Untapped properties could help teachers, per superintendent
Austin ISD is already using the ground lease model with the former Allan Elementary, now known as the Anita Ferrales Coy Facility. It is on 18 acres in East AustinNot many people are aware of it, but the Austin Independent School District owns a lot of property in this town. According to AISD Superintendent Matias Segura , the district is one of Austin’s top five property holders. Now, with the district facing a, Segura and other school leaders want to use those holdings to make money.
In a ground lease, an owner rents a property to a tenant, who is allowed to develop the site at their own expense and for their own profit during the term of the lease. Lease terms are often quite long, as much as 99 years, but when the lease ends the tenant returns the land and improvements back to the property owner.
“The idea there is to develop several hundred units – approaching 500 units – of multifamily housing and have them be at a range of market prices,” Segura said. “It’s a blended development, so it could be from 40 percent median family income up to 120 percent. Because we own the land, we can use that to protect affordability and also require the developer to create unit mixes that attract families.
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