The cost of living has escalated in Central Texas to exceed that of the national average, according to a poll conducted by BestPlaces.net. Housing is cited as the primary source for this disparity in cost of living. Yet, according to indeed.com, the average musician’s salary in Texas is approximately $25.85 per hour, which is 22% below the national average.
To bridge the gap between the high cost of living and low income of musicians and artists, Mosaic Sound Collective (MSC) engaged ULI Austin as a neutral body to conduct a Technical Assistance Panel (Panel) to review the potential for the development of an affordable housing community for musicians. The Panel will consist of local experts with very different view points. This is an exploratory Panel that will make recommendations to Mosaic Sound Collective.
ULI Austin was engaged to convene this Panel to review a 7+ acre parcel of land near MSC for the purpose of developing affordable housing for musicians and artist in the Central Texas Community.
MSC established the following objectives for this TAP:
- The Panel reviewed the constraints to develop the identified property and make a recommendation on best usage to achieve affordable housing, within existing constraints.
- The Panel determined a set of recommendations to overcome obstacles to development including finance, legal, zoning, adaptive reuse and joint venture/public private partnerships.
TAP’s at ULI Austin
Please contact Paulette Gibbins with any ideas for additional Technical Assistance Panels in the greater Austin area. ULI expertise can provide an unbiased view of land use and real estate issues. We have the ability to garner advice and participation from around the country to apply to local challenges.