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Committee reviews two NEZ rehab proposals; Lakewood project postponed then sent to formal, Elliot to return with financial breakdown
Summary
The committee heard two Neighborhood Enterprise Zone applications: a proposed 18‑unit rehab on Lakewood (developer Yury Logvin) and a 6‑unit rehab on Elliot (owner Craig Jenkins). Logvin's presentation was interrupted by a technical issue and the Lakewood item was postponed then later sent to formal recommendation; Jenkins was asked to return with a capital breakdown in two weeks.
Two neighborhood rehabilitation proposals were discussed under New Business.
Lakewood (2681 Lakewood): Chris Gulak of CPC presented a plan by Lakewood LLC (managing member Yury Logvin) to restore a 1923, three‑story building into 18 one‑bedroom rental units. Gulak said the petitioner proposed about $27–30,000 per unit for a total investment north of $500,000 and target rents of $900 per month (about 55–60% of area median income). The developer aimed to lease roughly half the units to low‑income veterans with assistance from Volunteers of America. Gulak noted the building is nonconforming and cannot easily accommodate an elevator or ADA units.
During Q&A, members questioned the capital stack, rent feasibility and parking plans; Logvin said the project is self‑sufficient and that he owns a similar building at 1396 Cadillac where 50% of tenants are market and 50% Section 8 veterans. A Zoom connectivity issue interrupted his remarks; the committee postponed 6.2 to the end of the meeting and later moved it forward to formal with a recommendation to approve after clarifications were provided.
Elliot (250 Elliot): CPC staff presented a Brush Park property owned by Craig Jenkins. Jenkins proposed a $1,000,000 rehabilitation to create six residential apartments and suggested market rents in the $2,500–$3,500 range for the area. The property’s taxable value is low ($75,000) because it has been family owned for decades; the NEZ would freeze assessed value to avoid a tax spike following rehabilitation.
Members questioned the high rent estimates and asked Jenkins to provide more detail on the capital stack and affordability considerations. Jenkins said he would consider one unit at a lower rate and possibly add a back‑entry ramp to improve access. Vice Chair Johnson moved to bring the item back in two weeks for a detailed financial breakdown; the motion passed without objection.
What’s next: Lakewood NEZ (6.2) moved to formal recommendation for approval; Jenkins will return with a capital breakdown and affordability details for 6.3.
