Financial Analysis - The Works III / Tillery
The CBRE report evaluates the proposed development of Tillery Street Apartments in Austin, Texas, featuring two components: a for-profit site with 531 units and a non-profit site with 120 units. Owned by the Travis County Facilities Corporation under a 75-year ground lease with a 100% property tax exemption, the for-profit site will rent 50% of its units to tenants earning less than 60% of the area median income (AMI), requiring tax exemptions for feasibility. The non-profit site, operated by LifeWorks, will provide supportive housing for tenants earning less than 40% AMI, needing additional public funding for feasibility. Financial analysis indicates the for-profit site is feasible only with rental restrictions and tax abatements, while the non-profit site requires further public assistance.
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