I was originally going to post some of this as a comment over on this thread about PEDCOR on SoLo, where Ambrose Fulton calls the project an amenity-less future Americana Park.
I would hardly consider this amenity-less, as they're going to have a clubhouse and pool, among other things.
As far as financing, the development is supposed to use Section 42, which gives the developer cheap financing, but as far as I know, not grants, in order to provide housing for people who make less than 60% of the median income for the area. The residents don't necessarily get cheaper rent because of it, but it allows the company to build nicer places than they normally could for people making under $35,000.
The other main reason I'm not opposed to this is that I think low-medium income apartments can be done without problems, if correctly managed. When the apartments were built behind Culvers at 53rd and Jersey Ridge, everyone said it was going to be another Northwood Village, yet there have been relatively few problems there. The Davenport Lofts are a mix of Section 42 and market rate, which the PEDCOR project is supposed to be after the 2nd phase, and due to good management, any troublemakers get the boot as soon as legally possible. It can be done.
There is certainly a large risk with a project like this, but it isn't impossible for PEDCOR to create a successful community. We just have to hold them to all their promises, and verify with other communities that they are good property managers.
Its all about the management.
5 comments:
Good for you QCI! I am glad you are not intimidated by the nay sayers on this project. You are right, it is all about the management. This can work and be a valuable addition to the local housing market. It can be a good start for those saving for the future purchase of their own property. It can be an attraction to Davenport and with that an attraction of new necessary businesses to the Northwest side of town. It is the right thing to do.
A tip of the hat to you QCI.
Thanks!
PEDCOR/WELFARE; The people who live
in Davenport and make under $30,000/year will be lift out!
Sorry to cause your comment to make no sense WindingHills, but double/triple posts and spam are the only 2 things I do delete. (although you've come close before.) I'm with you on not understanding what the guy was trying to say three times anyway.
It may not have been the fault of the commentor that it posted up three times. On rare occassions, after you enter your comment, and hit the 'publish your comment' an error message appears that says 'Blogger did not respond to your command. Try Again.' Don't trust that error message, because before you know it you have a double or triple posting.
That's definitely true 11:49.
One of the things you can do if that happens is open up another internet browser window and check the blog to see if your comment made it on there, and if not, try it again.
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