NAR reaches agreement to resolve nationwide claims brought by home sellers
March 18, 2024
AUSTIN – Architecture firm Dick Clark + Associates plans to build three homes on about two-tenths of an acre at 717 Prospect Ave. to test out the new HOME Initiative that the city council approved last year.
The 7,000-sf site will be home to two 1,350-sf residences and one 1,600-sf residence. The larger unit has a three-bedroom floor plan while the smaller units have two bedrooms.
Rent will be market rate. However, the project will address affordability for people seeking to live nearer to the heart of Austin by dividing the land cost by three.
The new HOME Initiative could save developers money by making the permitting process in Austin more efficient, as well as potentially saving on materials.
There is no general contractor attached to the project, but construction likely will start in the next six months.