An Austin developer is planning a downtown apartment project that would offer rental rates below those at surrounding luxury developments. Shoal Cycle, which will be along Shoal Creek at 11th Street, will have 210 beds with 58 parking spaces, as well as 3,500 square feet of retail, according to developer Weaver Buildings. The project intends to offer rents that are affordable to service industry, creative class and office employees, as well as those who work for publicly funded entities such as the University of Texas, the city of Austin and the state of Texas. Rental rates would target those making about $55,000 annually. The developer has filed a zoning request to build a project up to 90 feet tall. The request will be reviewed by the Austin Planning Commission in the coming months, with the Austin City Council having the final say.