Closing the Affordability
Project for Pride
in Living asks the Phillips Partnership to finance affordable
housing at Midtown Exchange
December 2004—The Phillips
Partnership is exploring options for financing the $730,000
gap between production cost and sales price that would allow
non-profit developer Project for Pride in Living to offer
21 units of affordable housing out of a total of 52 new townhomes
and flats being planned for the Midtown
|"The Greenway at Midtown" townhomes
Ten of these units would be sold at 80 percent of median area
income, and 11 at 50 percent.
in the summer of 2006, “The Greenway at Midtown"
will wrap a 1,425-stall parking ramp now under construction
on the east side of 10th Avenue, across the street from the
former Sears building. The units will face north onto the
Midtown Greenway and east onto 11th Avenue.
Average purchase price will be $185,000.
at Midtown project fulfills two very important objectives
for the Midtown Exchange redevelopment,” said Rick Collins,
lead developer for the Ryan Companies team on Midtown Exchange.
“In addition to meeting very important affordability
goals for ownership housing at Midtown Exchange, the project
will provide a wonderful buffer to the neighborhood, effectively
shielding our six-level parking ramp from our neighbors.”
Project manager Christopher Wilson said PPL has conducted
focus groups that indicate a solid market for the one- and
two-bedroom flats and townhomes. He said PPL is on schedule
to begin pre-selling units by February 2005, with the goal
of 50-percent sold before ground breaks in December of that
year. He added that design development has begun on the site.