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Council approves 101 Ash ground‑lease to convert vacant tower into 247 affordable homes and childcare
Summary
After multi‑month negotiations and a lengthy public hearing, the council approved a 60‑year ground lease and disposition agreement with MRK/CREATE to convert 101 Ash Street into 247 income‑restricted apartments, childcare and retail; the city retains ultimate ownership and will receive deferred payments and a seller's note.
The City Council on July 29 approved a negotiated disposition and 60‑year ground lease for 101 Ash Street that will transfer leasehold control of the long‑vacant 21‑story downtown tower to 101 Ash Venture LP (to be controlled by MRK Partners and CREATE Development) for an adaptive reuse conversion to income‑restricted housing.
Economic Development staff and the developer described a project that would create 247 deeply income‑restricted homes (targeting households at roughly 30%–80% of area median income, with an average AMI target near 60%), on‑site support services and a roughly 4,000‑square‑foot childcare facility plus about 25,000 square feet of ground‑floor commercial space. The developer and supporting consultants described a capital stack that leans on federal low‑income housing tax credits, federal historic tax credits, permanent loans and other tax‑exempt financing; direct…
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