04-25-2024, 06:37 PM
(04-25-2024, 05:46 PM)panamaniac Wrote: $5.5 million of public land for a 63-unit building. I hope there's more to it than that.
I wonder what the City was holding onto the land for? And why they are donating the land rather than leasing it?
The homes are going to be sold, not rented, so it's much simpler if the land is owned. $5.5M in land, maybe $1.5M in development fee waivers (city + region) so, let's say $7M total. For 63 units, that's a city/regional subsidy of about $110K/unit. The article says they expect to sell at half the market price, so that subsidy alone clearly isn't enough.