The VMU Overlay: Density, Design, Opportunity

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The VMU Overlay Density, Design, Opportunity

• Council Member Brewster McCracken

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Austins commercial corridorsthe status quo
Mixed use illegal on most commercially zoned
properties. Most commercial development is low
quality strip centers--low rents, and low
rent. Current zoning laws sharply limit density,
making redevelopment unprofitable.

• The VMU Overlay CM Brewster McCracken

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There is an alternative.

• The VMU Overlay CM Brewster McCracken

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There is an alternative.

• The VMU Overlay CM Brewster McCracken

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The path to high quality density.
this

• The VMU Overlay CM Brewster McCracken

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can become this.

• The VMU Overlay CM Brewster McCracken

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The Design Standards Process
3 years over 200 stakeholders task force
from ANC, RECA, Liveable City 2-day workshop
with Bob Gibbs three community charettes
produced the VMU Overlay.

• The VMU Overlay CM Brewster McCracken

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What is VMU?
Building and sidewalk configurations on Core
Transit Corridors.

• The VMU Overlay CM Brewster McCracken

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VMU standards
residential permitted even if zoning doesnt
allow must have ground floor commercial
spaces commercial uses permitted on ground
floor even with office zoning

• The VMU Overlay CM Brewster McCracken

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VMU development bonuses
FAR limits--REMOVED Minimum site area
requirements--REMOVED Maximum building
coverage--REMOVED Minimum side yard
setback--REMOVED Minimum interior yard
setback--REMOVED Angled parking permitted as a
matter of right Parking requirement reduced to
60 of current minimum

• The VMU Overlay CM Brewster McCracken

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VMU development bonuses
Sidewalks and curbs with pervious concrete
dont count against impervious cover limits.
Get to keep existing impervious cover. Internal
blocks can be subdivided and sold--dont have to
connect to public street. Credit for on-street
parking. VMU redevelopments exempt from
parkland dedication fee. Resulting in up to 50
more units than permitted under current law.

• The VMU Overlay CM Brewster McCracken

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Eligibility for VMU development bonuses
Multi-family 10 of units at 80 MFI Condo
5 of units at 80 MFI, 5 at 100 MFI
Opt-out/Opt-in process
Every VMU development to date is choosing to
include the affordability to take advantage of
the development bonuses.

• The VMU Overlay CM Brewster McCracken

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Example
A decaying strip center has 100 impervious
cover. It is located in a watershed with 65
impervious cover limits. This impervious cover
limit has effectively made it impossible to
redevelop the center.
The center can now completely redevelop as a VMU
project. The development can retain all of its
existing impervious cover (it must also meet
current water quality standards). No zoning
change or variance is needed, thereby removing
entitlement risks.

• The VMU Overlay CM Brewster McCracken

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The VMU Overlay
Core Transit Corridors are the following S.
1st St north of Ben White E. 7th St west of
Pleasant Valley E. 5th St, I-35 to Pleasant
Valley W. 5th St., from Guadalupe to Mopac
E. 6th St., from I-35 to Pleasant Valley W. 6th
St., from Guadalupe to Pressler W. 35th/38th
St., from Mopac to Speedway Airport, from Lamar
to I-35 Anderson Ln, from Burnet to Mopac
Barton Springs Rd., east of Robert E. Lee
Burnet Rd, from 45th St. to Anderson Lane S.
Congress Ave., north of Stassney Guadalupe
St. Lamar Blvd, from Banyon to Ben White
MLK, from Pearl to Airport Riverside Dr., west
of Pleasant Valley Future Core Transit Corridors
are the following S. Congress Ave., from
Stassney to Slaughter Slaughter, from I-35 to
Mopac 7th St., from Pleasant Valley to 183
Lamar Blvd, from Banyon to Howard Lane Manor
Rd, from Dean Keeton to 183 Airport, from
Manor to I-35 51st St., from Manor to
Airport Far West, from Mopac to Chimney
Corner Cameron Rd, from 51st St. to 183
Mesa, from Spicewood Springs to Steck
Jollyville, from Great Hills to 183.

• The VMU Overlay CM Brewster McCracken

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The Opportunity

• Infill mixed use will be the top development
  opportunity for the rest of the decade.
  PriceWaterHouse Coopers, Emerging Trends in Real
  Estate 2006
• In Austin, new multi-family units will be
  concentrated in infill urban locations because
  they command higher rents. Austin
  American-Statesman
• Residential in mixed use developments produces
  rent premiums of 15-20. Natl Real Estate
  Investor
• Office rents in mixed use developments command
  rent premiums of 3-4 per square foot. NREI
• The presence of retail-oriented goods and
  services increases the absorption rate of
  residential sales and leasing. Urban Land
  Institute, UrbanLand

The VMU Overlay CM Brewster McCracken
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The Opportunity

• Mixed use developments consistently out-perform
  standard suburban real estate products in--

• office lease rates
• retail lease rates
• home prices
• apartment rents,
• retail sales
• sales tax revenues
• hotel room rates
• occupancy rates
• on-site property values
• adjacent property values.
• Urban Land Institute, UrbanLand

The VMU Overlay CM Brewster McCracken
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Impact to date E. Riverside

• The VMU Overlay CM Brewster McCracken

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In the last month, the Austin City Council has
approved five major VMU developments on E.
Riverside alone.
Within 5 years, E. Riverside will be the gateway
corridor into Austin.

• The VMU Overlay CM Brewster McCracken

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The Vision a better future for Austin
Promote high quality density on corridors.
Protect single family neighborhoods.
Create a second downtown in North Austin.
Create dense urban town centers at rail stops.

• The VMU Overlay CM Brewster McCracken