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City commission approves one-year option agreement with PS Equities for 427 Market, seeking mixed-income housing on riverfront parcel
Summary
After extended discussion, the commission approved a one‑year option with PS Equities to pursue a redevelopment of 427 Market that would include at least 75 affordable units and a mix of affordability levels; buyers plan a LIHTC application and partner with Dwelling Place.
After extended debate at the Feb. 11 commission meeting, the City Commission approved a one‑year option agreement with PS Equities to negotiate sale terms for city‑owned property at 427 Market SE, adjacent to land the developer already controls. The proposal obligates the developer to pursue a multi‑story housing project with affordability commitments and to apply for Low‑Income Housing Tax Credits (LIHTC) in the April 2025 funding round.
Mayor David LeGrand’s staff and the applicant described 427 Market as a strategic, riverfront parcel in a corridor undergoing rapid redevelopment. The option agreement requires the developer and Dwelling Place (a partner…
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