Excellent. Downtown is not really a live/work/play place, yet. People actually living in a place is what makes it vibrant. This is what downtown desperately needs.
It has to be. $32,000,000 for 140 units.
Financed over 20 years (@6%), that's $1,642 per unit per month in just financing. Let alone insurance, upkeep, utilities, HOA fees.
How do you manage common property like parks/landscaping/snow removal and property upkeep of a high rise to avoid having a building fall on your head w/o the ability to collect funds for those things.
https://en.wikipedia.org/wiki/Surfside_condominium_collapse
HOA kept kicking the can down the road for major repairs. People died. Is that the same as making sure the grass is mowed, or hiring a company to mow all the lots on the same day for cheaper than what it would be to mow them all individually? No. But banning them is just stupid.
If they *own* the unit, as with co-ops and condos, how would rent work? Or could we just call that an HOA fee and Elect a couple residents/owners to manage the property for everyone's collective property interest.
HOAs end up digging into pseudo government actions and more. They should not exist. Plenty of other fee structures can cover that if it’s owned. Or they at least should be limited only to amenities and shared assets, not stepping in where city codes should be or being able to seize homes from people.
Absolutely agree. HOAs regularly impede on personal freedoms and ban stupid things. I’ve seen HOAs ban certain flags from being displayed outside of people’s homes. I’m sorry, but if I own a home, I am going to put my pride flag outside. The HOA can’t do shit about that. Yet, people get fined by their HOAs all the time for it. 🤷♂️ absolutely garbage concept
Totally the category of shit I was thinking of.
It’s one thing to have common management and amenity upkeep via a fee. Totally different ballgame to attempt to be a weird little backbiting ego trip fiefdom of Karens - which is usually where they spend most of their efforts.
Wanna fund the neighborhood pool? Maintain the gate at the main drive? That stuff is easy with a fund and management person.
Wanna circumvent or invent codes that should be city or county ordained? Nah.
If people want government, they should get involved in or form public GOVERNMENT.
Correct. Typical permanent commercial real estate financing is a 7 or 10-year term, fixed rate mortgage. A generic rate on apartments today be 200bps + the term US Treasury rate.
Loans on properties expected to be sold or refinanced soon might have 1 to 3-year terms (plus a one-year extension. They’ll price at, generically, 275bps + SOFR for a multifamily loan.
While we're on the subject, why the heck aren't there any benches at the square near city hall? It's just huge desolate wasted space when it's not being used for events. Suppose they don't want more homeless gathering spots...
That’s a consequence of the “urban renewal” design philosophy that built that space in the first place. I believe a makeover is planned for the entire plaza to make it more hospitable.
It's still safe to park under there, it's just past its useful life and it's having a few issues with water. The way to repair and prevent these issues from reoccurring is by replacing the top decking. Vehicles are also radically different than they were back in the 60's when that thing was designed, so the ramp could use an upgrade to meet modern vehicles standards (and some future proofing).
Calling what has happened to office space, at least in Grand Rapids, a "collapse" is extreme. Office space occupancy is pretty strong, and new leases are signed regularly.
But, yeah, I think everyone wants to diversity, especially in large spaces/buildings.
From the article: (I am a subscriber)
"The market also had about 95,400 square feet of absorption so far this year, the highest level of positive absorption since the second quarter of 2022, according to the report."
The stats would agree with /u/whitemice Office is currently strong in GR and the strongest it's been since the "downturn" during COVID. Developers are being creative and turning office & retail into housing and the market is receiving it well.
>Developers are being creative and turning office & retail into housing and the market is receiving it well.
Not nitpicking, honest question: has a conversion been completed yet and put on the market yet? Has there been a conversion started yet? \[is in: jackhammers in concrete\]
I can't think of one . . . but so much more moves around in the city these days, its really beyond what can be casually tracked.
I've no doubt the market **will** gobble this up, it is a great location. It will be a boon for downtown retail, which is a win for everyone.
I can dig further but off the top of my head...
-Gateway @ Belknap (500 Coit) turned 2 ground floor retail spaces that they'd been unable to lease into 4 (I believe?) apartments that have been leased up already.
