waterfront small area plan initiated (2013) 3 4 5 Framework Plan (2016) 6 Overall Process Regulating Plan Creation Incorporation into LDC (Adoption) 7 Regulating Plan: how will it work? Developer Provides: • On-site affordable housing • Fee-in-lieu affordable housing • Other public realm benefits Developer Gets: • Increased entitlements 8 Regulating Plan: how will it work?  Opt-in, voluntary  Works in conjunction with existing WFO (does not replace it)  Mechanically similar to University Neighborhood Overlay (UNO)  Amendment to the land development code 9 Regulating Plan: what will it do?  Control physical buildout  Lay out public benefits and developer incentives  Include requirements for Affordable Housing provided by private developments that utilize bonus entitlements  Open space, streetscape, frontage, building height, land uses, parking 1 0 Regulating Plan: what will it not do?  Does not mandate participation  Does not speak to financing, funding sources, or public-private  Does not allow wiggle room or negotiating  Part of a larger toolbox - will not achieve the framework vision by partnerships itself 1 1 Regulating Plan: gives and gets*  Public goods:  Additional entitlements:  Affordable housing  Height subdistricts up to  On and off-site, 10%+ 400’ set aside  Improved streetscape  Enhanced open space  Improved pedestrian experience *All properties in the district eligible to participate  Additional land uses  Additional floor area  No site area requirements  No minimum parking required 1 2 Other Considerations  TIRZ in process  Project Connect:  Blue Line stop (above ground) + bridge  Orange Line stop (underground)  Changed market since 2016  Acuña ruling 1 3 Next Steps  Regulating plan:  Concepts: April/May 2022  Draft code: June 2022  Adoption: July/August 2022  TIRZ: late summer 2022 20% Affordable Housing Gap Finance 1 4