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"The ownership team of 111 Westminster Street, better known as the Industrial Trust Building-- and even better known as the Superman Building-- is working on a proposal for redevelopment of the building into housing. PPS supports this plan and would like to see a serious commitment to below market rate housing."
I thought the current owners were still High Rock? The ownership team of 111 Westminster Street ??????????
All I'm finding from PPS is this....
I thought the current owners were still High Rock? The ownership team of 111 Westminster Street ??????????
"The ownership team" is likely High Rock or a combination of investors who have bought an interest in the building. PPS probably knows more than they are disclosing, so as not to scotch any deal in the making. Since departing with the organization on the Fane Tower issue, I'm no longer in the know. And, persona non grata with those who are.
There has to be a point where the lack of maintenance and it being empty for that many years will make any future project cost prohibitive.
Businesses need to make money but what gets me is the lengths to what some will go to take substantial subsidies from local governments and taxpayers.
We have a similar problem here with affordable housing and every time a builder or company goes to our city council asking for build variances or subsidies for annexing their projects into the city they promise affordable workforce housing. Unfortunately unless it is targeted for section 8 (which they never are) at completion the rents or home prices bear the values of current market conditions which continue to skyrocket.
Unfortunately unless it is targeted for section 8 (which they never are) at completion the rents or home prices bear the values of current market conditions which continue to skyrocket.
Affordability is set by HUD. A rental or homeownership unit must remain affordable for from 15 to 30 years depending on the amount of subsidy used to create it. "Affordability" is usually determined to be affordable for those with incomes from 50 - 80% of median for the area. It's median household income, not current market conditions which is the price determinant. The calculation usually is that 30-40% of income is dedicated to household housing costs. The sad fact is many low/moderate income families need 50% or more of their income for housing costs.
Last edited by independent man; 12-23-2021 at 10:06 AM..
The space is rather too large for a McDonalds and downtown hasn't proven too supportive of McDonalds and Burger King. It used to have 2 McDonalds and a Burger King
The space is rather too large for a McDonalds and downtown hasn't proven too supportive of McDonalds and Burger King. It used to have 2 McDonalds and a Burger King
Yep. Let's dumb down the conversation. And, quick! Kill the baby in the crib.
I mean, there's probably room for a Jersey Mike's as well.
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