urbanstlouis wrote:I will see if I can find the article where I read this, but...
I recall it having something to do with the type of tax credits they were able to receive. I think they wanted to do condos or some type of owner-occupied space, but the tax credits chosen for the project dictated apartments.
Again, someone more knowledgeable on the availability of tax credits, etc... might be able to shed some more light on this.
This is true...whatever tax credits they recieved they were forced to do rentals. The same thing happened for the Board of Education building. (my cousins wife works for BoA construction lending) She said don't be surprised in a couple of years there will be a nice condo conversion boom going on. The Roberts bros. were planning on doing one for the BOE when the tax credit agreement expires.










