Rainier Apartments - 5539-51 Pershing

Renovations and new construction in the Central Corridor -- defined by the area south of Delmar Avenue and North of Interstate 44/55.
Why do they need a property tax abatement? They just built an apartment building across the street. I find it peculiar that, if the market is as robust as it seems, they still need property tax abatement to make this development work.
stlien wrote:
Wed Nov 14, 2018 12:47 pm
Why do they need a property tax abatement? They just built an apartment building across the street. I find it peculiar that, if the market is as robust as it seems, they still need property tax abatement to make this development work.
Cause they know that if they ask they will likely get something. How many times has the city denied it with a project like this lately?
This is now known as Chelsea. I think it's cheesy but whatever
They must think the "TriBeCa" name used on the building across the street worked out.