At the former Community Connections property, per the JBJ.
QuoteWorkforce housing coming to Cathedral District as part of revitalization efforts
A plan to build dozens of apartments in the heart of Jacksonville's Cathedral District is moving ahead.
Vestcor has applied for utility service at 325 Duval St. E. to build up to 140 units at what the company is calling the "Lofts at Cathedral."
Ginny Myrick, who is leading the nonprofit Cathedral District - Jax Inc., which is working to revitalize the historic downtown neighborhood, said the apartments will be mostly workforce housing. No architect has been selected for the project yet.
Vestor President Steve Moore was not immediately available to talk Monday.
The property used to belong to Community Connections, which provided transitional housing for the homeless until the group shut down as a result of federal funding shifting from transitional housing to rapid rehousing efforts.
Full story: https://www.bizjournals.com/jacksonville/news/2018/10/30/workforce-housing-coming-to-cathedral-district-as.html
Good to see something happening on that side of downtown. Any word what exactly they are planning for the site? I hope they don't plan to demolish the existing YWCA structure on the SW corner of the block.
This is the property that Balanky had a proposal for, correct? As part of that project, the original Y building was to stay, but the smaller building would have been demolished.
I thought the more recent plan was to tear down both buildings.
Quote from: vicupstate on October 30, 2018, 09:40:25 AM
I thought the more recent plan was to tear down both buildings.
Original plan was to tear down both buildings, but the building's historic designation prevented that from happening.
Correct CZ, Balanky's plan kept the most historically significant portion of the property intact (the L-shaped building) while demolishing a less significant portion.
Four liens were placed on the property last year, and Balanky exited to focus on other things.
A nonprofit purchased the property, and they're now working with Vestcor, it seems.
Main difference is that Balanky's plan was 15% workforce housing, and it sounds like Vestcor's will be majority workforce.
Quote from: vicupstate on October 30, 2018, 09:40:25 AM
I thought the more recent plan was to tear down both buildings.
They're definitely not demolishing the L-shaped building, which is landmarked.
https://www.jaxdailyrecord.com/article/nonprofit-buys-cathedral-district-property
Correct - my understanding is everything except the historic building will be demolished and they'll rebuild. I assume that means the building on the corner that looks awful and doesn't fit whatsoever will be gone.
I remember that building because at a JCCI meeting, I asked a rep from the predecessor to the DDRB why they approved this building that clearly doesn't meet historic guidelines. He shared that since they were a nonprofit they let it slide (paraphrasing).
This was on the heels of Fidelity National Financial building their garage with 0 ground level retail. I made a comment on how the rich companies get what they want, the rules are bent for the small non-profits while the mid-sized companies have to comply, which is sort of a microcosm of the world.
My comment wasn't met with enthusiasm.
Downtown has how many "workforce" housing units coming on line?
How many market rate units? (All I can think of is old Barnett Bank Bldg...)
My worry is downtown will never be a destination for upwardly moblie millenials and well to do retirees.
If it's too much workforce housing it will always suck.................
Quote from: Steve on October 30, 2018, 10:58:09 AM
This was on the heels of Fidelity National Financial building their garage with 0 ground level retail. I made a comment on how the rich companies get what they want, the rules are bent for the small non-profits while the mid-sized companies have to comply, which is sort of a microcosm of the world.
My comment wasn't met with enthusiasm.
The funny thing is that all the FNF, FIS, BCBS, and Black Knight employees who use that garage would probably make retail space in that garage a hit. There are a couple thousand employees within a quarter mile of that garage and all the mom and pop restaurants around there are packed.
Quote from: MusicMan on October 30, 2018, 11:21:22 AM
Downtown has how many "workforce" housing units coming on line?
How many market rate units? (All I can think of is old Barnett Bank Bldg...)
My worry is downtown will never be a destination for upwardly moblie millenials and well to do retirees.
If it's too much workforce housing it will always suck.................
