A Dallas-based developer told city officials about plans to build a senior housing community in Hutto at their Feb. 18 Council meeting.
Co-founder and co-owner Kelly Garrett of State Street Housing, LP said his company plans to purchase a 28-acre tract of land in which to build an 80-unit mix of one and two-bedroom apartments and cottages for seniors.
The Havens of Hutto would bring an 80-unit senior living development to Hutto.[/caption]
“It’s for the people that have money, but not a lot of money,” Garrett said. “We like seniors because they don’t tear everything up and [their apartments] don’t require a lot of maintenance.”
In his presentation, Garrett sought the city’s support and received the Council’s initial approval for funding assistance in the form of a nine percent housing tax credit for the planned development, the Havens at Hutto.
“Basically what they do is ask for some sort of financial commitment. It’s not the same as the senior community that was approved previously,” said Helen Ramirez, Hutto’s development services director. “Before, they requested a specific amount, and now they’re saying the city can decide what that amount would be, and we’re proposing a $100 credit towards their site plan review fee.”
The Havens of Hutto would be located on seven acres just north of Farley Middle School on the southwest corner of the tract situated at the intersection of CR 1660 and CR 137.
The property would be age-restricted to those older than 55, and the stated goal is to make it an affordable option for Hutto’s expanding population.
Garrett said his company recently received a market analysis, which showed promising opportunities for growth in the Hutto area.
“There would be a mix between the market rate and affordable units. We’ve changed it to 40 [market] and 40 [affordable] because the market is so strong here. Our preliminary market analysis for Hutto is tremendous,” Garrett said. “In fact, your growth rate projected for the next four years is 9.5 percent a year in growth, and over age 55, the absorption rate is 141 units a year, so you can see why we’re in Hutto.”
The Havens of Hutto would bring an 80-unit senior living development to Hutto.[/caption]
“It’s for the people that have money, but not a lot of money,” Garrett said. “We like seniors because they don’t tear everything up and [their apartments] don’t require a lot of maintenance.”
In his presentation, Garrett sought the city’s support and received the Council’s initial approval for funding assistance in the form of a nine percent housing tax credit for the planned development, the Havens at Hutto.
“Basically what they do is ask for some sort of financial commitment. It’s not the same as the senior community that was approved previously,” said Helen Ramirez, Hutto’s development services director. “Before, they requested a specific amount, and now they’re saying the city can decide what that amount would be, and we’re proposing a $100 credit towards their site plan review fee.”
The Havens of Hutto would be located on seven acres just north of Farley Middle School on the southwest corner of the tract situated at the intersection of CR 1660 and CR 137.
The property would be age-restricted to those older than 55, and the stated goal is to make it an affordable option for Hutto’s expanding population.
Garrett said his company recently received a market analysis, which showed promising opportunities for growth in the Hutto area.
“There would be a mix between the market rate and affordable units. We’ve changed it to 40 [market] and 40 [affordable] because the market is so strong here. Our preliminary market analysis for Hutto is tremendous,” Garrett said. “In fact, your growth rate projected for the next four years is 9.5 percent a year in growth, and over age 55, the absorption rate is 141 units a year, so you can see why we’re in Hutto.”
