Commission approves conveyance of Broadway Corridor parcels for 151-unit affordable housing project

The City Commission unanimously approved Resolution 77-26 on April 13, authorizing conveyance of five city-owned parcels on the Broadway Corridor for development of a 151-unit, 100%-affordable rental project.

Jade Green, director of Housing and Community Development, described the conveyance as part of a corridor-revitalization strategy. The proposed seven-story mixed-use building would include studios, one- and two-bedroom units serving households at 30%–80% of area median income (AMI), a 30-year affordability covenant that runs with the land, about 166 parking spaces, roughly 5,000 square feet of retail/community space and a public-realm contribution of a pocket park and linear connection.

The developer team said it is pursuing a mix of financing including a construction loan, county housing bond program and 4% low-income housing tax credits, and that the project cost is estimated at approximately $67.8 million. City staff said conveyance is contingent on verified financing and that the agreement allows termination if required conditions are not met.

Some commissioners raised concerns about concentration of 100%-affordable projects versus mixed-income development; staff and developers said the project targets workforce incomes and includes local workforce and small-business participation targets (15% local workforce, 18% small-business participation). Staff said the department will monitor compliance and property management to help ensure long-term quality.

The resolution passed unanimously; staff will continue to work with the developer to verify financing and prepare closing conditions and site plans.