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Old 10-01-2010, 10:30 AM
 
915 posts, read 1,663,430 times
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"On Thursday, developers of 1221 Broadway, the stalled mixed-use project on Broadway at U.S. 281, secured the final piece of the project's financing, a loan by the U.S. Department of Housing and Urban Development. Since October 2004, the project has sat as a set of highly-visible, unfinished concrete-steel shells. The project is envisioned as a combination of apartments and retail and office space, and regarded as the first major piece of River North."

The Downtown Blog (http://blogs.mysanantonio.com/weblogs/downtown/2010/10/final-piece-of-funding-secured.html - broken link)

Ill believe it when I see it, but great news if it proves true.
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Old 10-01-2010, 11:42 AM
 
255 posts, read 357,130 times
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Great, now the future residents need to decide if they want to travel far for a gym and a grocery store.
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Old 10-01-2010, 12:01 PM
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Location: Ohio
16,826 posts, read 33,233,153 times
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So if it's HUD-funded, will it be Section 8 housing? That seems like it might scare off the most attractive commercial tenants from a mixed-use project.
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Old 10-01-2010, 02:36 PM
 
Location: New Braunfels, TX
6,277 posts, read 9,047,308 times
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Bowie - how on EARTH can you say that?!?? EVERYONE knows that those in Section 8 housing are there only because *the man* keeps 'em there...

<tongue in cheek>
just realizing that I'm harassing a Mod....<G>
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Old 10-01-2010, 03:05 PM
 
4,268 posts, read 8,385,156 times
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Quote:
Originally Posted by Bowie View Post
So if it's HUD-funded, will it be Section 8 housing? That seems like it might scare off the most attractive commercial tenants from a mixed-use project.
I'm not entirely sure of the details, so please correct me if I'm wrong. But i think it'll depend on how much is HUD-funded. The old Victoria Courts development (HemisView is the latest) is partially funded for Section 8 housing, but only partially. This has allowed for some section 8 but also for market rate units.

While there are likely to be some negative comments, for the most part, residents have been happy with this arrangement. The key is the relative ratio of section 8 to market rate. At one point the developer tried to increase the section 8 units so they could get more government funds, but that was fought so they stuck with the original plan.

While those developments aren't mixed-use, if they're following the same concept, I suspect commercial tenants will still be interested. It's a difficult location though - beautiful spot by the river and not far from the Art Museum and the rest of Broadway, but it's not really a simple walk to most other useful places - it's a bit of a hike into downtown proper, and the area directly adjacent is not the best. So, the whole area needs to improve for commercial tenants to really be attracted to it. Hopefully this will be the first step.
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Old 10-01-2010, 03:47 PM
 
824 posts, read 1,606,245 times
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Quote:
Originally Posted by Chaka View Post
I'm not entirely sure of the details, so please correct me if I'm wrong. But i think it'll depend on how much is HUD-funded. The old Victoria Courts development (HemisView is the latest) is partially funded for Section 8 housing, but only partially. This has allowed for some section 8 but also for market rate units.

While there are likely to be some negative comments, for the most part, residents have been happy with this arrangement. The key is the relative ratio of section 8 to market rate. At one point the developer tried to increase the section 8 units so they could get more government funds, but that was fought so they stuck with the original plan.

While those developments aren't mixed-use, if they're following the same concept, I suspect commercial tenants will still be interested. It's a difficult location though - beautiful spot by the river and not far from the Art Museum and the rest of Broadway, but it's not really a simple walk to most other useful places - it's a bit of a hike into downtown proper, and the area directly adjacent is not the best. So, the whole area needs to improve for commercial tenants to really be attracted to it. Hopefully this will be the first step.
The project is financed using a HUD program called 221(d)(4). "D4" is the real estate slang. D4 projects have NO affordability guidelines. The projects are 100% market rate (Cadillac Lofts, for instance, was financed with D4).

And, yes, 1221 Broadway was approved for D4 financing by HUD, so barring some unforeseen problem, construction should start in the next 30-60 days. This will be great for the area; more residents are precisely what that area needs.
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Old 10-01-2010, 03:57 PM
 
824 posts, read 1,606,245 times
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Quote:
Originally Posted by Proffer View Post
Great, now the future residents need to decide if they want to travel far for a gym and a grocery store.
You're not informed.

Central Market is two miles away. The HEB on Olmos is 3 miles away. The downtown Spectrum is 1 mile away. The YMCA on St. Mary's is about a mile and a half. And you can easily use transit to get to any of them.

And think for a moment about the things the future residents can easily walk/bike to: Riverwalk, Pearl Farmer's Market, restaurants at the Pearl, live music at Sam's (or the Ten Eleven, or The Mix, or White Rabbit), the bars on St. Mary's, Brackenridge Park, and, of course, anything downtown.

Yeah...what a tough decision...who would want to live down there?
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Old 10-01-2010, 04:35 PM
 
Location: Seaford, Delaware
3,471 posts, read 17,290,765 times
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If you build it they will come. Once the building and grounds are complete, it will be a starter for others to be a part of the renewal. Let's be optimistic.
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Old 10-01-2010, 04:40 PM
Bo Bo won $500 in our forum's Most Engaging Poster Contest - Tenth Edition (Apr-May 2014). 

Over $104,000 in prizes has already been given out to active posters on our forum and additional contests are planned
 
Location: Ohio
16,826 posts, read 33,233,153 times
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Quote:
Originally Posted by dvlpr View Post
The project is financed using a HUD program called 221(d)(4). "D4" is the real estate slang. D4 projects have NO affordability guidelines. The projects are 100% market rate (Cadillac Lofts, for instance, was financed with D4).
Thanks. That was helpful to understanding the project and the funding mix.
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