It's not feasible. The asking price for the building is above market already-- so buying it and only developing 1/5 of it only puts you further in the red. A fairly standard incentive package of tax abatement + Fed/State HTCs hasn't been enough to make it profitable when we've proforma'd it (hence why it's been under, and fallen back out of, contract multiple times). With the MOHTC in jeopardy (and FY17 and FY18 already at the cap), it's worth noting that even if the building were free you couldn't make the numbers work without incentives.dylank wrote: ↑Sep 06, 2017Is it possible for a developer to tackle the first floors of Chemical? Even if they didn't take on the whole project, that corner space is prime for retail. Brighten the corner. Pour new concrete, add flower pots, bike racks...Then maybe the renovation on upper floors would become more attractive.
So let's hope the MO HTC isn't axed next session, that the sellers get reasonable with the price, and that a capable developer rolls the dice on it.