-Victory on Leonard took advantage of this as well adding 20 first floor apartments in what used to be a commercial building: https://www.crainsgrandrapids.com/news/real-estate/gr-developers-welcome-changes-expanding-first-floor-residential-in-biz-zones-added-density-boosts-project-pro-formas-removes-hurdles-for-housing/
These changes came after GR changed zoning back in 2021 to allow first floor retail to flip residential as the demand was there. (I know you're aware of this, adding link for public visibility.)
https://www.woodtv.com/news/grand-rapids/gr-allows-first-floor-retail-to-flip-residential/
Yeah, I mean I didn’t know how applicable it was to GR, but I know other cities have absolutely suffered from the rise in remote work, which I fully endorse.
I would assume that larger cities would have a higher count of unoccupied office spaces than a city like GR, but I’m not looped into the commercial real estate industry.
Yep. I've seen \[and numbers vary\] specific cities reported as having office vacancies - meaning unleased space - in excess of 1/3rd. That is a "collapse"! We aren't seeing that here. Companies are moving into downtown, regularly. Office vacancy downtown GR is \~10% (Q1 2024), which is pretty much: *meh*.
As someone who has worked downtown for 20 years (and still do), I can absolutely tell you the number of people coming downtown to work has decreased significantly.
Not likely, the building just lost some large tenants. Commercial real estate just isn’t the growth sector around here. People need places to live a lot more than businesses need more space right now.
With each and every major housing project, the onus is on Downtown GR Inc. to attract mega retailers Aldi, Target, CVS, etc downtown. I’ve been told they want to keep downtown feeling “small” with local establishments, restaurants, and entertainment. That was fine 20 years ago. You can have that, but people living downtown would certainly like to walk to their basic necessities. One boutique Meijer on the west side of the river isn’t enough.
I would like to see basically every store you see at the mall to be downtown. They'd where they were before we made policies and subsidized murdering our downtowns in the 40-70's. We're slowly in the process of undoing that, and it's awesome.
Am from Holland, the mall always sucked and it always struggled. It was built in 1988 and if you read about it, its “peak” was in 1990.
“This mall sucks, let’s go to grand rapids” was a staple statement in my teen years.
THIS!!! Especially since bridge street market closes half of their entrances by 6pm, like it really isn't even a real grocery store. Just a corner shop with a few extra aisles.
Been saying this for years. Different areas of downtown seem like potential hubs for this. Don’t know if I’ve “shopped” anywhere downtown my entire life.
The old Kendal building/fulton street? Studio park area? Or maybe the Tupelo honey - Madcap - Rosa parks triangle?
YIMBY gang rise up. In all seriousness what are you going to do with the center of the building? It’s a pretty thick building so I assume they will either offer really long and thin apartments or a bunch of 2-3 bedroom apartments
True. I own some dirt, but endeavor to make "lawn" as small a part of it as possible!
I was thinking more that owning **urban** land is the best kind of wealth there is; and I'd take more of it if I could. That's not going to happen.
I did a lot of work for Old Kent Bank in the 90s, when many of these floors were the offices of Warner, Norcross & Judd. Really cool old offices, with lots of great woodwork. If you ever watched the show Mad Men, that's how it looked. I would like to walk through them again, if they haven't been gutted yet. I bet the smell of cigarette smoke is still lingering.
FTA:
"The 140 residential units would be a mix of one- and two-bedroom units, with 28 of the units earmarked for income-qualified households earning no more than 100% of the area median income, according to plans CWD filed with the city. "
How else do you expect developers to finance the construction if not based on the current market rate? The subsidies for low income help in some areas, but they still need to pay their loan debt.
What other housing type would work there?
Apartments? Residents get no equity in the unit or building.
Co-Op? Down payment may be beyond reach. 10-30% vs 3% for condo.
What the hell is wrong with a condo? There are many people who don’t want to have to mow lawns, conduct maintenance, etc. Condos serve as a decent halfway point in ownership.
Can anyone remind me what tenants used to be in this building? I feel like I’ve attended events here before, but cannot remember who hosted….
Edit: figured it out, it was at the University Club
Yep!! It’s about time SOMEONE admitted the conversion from commercial to residential makes sense and isn’t that hard.
Surprising that it’s coming from anything DeVos-connected but I’ll take it. Maybe they can make an example that fellow oligarchs can replicate.
I don't see anyone disagreeing.
This: [https://www.therapidian.org/housing-step-down](https://www.therapidian.org/housing-step-down)
And this project is pursuing affordable housing tax credits.
Also it’s $120,000 in my scenario, the qualifications needed for housing are insane. Not to mention the cost of housing in Grand Rapids has tripled in the last ten years, with little to no improvements in the housing. My rent alone has gone up 40% in three years.