It has more luxury units proposed than workforce housing. The District alone has more housing units than all the recently built and proposed Vestcor properties combined. Then there's the various projects proposed/going up on the Southbank and in Brooklyn. If upwardly mobile millennials and well to do retirees want to move downtown, it won't be because there aren't enough housing units available for them.
Quote from: Captain Zissou on October 30, 2018, 11:28:11 AM
Quote from: Steve on October 30, 2018, 10:58:09 AM
This was on the heels of Fidelity National Financial building their garage with 0 ground level retail. I made a comment on how the rich companies get what they want, the rules are bent for the small non-profits while the mid-sized companies have to comply, which is sort of a microcosm of the world.
My comment wasn't met with enthusiasm.
The funny thing is that all the FNF, FIS, BCBS, and Black Knight employees who use that garage would probably make retail space in that garage a hit. There are a couple thousand employees within a quarter mile of that garage and all the mom and pop restaurants around there are packed.
Right!? Apparently FNF didn't want to be a landlord, though there are plenty of ways to solve that problem. Bottom line is they didn't want to.
Quote from: thelakelander on October 30, 2018, 11:32:56 AM
Quote from: MusicMan on October 30, 2018, 11:21:22 AM
Downtown has how many "workforce" housing units coming on line?
How many market rate units? (All I can think of is old Barnett Bank Bldg...)
My worry is downtown will never be a destination for upwardly moblie millenials and well to do retirees.
If it's too much workforce housing it will always suck.................
It has more luxury units proposed than workforce housing. The District alone has more housing units than all the recently built and proposed Vestcor properties combined. Then there's the various projects proposed/going up on the Southbank and in Brooklyn. If upwardly mobile millennials and well to do retirees want to move downtown, it won't be because there aren't enough housing units available for them.
In fairness, most don't consider Brooklyn and the Southbank to be Downtown, though technically they're in the current arbitrary boundary of Downtown.
In fairness, outside of the Barnett (which I don't believe is income restricted), and Ashley Square (senior housing), there aren't any workforce or affordable housing projects going up in the traditional central business district either. The few projects that are underway or recently completed are in LaVilla. The Ambassador Hotel's apartment phase, Elena Flats, Old JEA Tower, Chamblin's project, Jones Brothers Furniture, etc. will all likely end up as luxury housing. In addition to them, we have a slew of vacant midrise buildings where the numbers won't work to make them affordable housing. As the core becomes more popular, they'll likely become luxury housing as well.
Agree (with Bill). If you own property within 5 blocks of the old Barnett Bank building, The District (or any other development in SM) will have very little impact on you.
That's my opinion.
All this workforce housing is not going to keep seats filled at Symphony Hall/TU PAC, The Florida Theater, Cowford Chophouse, or all the lovely little craft cocktail bars (i.e. $13 for a Manhattan) that are popping up downtown. Or seats at TIAA Bank Field.
It's just more people with little or no disposable income filling up downtown.
Lake.... The District (or whatever ends up being there) is YEARS AWAY from completion.
If investors believed what you are saying they would be swooping in and picking up every little parcel and vacant building around all these workforce developments, and that is NOT happening.
Quote from: MusicMan on October 30, 2018, 02:18:40 PM
Agree. If you own property within 5 blocks of the old Barnett Bank building, The District (or any other development in SM) will have very little impact on you.
There's not much housing going on (affordable or luxury) within five blocks of the Barnett. What is proposed is literally all luxury or hotels.
QuoteAll this workforce housing is not going to keep seats filled at Symphony Hall/TU PAC, The Florida Theater, Cowford Chophouse, or all the lovely little craft cocktail bars (i.e. $13 for a Manhattan) that are popping up downtown. Or seats at TIAA Bank Field.
Do we even have 1,000 units total? In the grand scheme of things, we're talking about peanuts.
QuoteIt's just more people with little or no disposable income filling up downtown.
