More housing is coming to South Division downtown and businesses in the area are hoping the new neighbors bring a boost to their bottom lines.
WATCH: New apartment building sparks optimism among South Division business owners
New apartment building sparks optimism among South Division business owners
A new three-story, 26-unit apartment building is under construction at 443 Sheldon SE in the Tapestry Square neighborhood. The project broke ground in September and is backed by a tax reimbursement incentive anticipated to total $3,839,462 over 25 years. The incentive will require six of the units to be reserved for residents earning 60% of the area’s median income, or $44,700 per year.
The Brownfield Redevelopment Authority (BRA), which oversees incentives for blighted, contaminated or functionally obsolete properties, is expected to approve an interlocal agreement with the Downtown Development Authority at its next meeting Wednesday. The agreement would redirect a portion of tax increment revenues — money generated by increased property values after redevelopment — away from the DDA and toward reimbursing developers for eligible project costs…