At Council on Monday is an application for a MUHTIP property tax abatement on the project for the old City Hall site. On a site vacant for a half-century, this is an incentive for exactly the kind of project it is supposed to benefit.
Concept for the old City Hall site |
In the application packet is an elevation view from the northeast corner of Chemeketa and High. Seeing something there will be so great, and even just the rendering itself is cheering. This corner has been such a hole in the urban fabric, a real void at what had been a genuine civic center. To see life there again, and right across from the Transit Center, will be wonderful.
via Postcard dealer Mary L. Martin |
But also in the packet is a sobering analysis of the apartment market. I don't recall seeing one before, and the City might consider making them a requirement for public subsidy. It's good to know what the developer/investor side is thinking.
No evidence of our housing crisis from this angle |
Reading it, you'd never know we have a housing crisis. From their standpoint we have a "market-wide occupancy rate [of] 94.5%, which is within the range of a well-balanced market." High rents and low vacancies are feature, not bug.