Who's going to work at all these places to serve those who want to live the lavish lifestyle? DT needs all the density and people it can get. We could dump 10,000 new residents in the core today and it still won't be dense. IMO, keep them coming....luxury, workforce and affordable. We literally need all of them.
QuoteLake.... The District (or whatever ends up being there) is YEARS AWAY from completion.
All of these projects are years away. Each project start to finish, easily takes 2 to 3 years minimum. I need to go back and finish up the latest urban project and development list. I think you all will be surprised at what's proposed that's not the District, Vesctor or Shipyards.
QuoteIf investors believed what you are saying they would be swooping in and picking up every little parcel and vacant building around all these workforce developments, and that is NOT happening.
Downtown is no where near vibrant. Investors will swoop in with money when it makes financial sense for the private sector. We're likely have another recession before that day arrives. Until then, we'll have to lure with incentives.
"We could dump 10,000 new residents in the core today and it still won't be dense. IMO, keep them coming....luxury, workforce and affordable."
No but 10,000 new residents would make a difference, if "dumped" in the next year. We're a long way from 10,000..... I'm betting every business owner downtown would welcome 10,000 new residents...
Yes. That's why I say keep them coming. We're not at a time where we should be denying or worrying about having too much workforce and affordable housing.
I really don't get the resistance to workforce housing. It's not like it'll make the current underpopulated downtown worse, or hold up luxury developments.
Quote from: MusicMan on October 30, 2018, 02:18:40 PM
All this workforce housing is not going to keep seats filled at Symphony Hall/TU PAC, The Florida Theater, Cowford Chophouse, or all the lovely little craft cocktail bars (i.e. $13 for a Manhattan) that are popping up downtown. Or seats at TIAA Bank Field.
It's just more people with little or no disposable income filling up downtown.
So this is all about people coming to support your business? Sorry these aren't desirable people to you, but I would say that they will still result in an increase in business. I would say the downtown crowd, no matter the income, are more inclined to visit cultural institutions. Maybe they can't afford a normal symphony production, but they could definitely afford a Symphony in 60 event that gives free beer at the end. They may not be everyday customers, but once or twice a year for sure.
Conversely, the well to do people who move to St Johns County will likely never come to a symphony event. So while it may not be a tower filled with Shad Khan, Wilson Fisk, and Peter Rummels, any resident that chooses the urban lifestyle over the burbs is a win for Jax.
No worries. The building will be made of wood so you won't have to worry about it for long! ;D
Quote from: MusicMan on October 30, 2018, 02:18:40 PMAll this workforce housing is not going to keep seats filled at Symphony Hall/TU PAC, The Florida Theater, Cowford Chophouse, or all the lovely little craft cocktail bars (i.e. $13 for a Manhattan) that are popping up downtown. Or seats at TIAA Bank Field.
It's just more people with little or no disposable income filling up downtown.
This is a really scary attitude.
It also suggests that our downtown - which is littered with surface parking lots, undeveloped riverfront tracts, and 73 vacant historic buildings - is somehow so space-constrained that five Vestcor workforce housing developments will "fill it up."
More lower income, working residents in the urban core might not necessarily boost Cowford Chophouse reservations, but they'll certainly boost sales for dozens of other casual restaurants, convenient stores, coffee shops, etc. in the downtown area.
And more heads lead to more retail, increased vibrancy, and ultimately more investment in the urban core.
There's PLENTY of space to go around for market rate units (just ask Vestcor, who previously developed 11E and Carling).
Plus, it's not like workforce housing is even outpacing market rate. In addition to the Barnett (108 units), all indications are that the Ambassador apartments (200 units) are going to be market rate, as is Jones Furniture (no permits yet, but there's a crew in the building working on something today), the Ventures property next to the Aetna building (185 units), plus 263 units under construction next to the school board building, 345 units at the old Baptist Convention site on the Southbank, etc.