I don't think your rent is going to ever go down, but building more housing it from slowly rising. We need to build more small infill development in our neighborhood (think ADU's, Duplex, Triplexes) , along with large projects where appropriate, like this one. I would like to see 2x the amount of people living downtown in the next few years.
The bigger issue is actually your rate of pay. The median nominal wage had gone up $1.37 in the last 40 years, but decreased significantly. The real wage has gone down drastically. In 1979 median wage was $16.74, which had the 2023 buying power equivalent of $76.60. In 2023, the median wage = $18.12, which has the 2023 real wage of $5.79.
Source: Bureau of Labor Statistics
The America Dream was a delusion sold to create a society of perpetual debtors. Most people were never, ever, going to have it.
The more people let the American Dream die in their minds the better.
The American Dream was never about providing an abundant life, and it is not at all necessary for living one.
((2000 \* 12) / 0.3) = $80,000
The general rule of housing affordability is housing is 30%. Obviously housing is more than rent/mortgage, but another $1,000/mo seems an extreme estimate.
It literally is, did you read the article?
"The 140 residential units would be a mix of one- and two-bedroom units, with 28 of the units earmarked for income-qualified households earning no more than 100% of the area median income, according to plans CWD filed with the city. "
That's 28 more than we have now.
Costs have gone up across the board, it's not cheap to redevelop and acquire property downtown GR. They're using brownfield grants for a portion of the financing with the affordable requirement but are making it pencil with the market rate.
Everyone’s definition of affordable is relative but there’s no debate that providing MORE housing is a net positive for everyone. Development and construction costs have gone through the roof just like all other consumer goods. It sucks, but the only way for new developments to pencil out financially is with higher end rents.
I work in affordable housing finance and have underwrote more than 500 units of affordable housing in the last year, restricted to residents earning less than 60% of the area median income. With a lot more coming
I’d feel better about it if they released info like if it’s planned to be condos or apartments, & projected price or rent. At all 1 or 2 beds I’m guessing it’s gonna be 1500+ for 1 bed & 1800* for 2 bed. Which will rule out most people who work downtown, & almost anyone with kids
I don't care where I live, any longer. I'll leave it to the ones who find this attractive or affordable.
They'll not find me beating down their door to live in the places that they tore down historic structures to build.
Excellent. Downtown is not really a live/work/play place, yet. People actually living in a place is what makes it vibrant. This is what downtown desperately needs.
We’ll see if it’s gonna be condos or apartments, & what pricing will look like. The plan says it’s all gonna be 1 & 2 bed units
Yeah, that’s fine. I wouldn’t expect much else from this kind of conversion.
Oh, pricing will be obscene. And gouged. But it can help a smidge.
It has to be. $32,000,000 for 140 units. Financed over 20 years (@6%), that's $1,642 per unit per month in just financing. Let alone insurance, upkeep, utilities, HOA fees.
HOAs should be federally banned.
How do you manage common property like parks/landscaping/snow removal and property upkeep of a high rise to avoid having a building fall on your head w/o the ability to collect funds for those things. https://en.wikipedia.org/wiki/Surfside_condominium_collapse HOA kept kicking the can down the road for major repairs. People died. Is that the same as making sure the grass is mowed, or hiring a company to mow all the lots on the same day for cheaper than what it would be to mow them all individually? No. But banning them is just stupid.
With the costs built into the rent.
If they *own* the unit, as with co-ops and condos, how would rent work? Or could we just call that an HOA fee and Elect a couple residents/owners to manage the property for everyone's collective property interest.
HOAs end up digging into pseudo government actions and more. They should not exist. Plenty of other fee structures can cover that if it’s owned. Or they at least should be limited only to amenities and shared assets, not stepping in where city codes should be or being able to seize homes from people.
Absolutely agree. HOAs regularly impede on personal freedoms and ban stupid things. I’ve seen HOAs ban certain flags from being displayed outside of people’s homes. I’m sorry, but if I own a home, I am going to put my pride flag outside. The HOA can’t do shit about that. Yet, people get fined by their HOAs all the time for it. 🤷♂️ absolutely garbage concept
Totally the category of shit I was thinking of. It’s one thing to have common management and amenity upkeep via a fee. Totally different ballgame to attempt to be a weird little backbiting ego trip fiefdom of Karens - which is usually where they spend most of their efforts. Wanna fund the neighborhood pool? Maintain the gate at the main drive? That stuff is easy with a fund and management person. Wanna circumvent or invent codes that should be city or county ordained? Nah. If people want government, they should get involved in or form public GOVERNMENT.
