At the Round Rock City Council meeting Thursday night, the council unanimously approved letting a proposed affordable housing complex, Shadow Ridge Apartments, increase its number of anticipated units from 265 to 325.
In November, Pedcor Investments, LLC, the developer, received initial approval for the 265 units, but needs to increase that number now. The apartment complex is located at the northwest corner of A.W. Grimes Boulevard and East Old Settlers Boulevard.
Even though the development, as currently zoned, can have as many as 460 units, council members expressed concern at allowing that large of a development within the city.
“Whether it has the tax credit or not, I don’t think anyone wants to see a development of that size in one place out there,” Mayor Alan McGraw said.
The council members also addressed misinformation regarding what an affordable housing complex really does. Mayor Pro Tem Craig Morgan asked for clarification on what rents would be once units started leasing.
The developer said one bedroom units would be let for $800, two bedroom units for $980 and three bedroom units for a little more than $1,100.
Rents would only be slightly less than the average market rate by 10 to 15 percent, according to the developer.
Per Texas Department of Housing and Community Affairs, affordable units are open to individuals making a certain reduced percentage of the average median area income. At Shadow Ridge Apartments, 312 units will be priced for individuals making 60 percent of the average median income. Four additional units will be priced for those making 50 percent of that income.
The council approved 325 units, instead of the 316 currently projected to be built, to give the developer a cushion for future plan changes.Article and image courtesy of Community Impact