You left out Catalyst Development Partners on Home Street, the only ones actually beginning construction, with no freaking help from the City by the way.
Sorry I offended all you guys. Here's my proposal: lets meet for a downtown walk around on Sunday morning. We can start at the stadium, stare out over The Shipyards at the empty river, walk toward The Landing past Berkman 2 and the jail. Stroll through The Landing, count the people. Go around the new library, and notice all the residents spending $$ doing? Dodge the excrement when necessary, and get a coffee at your choice of venues.
Not sure how many of you actually work downtown but I do (symphony musician for 12 years). I would love to go to work in a vibrant downtown, but it's still way off. And, as Lake has pointed out many times, there is no coherent vision for downtown going forward. I'm pretty sure I'm at least 10 years older than most of you (maybe more) but I've invested the last 12 years trying to be a part of making downtown Jax something special and it's tiresome to stare at an unfinished concrete shell for 10 years wondering how it can still be there.
The Symphony is busting it's ass to do world class performing arts in the heart of the CBD and we cannot even get SMG/COJ to replace the 25 year old broken marquee in front of the TUPAC. I never said a bad thing about workforce housing, I only brought into question the ratio of market rate to subsidized, and I'm giving my opinion too much subsidized housing brings the overall price point (for all housing) and level of investor interest DOWN.
By the way, for all of you wanting to do something downtown this weekend, the Symphony is presenting "The Music of The Who"
Incredible set list............... Hope to see you there!
I live in the burbs - can I come?
Quote from: MusicMan on October 30, 2018, 02:18:40 PM
Agree (with Bill). If you own property within 5 blocks of the old Barnett Bank building, The District (or any other development in SM) will have very little impact on you.
That's my opinion.
All this workforce housing is not going to keep seats filled at Symphony Hall/TU PAC, The Florida Theater, Cowford Chophouse, or all the lovely little craft cocktail bars (i.e. $13 for a Manhattan) that are popping up downtown. Or seats at TIAA Bank Field.
It's just more people with little or no disposable income filling up downtown.
Lake.... The District (or whatever ends up being there) is YEARS AWAY from completion.
If investors believed what you are saying they would be swooping in and picking up every little parcel and vacant building around all these workforce developments, and that is NOT happening.
I'm very interested to see how this all shakes out. The idea of a dense, walkable, "blue-collar" urban core that achieves vitality through workforce, low-to-medium middle-class housing as opposed to luxury units will be interesting to watch. Frankly, I have always been a bit skeptical of Jax ambitions to fill its blocks with luxury housing...a sort of trickle-down aspiration...when that doesn't really reflect Jax at large.
Quote from: Tacachale on October 30, 2018, 03:23:12 PM
I really don't get the resistance to workforce housing. It's not like it'll make the current underpopulated downtown worse, or hold up luxury developments.
People equate workforce & affordable housing with the low income housing projects they see & hear about, that's why.
What are income limits for workforce housing?
Quote from: Bill Hoff on October 30, 2018, 08:36:45 PM
Quote from: Tacachale on October 30, 2018, 03:23:12 PM
I really don't get the resistance to workforce housing. It's not like it'll make the current underpopulated downtown worse, or hold up luxury developments.
People equate workforce & affordable housing with the low income housing projects they see & hear about, that's why.
SOME....people. The worse thing we can do in the revitalization process is to make decisions based on a perspective by a small group of people that have not looked at the bigger picture or seriously considered perspectives, cultures and economic classes that they may not be personally familiar with. In reality, W=what Vesctor is doing in downtown isn't unique to Jacksonville. Incorporating affordable and workforce housing in cities is a national issue right now.
Quote from: jagsonville on October 30, 2018, 08:47:40 PM
What are income limits for workforce housing?
For the Lofts at Jefferson Station, that cap is $91,000 for a family of four. It's hard to make a claim that $91,000 annually in Jacksonville would be considered too poor to support downtown venues.
