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EDIC flags downtown redevelopment proposal for further financial and site-plan review
Summary
Committee discussed a large downtown redevelopment proposal on a former power-plant site that is pursuing 4% low-income housing tax credits and Renaissance Zone designation; members raised concerns about cost per unit, market rents and whether the project should be considered a market-rate proposal rather than low-income housing.
The Economic Development and Investment Committee reviewed a conceptual redevelopment proposal for a former power-plant site that would add sizable downtown housing capacity, but members asked staff to pause incentive consideration pending detailed financial underwriting and site-plan review.
Jim Gilmore summarized the project and said it appears more aligned with market-rate downtown housing than with deep-subsidy low-income housing. "I think it's unlikely that given those costs and given the rents that it's gonna qualify for a pilot," Gilmore said. Staff…
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