Council backs $10 million rehab plan for PAM Apartments, staff says work will be phased to avoid wholesale displacement
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Summary
The commission adopted R26-004 to support KCG Group’s plan to acquire and rehabilitate the PAM Apartments (1200 N. Wells) with an estimated $10 million in improvements and phase-by-phase rehabs intended to keep most tenants in place.
Kerry Rushing delivered a presentation on behalf of KCG Group proposing to acquire and rehabilitate the PAM Apartments at 1200 North Wells as an affordable-housing project.
Rushing said KCG, established in 2015, ranks among the larger affordable-housing developers and plans a roughly $10,000,000 investment in the property; he estimated about $50,000 in rehab per apartment and said the property is currently valued near $1.7 million. The developer intends to apply for state tax credits and grants in March, hopes to close in November if awarded funding, and to finish rehab work about a year after closing.
Rushing told commissioners the company would phase renovation work to minimize tenant displacement, starting with vacant units and moving residents between updated units as needed. He confirmed the property is current on taxes and that infrastructure work (noted as a sewer issue) will be addressed as part of the rehab scope.
Commissioners asked about tenant protections and rent effects; staff said the property is restricted as affordable housing and rent increases are limited by program rules. Rushing and staff said the developer had not requested in-kind or monetary city incentives at this time but might seek tax abatement later if the project is successful.
The commission adopted resolution R26-004 in support of the project by voice vote.