Committee forwards purchase of two Tremont parcels for downtown affordable housing

The Finance and Business Committee voted to forward to full council a pair of companion measures to acquire two downtown parcels (1460 and 1480 Tremont) intended for affordable housing development.

Real estate staff told the committee the acquisition covers two parcels totaling about 12,500 square feet of land, with an existing small building of roughly 4,866 square feet, located near the Webb Building and the 16th Street Mall in Council District 10. The purchase price is $2,500,000; staff requested a companion appropriation of up to $2,525,000 from the capital improvement fund (CIF) contingency to cover the purchase and up to $25,000 in closing costs.

"This would be a great connection to the Sixteenth Street Mall," Lisa Lumley, director of real estate, told the…