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Market study: mid‑rise development at former DMV site not currently financially viable; staff to issue RFI
Summary
Planning staff reported that demolition is about 50% complete and that a market study found mid‑rise apartments would produce negative land value under current market conditions; staff recommended issuing an RFI, fast‑tracking smaller State Street parcels and exploring subsidy options including tax credits and project‑based vouchers.
City planning staff updated the council on the former DMV site and a market‑study analysis that complicates the city’s goal of achieving transit‑supported density and significant affordable housing on the block.
Ken Bowers, planning staff, said demolition and abatement on the site are about 50% complete and that staff are planning temporary activations including a community cookout on May 30 and quarterly anchor events. On market feasibility, Bowers summarized the consultants’…
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