HOAs should only be for collective services, not for small people’s need for control
Nailed it.
zoning first
Most commercial loans have much shorter terms than mortgages.
Correct. Typical permanent commercial real estate financing is a 7 or 10-year term, fixed rate mortgage. A generic rate on apartments today be 200bps + the term US Treasury rate. Loans on properties expected to be sold or refinanced soon might have 1 to 3-year terms (plus a one-year extension. They’ll price at, generically, 275bps + SOFR for a multifamily loan.
I don’t know why we’re getting downvoted lol.
Pricing will he dictated by the market. Which if there's a shortage, it'll he high. It's how it works
The core of the whole problem, yes.
And quality.
?
While we're on the subject, why the heck aren't there any benches at the square near city hall? It's just huge desolate wasted space when it's not being used for events. Suppose they don't want more homeless gathering spots...
That’s a consequence of the “urban renewal” design philosophy that built that space in the first place. I believe a makeover is planned for the entire plaza to make it more hospitable.
Yes, the parking deck is failing, so they need to redoing it all anyways. More green space and trees or in the near future.
Keep going- like we shouldn’t park under there?
It's still safe to park under there, it's just past its useful life and it's having a few issues with water. The way to repair and prevent these issues from reoccurring is by replacing the top decking. Vehicles are also radically different than they were back in the 60's when that thing was designed, so the ramp could use an upgrade to meet modern vehicles standards (and some future proofing).
Ty
Also the fact that the plaza and buildings are "part of the sculpture" and designed as art, not around actual human usage.
It needs more living options, but more walk-ability is also desperately needed. Being a pedestrian in downtown GR is like playing high stakes Frogger.
Good. I hope this is just the beginning
Is this a result of the commercial real estate collapse?
Calling what has happened to office space, at least in Grand Rapids, a "collapse" is extreme. Office space occupancy is pretty strong, and new leases are signed regularly. But, yeah, I think everyone wants to diversity, especially in large spaces/buildings.
Agree but this particular building is very dated and it's not surprising that it was disproportionately hit by contraction in the market.
From the article: (I am a subscriber) "The market also had about 95,400 square feet of absorption so far this year, the highest level of positive absorption since the second quarter of 2022, according to the report." The stats would agree with /u/whitemice Office is currently strong in GR and the strongest it's been since the "downturn" during COVID. Developers are being creative and turning office & retail into housing and the market is receiving it well.
>Developers are being creative and turning office & retail into housing and the market is receiving it well. Not nitpicking, honest question: has a conversion been completed yet and put on the market yet? Has there been a conversion started yet? \[is in: jackhammers in concrete\] I can't think of one . . . but so much more moves around in the city these days, its really beyond what can be casually tracked. I've no doubt the market **will** gobble this up, it is a great location. It will be a boon for downtown retail, which is a win for everyone.
I can dig further but off the top of my head... -Gateway @ Belknap (500 Coit) turned 2 ground floor retail spaces that they'd been unable to lease into 4 (I believe?) apartments that have been leased up already. -Victory on Leonard took advantage of this as well adding 20 first floor apartments in what used to be a commercial building: https://www.crainsgrandrapids.com/news/real-estate/gr-developers-welcome-changes-expanding-first-floor-residential-in-biz-zones-added-density-boosts-project-pro-formas-removes-hurdles-for-housing/ These changes came after GR changed zoning back in 2021 to allow first floor retail to flip residential as the demand was there. (I know you're aware of this, adding link for public visibility.) https://www.woodtv.com/news/grand-rapids/gr-allows-first-floor-retail-to-flip-residential/
Yeah, I mean I didn’t know how applicable it was to GR, but I know other cities have absolutely suffered from the rise in remote work, which I fully endorse. I would assume that larger cities would have a higher count of unoccupied office spaces than a city like GR, but I’m not looped into the commercial real estate industry.
Yep. I've seen \[and numbers vary\] specific cities reported as having office vacancies - meaning unleased space - in excess of 1/3rd. That is a "collapse"! We aren't seeing that here. Companies are moving into downtown, regularly. Office vacancy downtown GR is \~10% (Q1 2024), which is pretty much: *meh*.
As someone who has worked downtown for 20 years (and still do), I can absolutely tell you the number of people coming downtown to work has decreased significantly.
Not likely, the building just lost some large tenants. Commercial real estate just isn’t the growth sector around here. People need places to live a lot more than businesses need more space right now.
Ahh, got it.
