Thursday, May 01, 2008

Redevelopment Funds for Housing

Looks like the city is looking to make available 25M for housing development in downtown from the existing pool of redevelopment funds next Tuesday.

So far of the redevelopment funds used recently, there hasn't been as much used for new housing as I would like, which should be at the top of the list. So far I can't think of anything recent outside of the Berry Hotel rehab and The Cathedral Building loan.

Funds recently have been used for projects such at the Cosmopolitan Theater, The Citizen Hotel, loans for Ella and McCormick & Schmick, The Crocker expansion, and the stalled 700/800 K Street project. I wanna see the money used for housing now.

While I hope we see some large 100+ unit projects as listed in the staff report, I also hope smaller projects such as the Maydestone rehab at 15th and J get in on the action.

Proposals that will be accepted include:
*Rental or ownership housing - mixed-use, live/work, loft and adaptive re-use.
*New Constriction (30+ units)
*Rehabilitation (30+ Units)
*Adaptive Reuse (30+ Units)

Priority Given to:
*Mix of market rate and affordable housing units
*Located in JKL
*Superior sustainable urban design
*100+ residential housing units.

Fore more details, please click on the below staff report.
Downtown Housing Investment Strategy and Notice of Funding Availability


Carl said...

It's a shame the funds weren't used for housing when the market was good, because it's a really, really tough sell to build any kind of housing right now.

wburg said...

Well, the whole point of redevelopment funds is to promote housing construction when the market isn't high, so in some ways it's not such a shame. Remember, redevelopment funding first came into the picture during the era when nobody wanted to build in the central city and property values were still largely dependent on the race of a neighborhood's occupants (not that they aren't now, but at least it isn't the official measure anymore.)

TowerDistrict said...

Maybe JKL should be called the NOFA District? i kid.

how about that 601 Taylor proposal? or the Giannoni proposal?

LivingInUrbanSac said...

If I had to bet, I would say the 10th and K project will be up there on the list. Taylor is definitely the golden child for this stuff, but he seems to deliver.

But then again, the have their own pool of funds from the Sheraton sale.

I'd like to see the Maydestone, Hales Building (forever in the works by Petrovich),the old Wards building at 9th and K or Regis Hotel at 10th and K get in on the action. Those would make cool housing projects.