Posted Feb 28, 2023, 7:47 PM
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Moderator
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Join Date: Jan 2009
Location: Portland
Posts: 7,445
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Quote:
Pearl District tower developer paid $4.2M to avoid affordability requirement
The developer of a luxe Portland tower paid millions to avoid including affordable homes inside their building.
No, not the group behind the Ritz-Carlton.
This developer, Alliance Residential Co., is behind the Holden of Pearl retirement community.
The Business Journal has learned that since 2017, only one project subject to Portland's inclusionary housing requirements decided to go for a formal fee in lieu of including affordable homes inside their project. The option is well within the city's rules.
The situation with the Ritz is different because that developer will likely pay a penalty fee after agreeing to include the homes. Fees in lieu, on the other hand, come due before before the city issues building permits.
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...continues at the Portland Business Journal ($).
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