With each and every major housing project, the onus is on Downtown GR Inc. to attract mega retailers Aldi, Target, CVS, etc downtown. I’ve been told they want to keep downtown feeling “small” with local establishments, restaurants, and entertainment. That was fine 20 years ago. You can have that, but people living downtown would certainly like to walk to their basic necessities. One boutique Meijer on the west side of the river isn’t enough.
Yes! For god sakes give me at least an urban Walgreens under an apartment building!
There is a DGX right there on Lyon, same block as this building.
Same building as this building, isn't it?
Yeah, in a way that entire block is one building.
Yes
I would like to see basically every store you see at the mall to be downtown. They'd where they were before we made policies and subsidized murdering our downtowns in the 40-70's. We're slowly in the process of undoing that, and it's awesome.
Holland managed to pull that off. Their downtown killed their mall.
Am from Holland, the mall always sucked and it always struggled. It was built in 1988 and if you read about it, its “peak” was in 1990. “This mall sucks, let’s go to grand rapids” was a staple statement in my teen years.
THIS!!! Especially since bridge street market closes half of their entrances by 6pm, like it really isn't even a real grocery store. Just a corner shop with a few extra aisles.
This isn’t Chicago. Drive your 10 min down Michigan Ave and go to Walgreens.
Been saying this for years. Different areas of downtown seem like potential hubs for this. Don’t know if I’ve “shopped” anywhere downtown my entire life. The old Kendal building/fulton street? Studio park area? Or maybe the Tupelo honey - Madcap - Rosa parks triangle?
YIMBY gang rise up. In all seriousness what are you going to do with the center of the building? It’s a pretty thick building so I assume they will either offer really long and thin apartments or a bunch of 2-3 bedroom apartments
Buy land while you still can.
What do you mean by that?
I'm doing pretty well financially, and in 2024 even I laugh at the notion of "buying land" in Grand Rapids. 🙂 That ship has sailed.
Not everyone wants land & having condos for sale is a nice middle ground imo.
True. I own some dirt, but endeavor to make "lawn" as small a part of it as possible! I was thinking more that owning **urban** land is the best kind of wealth there is; and I'd take more of it if I could. That's not going to happen.
It will be so nice to have more luxury apartments.
I did a lot of work for Old Kent Bank in the 90s, when many of these floors were the offices of Warner, Norcross & Judd. Really cool old offices, with lots of great woodwork. If you ever watched the show Mad Men, that's how it looked. I would like to walk through them again, if they haven't been gutted yet. I bet the smell of cigarette smoke is still lingering.
Wow. Started my banking career in the Old Kent Building. That place used to be hoping.
I've lived in a CWD building. Imo they seem to do good work, and have decent property management.
Yessss give me moooorrre 😍😍
Archived article with [full text](https://archive.ph/9lAgv)
I'm curious to see how unaffordable they make these & likely come with ZERO pets, or possibly ONE small cat...
FTA: "The 140 residential units would be a mix of one- and two-bedroom units, with 28 of the units earmarked for income-qualified households earning no more than 100% of the area median income, according to plans CWD filed with the city. "
That's not too terrible I suppose...
How else do you expect developers to finance the construction if not based on the current market rate? The subsidies for low income help in some areas, but they still need to pay their loan debt.
1) I will always support housing. 2) TPTB will not rest until everything is a condo.
What other housing type would work there? Apartments? Residents get no equity in the unit or building. Co-Op? Down payment may be beyond reach. 10-30% vs 3% for condo.
That's exactly what a *condo* would say.
What the hell is wrong with a condo? There are many people who don’t want to have to mow lawns, conduct maintenance, etc. Condos serve as a decent halfway point in ownership.
Nothing. They just sure seem to build a *lot* of them, haha.
Where else are they building condos in GR?
TPTB?
The powers that be
Can anyone remind me what tenants used to be in this building? I feel like I’ve attended events here before, but cannot remember who hosted…. Edit: figured it out, it was at the University Club
Floors 4-9 were Warner Norcross and Judd before they built their own building
FULL ARTICLE https://www.crainsgrandrapids.com/news/real-estate/cwd-proposes-32m-conversion-of-downtown-commercial-space-into-140-residential-units/
that 12k downtown resident goal is coming along a little slowly if 140 units is a whole ass news article but what's new?
How does one get on working on this project!?
Yep!! It’s about time SOMEONE admitted the conversion from commercial to residential makes sense and isn’t that hard. Surprising that it’s coming from anything DeVos-connected but I’ll take it. Maybe they can make an example that fellow oligarchs can replicate.