Quote from: MusicMan on October 30, 2018, 04:43:35 PM
You left out Catalyst Development Partners on Home Street, the only ones actually beginning construction, with no freaking help from the City by the way.
Catalyst is getting millions in REV grants to make 10% of their units workforce housing. Broadstone, next to the school board, is the one building without city money.
QuoteI never said a bad thing about workforce housing, I only brought into question the ratio of market rate to subsidized, and I'm giving my opinion too much subsidized housing brings the overall price point (for all housing) and level of investor interest DOWN.
I seriously doubt DT Jax will ever reach such a point where a couple hundred units of affordable and workforce housing brings investor interest or overall market-rate housing prices down.
What, exactly, is 'workforce housing'?
In the UK, there are shared ownership schemes where a person who qualifies (there are income requirements) gets a mortgage for a percentage of the property value (usually 25% these days) and then pays rent on the remaining share to the housing association. Over time, the part owner can increase his or her percentage of ownership, up to 100% (if desired). A lot of these schemes targeted 'key workers' - police, firefighters, teachers, healthcare workers, etc. But now they are open to just about anyone who qualifies. It's a good way to help people onto the property ladder and also a good way to get people living in areas that had become brownfield sites, etc.
QuoteThe term "workforce" is meant to connote those who are gainfully employed, a group of people who are not typically understood to be the target of affordable housing programs. Workforce housing, then, implies an altered or expanded understanding of affordable housing. Workforce housing is commonly targeted at "essential workers" in a community i.e. police officers, firemen, teachers, nurses, medical personnel. Some communities define "essential" more broadly to include service workers, as in the case of resort communities where one finds high real estate costs and a high number of low-paying service jobs essential to the local economy. Workforce housing may be targeted more generally at certain income levels regardless of type of employment, with definitions ranging from 50% to 120% of Area Median Income (AMI).
https://en.wikipedia.org/wiki/Workforce_housing
https://www.multifamilyexecutive.com/property-management/demographics/mfe-question-what-exactly-is-workforce-housing_o
Quote from: thelakelander on October 31, 2018, 08:27:25 AM
QuoteThe term "workforce" is meant to connote those who are gainfully employed, a group of people who are not typically understood to be the target of affordable housing programs. Workforce housing, then, implies an altered or expanded understanding of affordable housing. Workforce housing is commonly targeted at "essential workers" in a community i.e. police officers, firemen, teachers, nurses, medical personnel. Some communities define "essential" more broadly to include service workers, as in the case of resort communities where one finds high real estate costs and a high number of low-paying service jobs essential to the local economy. Workforce housing may be targeted more generally at certain income levels regardless of type of employment, with definitions ranging from 50% to 120% of Area Median Income (AMI).
https://en.wikipedia.org/wiki/Workforce_housing
https://www.multifamilyexecutive.com/property-management/demographics/mfe-question-what-exactly-is-workforce-housing_o
Thanks, Lake. Sorry for not doing the research myself.
Lake, please provide link to REV grant info for Catalyst. This is first I have heard that any of the San Marco project (Home Street SoBa) will be less than market rate units.
Here you go!
QuoteAlso on Aug. 23, the Community Redevelopment Agency board approved a $2.53 million REV (Recapture Enhanced Value) Grant, which represents 75 percent of the property taxes to be collected and paid out over 15 years.
In exchange for the grant, CDP Home Street LLC will allocate 10 percent of the units for workforce housing – housing that is affordable for households with an earned income which is insufficient to secure quality housing within a reasonable proximity to a workplace, such as Downtown Jacksonville.
https://residentnews.net/2017/10/09/new-multi-family-housing-gets-dia-thumbs/
;D ;D ;D
In regards to nobody being downtown, today was great with all the trick or treaters walking around. I don't know if it had an impact on businesses, but there were plenty of people on the street and everyone looked like they were having a great time.
