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05-7-14-PC
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14 Higher-Density Development <br />MYTH TWO FFACTTWO <br />For instance, one study by the National Association <br />of Home Builders looked at data from the American <br />Housing Survey, which is conducted every two years <br />by the U.S. Census Bureau and the Department of <br />Housing and Urban Development. It found that <br />between 1997 and 1999, the value of single-family <br />houses within 300 feet of an apartment or condo- <br />minium building went up 2.9 percent a year, slightly <br />higher than the 2.7 percent rate for single-family <br />homes without multifamily properties nearby.18 <br />Another study, commissioned by the Family Housing <br />Fund in Minnesota, studied affordable apartments <br />in 12 Twin Cities neighborhoods and found “little <br />or no evidence to support the claim that tax-credit <br />family rental developments in [the] study eroded <br />surrounding home values.”19 And a long-term study <br />by Harvard University’s Joint <br />Center for Housing Studies <br />published in 2003 also confirms <br />that apartments pose no threat <br />to nearby single-family house <br />values, based on U.S. Census <br />data from 1970 to 2000.20 <br />Not only is there compelling <br />evidence that increased density <br />does not hurt property values <br />of nearby neighbors: researchers <br />at Virginia Tech University have <br />concluded that over the long <br />run, well-placed market-rate <br />apartments with attractive <br />design and landscaping actually <br />increases the overall value of <br />detached houses nearby.21 They <br />cite three possible reasons. First, the new apartments <br />could themselves be an indicator that an area’s econ- <br />omy is vibrant and growing. Second, multifamily <br />housing may increase the pool of potential future <br />homebuyers, creating more possible buyers for exist- <br />ing owners when they decide to sell their houses. <br />Third, new multifamily housing, particularly as part <br />of mixed-use development, often makes an area <br />more attractive than nearby communities that have <br />fewer housing and retail choices.22 <br />Echelon at Lakeside <br />Echelon at Lakeside is the only multifamily development <br />in an upscale, master-planned single-family suburban <br />neighborhood of Lakeside on Preston in Plano, Texas a <br />suburb of Dallas. Florida-based developers Echelon <br />Communities, LLC, overcame initial community opposi- <br />tion from area residents through high-quality innovative <br />design. The award-winning architecture blends seam- <br />lessly with the surrounding neighborhood’s traditional <br />style. Larger-than-normal floor plans, individual entries, <br />and attached garages combine to mirror the grand <br />estates in the surrounding communities. Although street <br />elevations make the buildings appear to be one single- <br />family home, they actually house several multifamily units. <br />Memphis-based architects Looney Ricks Kiss used five <br />building types and three building styles. All units include <br />high-quality interior finishes; community amenities include <br />a resort-style pool, fitness facility, clubroom, business and <br />conference center, and full-time concierge. <br />PROFILE <br />The award-winning apartments at Echelon at Lakeside <br />were designed to blend with the neighboring luxury <br />homes. <br />COURTESY <br />OF <br />ECHELON <br />COMMUNITIES, <br />LLC, <br />PHOTOGRAPH <br />©STEVE <br />HINDS
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