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Developer proposes 40-unit workforce housing project for district parcel, contingent on tax credits
Summary
Gorman & Company proposed a 40-unit workforce housing development for the district-owned site. The firm plans to pursue a competitive 9% tax credit application and estimated a 25,000-per-unit developer fee (deferred portion possible); board members requested vacancy and rent details to refine underwriting.
Gorman & Company presented a proposal to develop 40 residential units on the district-owned parcel at 1227 Bell Avenue. Adam Gorman described a mixed townhome-style plan: 12 three-bedroom units and 28 two-bedroom units targeted at workforce or "missing middle" households. He said the firm would pursue a competitive 9% tax-credit application (referred to in the presentation as a…
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