The investors are spending
The total project value includes the
"We're almost putting in as much in this property as we paid for it, which I think is tremendous," Siegel said during a press conference just across the street from one of the properties, the
The properties, scattered through four ZIP codes, are in need of significant work, but will remain as affordable "workforce" housing for at least 40 years, under agreements with the
Rents range from
"This is workforce housing, for people who are working, and it's affordable housing, which is important," said
The project's design plans, developed by Stieglitz Snyder Architecture, are done, and all approvals are in place, as are the materials and equipment for the work, which Siegel said will begin almost immediately to finish by the 15-month deadline for cashing in the tax credits.
The work on each apartment will take one to two weeks at most, he said, but since the apartments are usually fully occupied, they will attempt to shift residents around temporarily while the work is being done.
The Red Jacket and a building at Grant and Ferguson streets also have 18,000 square feet of ground-floor commercial or retail space, but the developers have to redevelop that space using their own money, not government funds. Siegel said they are already talking with some interested parties about leases.
The project, in conjunction with
Both the city and county approved payment-in-lieu-of-taxes (PILOT) agreements over 15 years to provide predictability, so rents could be maintained.
"We took a lot of risk to do this, because this was not a done deal until two days ago," Siegel said. "This is very much a labor of love for us."
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