However, cities will often provide FAR bonuses, allowing a denser project, if the developer provides specific public benefits. The purpose of these provisions is to encourage landowners to improve the quality of their developments to the benefit of the community, by creating an economic incentive for them to do. Examples of public benefits that may be eligible for a FAR bonus include building affordable housing, incorporating public art, etc.

400 Central was granted a 3.5 FAR bonus for the future purchase of 346,854 square feet of transferable development rights (TDRs) from a locally designated landmark or landmark site with available TDRs.

TDRs are the unused development capacity that exists on lots with locally designated properties. For example, if a historic property sits in a zoned area with a baseline FAR of 3.0 but the existing historic structure is only a FAR of 1.0, then the property owner of the historic building can sell the unused FAR of 2.0 to another developer. Because the existing building is not eligible for redevelopment due to its historic status, the unused development rights can be sold. The purpose of TDRs is to provide benefit to owners of historic properties in order to encourage preservation.

The development received an additional 0.5 FAR bonus for proposing to install decorative perforated metals panels that will screen and minimize the appearance of the parking garage.

With today’s unanimous approval from the DRC, 400 Central is another step closer to breaking ground. Groundbreaking is expected to commence in 2Q 2020 with a completion date by the end of 2022.