Essex Crossing Site 2; view from the intersection of Delancey and Essex streets. Credit: Handel Architects.
Before we break for the holiday, a quick update on Essex Crossing, the big development project underway on the former Seward Park urban renewal site. Commercial Observer reports that the construction consortium, Delancey Street Associates, has received more than $250 million in financing for the project from Citibank and Wells Fargo. Here are the basic details from the story:
Wells Fargo provided a $109 million construction loan for work at Site 5, a 211-unit apartment building that will consist of half market-rate and half-affordable rentals, according to the lender. The three-year construction debt covers about 75 percent of the $142 million project, which also includes 66,000 square feet of retail… The financing closed on June 30, pursuant to an escrow agreement. Wells Fargo is also buying the site’s Low-Income Housing Tax Credits for $11.5 million… Delancey Stree
Reed Saxon / AP
Affordable housing has become a hot-button issue in Greater Cincinnati over the last few years, garnering media attention, promises from elected officials and no small amount of debate.
That debate is culminating in a ballot initiative called Issue 3 that is before Cincinnati voters May 4. If passed, it would require the city to spend $50 million a year on affordable housing.
Research has shown rising rents and big gaps between the number of available rental housing units and area residents, especially those with low incomes looking for housing they can afford in Hamilton County. Some skeptics question the exact number of units needed, however, and there is little consensus on how to address that need.
WILLIAMSTOWN â Just a few more weeks and it will be move-in day at the brand-new Cole Avenue Apartments, the newest housing development in town, at 330 Cole Ave.
The Berkshire Housing Development Corp. is accepting applications for the 40 units, which will be awarded via lottery. To qualify for the lottery, applications must be received by April 30. The lottery will be conducted May 12.
Elton Ogden, president of the Berkshire Housing Development Corp., said the new townhouses, with 19 one-, two- and three-bedroom units, will be complete in June. The 21 one- and two-bedroom units in the former Photec Mill building, commonly known as the Cube, will be done in mid-July.
Purchase agreement negotiated for Parcel 9 in I-195 Redevelopment District
April 21, 2021 9:01 pm
PROVIDENCE – A one-acre parcel of land in the I-195 Redevelopment District will be sold to Pennrose LLC for development of 131 apartment units,.
April 21, 2021 1:25 pm
PAWTUCKET – Failed attempts to strike a deal over who develops a key piece of downtown are escalating in court with an amended lawsuit.
April 16, 2021 5:00 am
PROVIDENCE – A newly renovated colonial-style home with a three-car garage on the city’s East Side was sold recently for $1.4 million, according to.
April 16, 2021 1:06 am
Westport Middle School and High School | 400 Old County Road, Westport
School is close to being in session at the town’s new combined middle.
Laning Thompson, Livermore
I donât know what the Planning Commission will recommend Tuesday concerning the cityâs much-improved Eden Housing plan. However, Iâve worked with affordable housing developers for years as President of Interfaith Housing, and I want to point out some problems with the feasibility of Save Livermore Downtownâs âAlternativeâ plan.
Neither Eden Housing nor the city can simply transfer the housing project across Railroad Avenue. Eden, like most affordable housing developers, is a nonprofit organization that generates income from projects funded through the federal Low Income Housing Tax Credits (LIHTC) program. Eden partners with municipalities and other nonprofits to build housing on land that those cities/organizations already own and have designated for affordable housing. Thanks to its expertise in competing for construction funds, it has already secured a $14.4M loan (that neednât be repaid) from Alameda Countyâs A1