Quote from: thelakelander on October 31, 2018, 11:48:37 AM
Here you go!
QuoteAlso on Aug. 23, the Community Redevelopment Agency board approved a $2.53 million REV (Recapture Enhanced Value) Grant, which represents 75 percent of the property taxes to be collected and paid out over 15 years.
In exchange for the grant, CDP Home Street LLC will allocate 10 percent of the units for workforce housing – housing that is affordable for households with an earned income which is insufficient to secure quality housing within a reasonable proximity to a workplace, such as Downtown Jacksonville.
https://residentnews.net/2017/10/09/new-multi-family-housing-gets-dia-thumbs/
OMG!! What's this gonna do to San Marco and the Southbank!! Can they afford appetizers at bbs??
Quote from: thelakelander on October 30, 2018, 09:56:32 PM
Quote from: Bill Hoff on October 30, 2018, 08:36:45 PM
Quote from: Tacachale on October 30, 2018, 03:23:12 PM
I really don't get the resistance to workforce housing. It's not like it'll make the current underpopulated downtown worse, or hold up luxury developments.
People equate workforce & affordable housing with the low income housing projects they see & hear about, that's why.
SOME....people. The worse thing we can do in the revitalization process is to make decisions based on a perspective by a small group of people that have not looked at the bigger picture or seriously considered perspectives, cultures and economic classes that they may not be personally familiar with. In reality, W=what Vesctor is doing in downtown isn't unique to Jacksonville. Incorporating affordable and workforce housing in cities is a national issue right now.
I was not suggesting that decisions are made on that misperception, just answering his question.
If they wanted to avoid the stigma, they could simply use another adjective to describe it. Middle class housing, etc.
Quote from: Captain Zissou on October 30, 2018, 09:37:10 AM
This is the property that Balanky had a proposal for, correct? As part of that project, the original Y building was to stay, but the smaller building would have been demolished.
correct - he walked away from it - I think reusing the YWCA building may have scared him a bit
The Cathedral itself formed a non-profit that will work to revitalize the whole district - Ginny Myrick is heading that up and originally brought Balanky in.
Quote from: Bill Hoff on October 31, 2018, 04:23:13 PM
I was suggesting that decisions are made on that misperception, just answering his question.
If they wanted to avoid the stigma, they could simply use another adjective to describe it. Middle class housing, etc.
In reality, I don't think they care or are bothered by those that who are concerned about it. On many occasions they've actually bragged about having the foresight to include affordable and workforce housing now, as opposed to other cities that are struggling with this issue.
Does the grant have to be repaid? Can this be used any way CDP wants?
I don't know the details of how it's structured but it sounds like there's an effort on the DIA's part to include workforce housing in as many projects as possible.
The irony that the Symphony guy is complaining that there are too many 'workforce housing' units being built downtown, and that those people can't afford Symphony tickets and eat $60 steaks beforehand.
When downtown Jacksonville was at its healthiest level of vibrancy, the urban core had plenty of 'workforce housing'. Then the City started tearing down and essentially eliminating whole swaths of neighborhoods where this 'workforce housing' existed. Since 1960, the pre-consolidated city limits (what is considered Jacksonville's 'urban core') has lost basically 60% of its pre-consolidated population. Meanwhile, there are more people living in the CBD today, than there were in 1960 (during 'peak urban vibrancy'). Maybe then its less about how many expensive housing units can be fit in the CBD in order to achieve this mythical '10k downtown residents' many people blindly cheerlead about, and more about repopulating the entire core with a healthy mix of housing options and residents of varying demographic profiles... you know, kind of like that mixed-income neighborhood that has a diverse demographic profile and whose commercial and residential areas are red-hot called 'Riverside'?
Quote from: fieldafm on November 01, 2018, 11:20:44 AM
The irony that the Symphony guy is complaining that there are too many 'workforce housing' units being built downtown, and that those people can't afford Symphony tickets and eat $60 steaks beforehand.
