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City to sell and loan funds to developer to revive Warner & Swayze building as affordable housing
Summary
Council was briefed on legislation to sell the long‑vacant Warner & Swayze building to Penrose Holdings, enable a loan and reallocate legacy Rainbow Terrace proceeds to support redevelopment and neighborhood beautification.
City officials presented ordinances that would transfer the city‑owned Warner & Swayze building at Carnegie Avenue and East 50th Street to Penrose Holdings LLC (or its designee), provide a loan of up to $3 million and reallocate previously committed Rainbow Terrace proceeds to support the project and related neighborhood beautification.
Tony Bango, bureau chief for housing development in the Department of Community Development, said the century‑old Warner & Swayze building has been vacant for decades, is a public‑safety concern, and requires a complex capital stack to complete redevelopment. Penrose Holdings told council it plans a mixed senior and family affordable housing project with 12 apartment units for seniors and…
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