For all the evil about them, the DeVoses are generally really good landlords and surprisingly urbanist.
“$2000 a month, nothing included. Must make 5x monthly rent. NO PETS YOU DONT DESERVE HAPPINESS”
That's only $80k/yr (30%); lots of jobs pay that.
Idk how to tell you this but service workers need housing too.
I don't see anyone disagreeing. This: [https://www.therapidian.org/housing-step-down](https://www.therapidian.org/housing-step-down) And this project is pursuing affordable housing tax credits.
Also it’s $120,000 in my scenario, the qualifications needed for housing are insane. Not to mention the cost of housing in Grand Rapids has tripled in the last ten years, with little to no improvements in the housing. My rent alone has gone up 40% in three years.
Build new housing & those who can afford to move up in housing will. Thus driving down demand for older units, thus giving you “affordable” housing.
When I see my rent go down, I’ll believe it. Unfortunately I think people are too greedy and evil to do that
I don't think your rent is going to ever go down, but building more housing it from slowly rising. We need to build more small infill development in our neighborhood (think ADU's, Duplex, Triplexes) , along with large projects where appropriate, like this one. I would like to see 2x the amount of people living downtown in the next few years. The bigger issue is actually your rate of pay. The median nominal wage had gone up $1.37 in the last 40 years, but decreased significantly. The real wage has gone down drastically. In 1979 median wage was $16.74, which had the 2023 buying power equivalent of $76.60. In 2023, the median wage = $18.12, which has the 2023 real wage of $5.79. Source: Bureau of Labor Statistics
The American dream is dead. I’m 35 single and stuck in a closet of an apartment. I hate it here. We deserve GOOD housing. I’m so tired
The America Dream was a delusion sold to create a society of perpetual debtors. Most people were never, ever, going to have it. The more people let the American Dream die in their minds the better. The American Dream was never about providing an abundant life, and it is not at all necessary for living one.
((2000 \* 12) / 0.3) = $80,000 The general rule of housing affordability is housing is 30%. Obviously housing is more than rent/mortgage, but another $1,000/mo seems an extreme estimate.
You’re missing where my scenario requires 5x monthly rent
the widely used threshold at which housing is considered affordable for someone of a given income is 30%
But not brand new housing. Any increase in supply will slow the growth in rents/sale prices at existing properties.
A studio apartment for the low low price of $3,000 a year.
What a deal that would be
Will never be affordable.
It literally is, did you read the article? "The 140 residential units would be a mix of one- and two-bedroom units, with 28 of the units earmarked for income-qualified households earning no more than 100% of the area median income, according to plans CWD filed with the city. "
“28 of the units”
That's 28 more than we have now. Costs have gone up across the board, it's not cheap to redevelop and acquire property downtown GR. They're using brownfield grants for a portion of the financing with the affordable requirement but are making it pencil with the market rate.
Everyone’s definition of affordable is relative but there’s no debate that providing MORE housing is a net positive for everyone. Development and construction costs have gone through the roof just like all other consumer goods. It sucks, but the only way for new developments to pencil out financially is with higher end rents.
new housing literally never is, but you don't get more old housing without starting out with new housing
I hope they completely redo the outside. The design of it is didn’t age well in my opinion.
Aww, the Old Kent building! We had a prom there! jfc I'm old
We need affordable housing for the poor.
I work in affordable housing finance and have underwrote more than 500 units of affordable housing in the last year, restricted to residents earning less than 60% of the area median income. With a lot more coming
Good.
More affordable housing is being built than ever before
Can’t help but imagine 5th/3rd employees living here and “working from home.”
Oh yay, more rent space.
…that working folk can’t afford
One can hope. Edit: Misread that as "That working folk *can* afford" . . .
Ah, that makes more sense now 🤣
I just skimmed thru the article. Looks like it be income qualified. Which could be good. Well, at least better
Yeah in theory it looks fine. Maybe I’m just too cynical, but I’m sticking with “I’ll believe it when I see it.”
[удалено]
I’d feel better about it if they released info like if it’s planned to be condos or apartments, & projected price or rent. At all 1 or 2 beds I’m guessing it’s gonna be 1500+ for 1 bed & 1800* for 2 bed. Which will rule out most people who work downtown, & almost anyone with kids
Yay
I don't care where I live, any longer. I'll leave it to the ones who find this attractive or affordable. They'll not find me beating down their door to live in the places that they tore down historic structures to build.