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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.
