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Commission approves small-package revisions to 1629 Market Street project to preserve affordable credits
Summary
To preserve affordability at South Beach Marina Apartments and advance project financing, the commission approved modifications to the 1629 Market Street development allowing use of previously negotiated affordable housing credits; supporters said the change helps close financing gaps and preserves affordability.
The Planning Commission approved amendments to the development agreement for the 1629 Market Street mixed-use project to permit use of affordable housing credits previously negotiated with the city. Planning staff and project sponsor Michael Cohen (Strata Investment Group) said the change helps move the project forward by meeting a financing partner’s…
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