Get email alerts on the Development Feasibility topic
No spam. Unsubscribe anytime.
Developer warns cap in central business district could stifle mixed-use projects
Summary
A landowner/developer told the joint session that requiring a cap in the Central Business District without exceptions could make new mixed-use development financially infeasible, and asked for carve-outs or queue exceptions for projects under construction.
A developer who owns central-business land told the session that short-term rental revenue is often necessary to make new mixed-use projects financially viable.
The developer (speaker 16) said he would like to build long-term rental apartments but “there is no way with the building cost nowadays that I can afford to build a apartment complex just for long term rentals ... I would have to do at least part of those, apartments as short term rentals in order to make it feasible.” He asked council to consider exceptions or a way to reserve slots for developers so projects are not stalled by a citywide cap.
Council members acknowledged the concern and suggested staff consider development exemptions or phased approaches while balancing neighborhood preservation and housing goals.
AI generated
The text on this page is AI generated. Summaries, highlights, analysis, and video transcripts are all produced from the original source material.
AI can make mistakes, so if you spot one, and we will fix it for everyone.
Note: the source content is unaltered by us. Any content source we link to, be it a video, an audio recording, or a document, is presented exactly as its publisher released it. That publisher is usually a government body, sometimes an individual official or another organisation.