When downtown Jacksonville was at its healthiest level of vibrancy, the urban core had plenty of 'workforce housing'. Then the City started tearing down and essentially eliminating whole swaths of neighborhoods where this 'workforce housing' existed. Since 1960, the pre-consolidated city limits (what is considered Jacksonville's 'urban core') has lost basically 60% of its pre-consolidated population. Meanwhile, there are more people living in the CBD today, than there were in 1960 (during 'peak urban vibrancy'). Maybe then its less about how many expensive housing units can be fit in the CBD, and more about repopulating the entire core with a healthy mix of housing options and residents of varying demographic profiles... you know, kind of like that mixed-income neighborhood that has a diverse demographic profile and whose commercial and residential areas are red-hot called 'Riverside'?
Not that it's a very high bar, but street level vibrancy Downtown is also the highest it's been in decades. It doesn't seem to have been negatively impacted by the workforce and low income housing that has been built in the last few years.
You can add bells and whistles like community amenities and upgraded finishes/appliances, etc... but generally the costs to build market-rate multifamily structures and affordable/workforce housing multifamily structures are fairly similar. The difference to the developer, is that they need X amount of rents in order to generate a return that is sufficient to make building the development profitable to its investors and lenders. If X amount is above what the median income resident can afford (which is absolutely the case in the context of today's construction costs), then there has to be some sort of subsidy in order to fill that gap.
Typically, low income tax credits, REV grants, and the like are the way to make up that difference... these mechanisms are 'payable' over a set period (10 to 15 years), and act as a form of upfront capital contribution to the developer to make up for the hole in the proforma when units are rented at below-market-rate levels. In almost all cases, these 'grants' have a pay-for-performance structure- whereas the tax credit (in the case of the REV Grant, its a reduction in the project's property tax liability) is only earned in a given year if the required number of housing units are rented at a below-market-rate level (that rate is dependant upon the program's structure- whether it be 'affordable' or 'workforce' and the makeup of the area's median income levels in any given year).
So no, this isn't a situation where DIA has given the developer cash to use however they want it. The developer can get X number of years of reduced property taxes as long as a set number of units are rented under a qualified workforce housing criteria.
^Long term, I think we'll be happy that we have embraced workforce and affordable housing Downtown. A lot of cities are struggling with gentrification and skyrocketing rents in their downtowns, including peers like Nashville. Additionally, rent's only going to keep climbing in Riverside-Avondale, San Marco, and Springfield, and that's likely bleed over into surrounding neighborhoods in time.
Quote from: Tacachale on November 01, 2018, 11:38:28 AM
^Long term, I think we'll be happy that we have embraced workforce and affordable housing Downtown. A lot of cities are struggling with gentrification and skyrocketing rents in their downtowns, including peers like Nashville. Additionally, rent's only going to keep climbing in Riverside-Avondale, San Marco, and Springfield, and that's likely bleed over into surrounding neighborhoods in time.
This is definitely an area where its fair to give DIA an A+. Long overdue. Now the next step is to create a by-right product for smaller, local investors to be able to build smaller multifamily housing developments (think 4-10 unit buildings) that can be rented at fair rates, without having to rely on such subsidies. That's the 'missing middle' housing solution that downtown and the surrounding urban core neighborhoods (save for Springfield, Riverside, etc) once had but are now missing. Fortunately, there is a development team working on this very project :)
https://www.moderncities.com/article/2017-jan-the-missing-middle-affordable-housing-solution (https://www.moderncities.com/article/2017-jan-the-missing-middle-affordable-housing-solution)
https://www.thejaxsonmag.com/article/modern-row-homes-proposed-for-springfield/ (https://www.thejaxsonmag.com/article/modern-row-homes-proposed-for-springfield/)
What is the cost to build these? I always liked the brick row homes Ennis had a hand in on 6th Street.
Vestcor closed on the property today.