Creston Neighborhood Survey: North End Lofts
Should a proposed apartment building get a tax exemption?
Important things to know about the proposed building:
The proposed building is called North End Lofts with 36 one bedroom apartments.
The cheapest rent will be a little under $1000 a month for a 475 sq ft apartment. This is considered the low end of "market rate."
Tenants will have parking on site.
Residents will be allowed to have pets.
The billboard will be moved to the building’s south-facing wall.
There will be retail space on the ground floor.
The developer of North End Lofts, Brian Papke and The Establishment Group, are seeking a Neighborhood Enterprise Zone (NEZ) tax abatement for this project. The NEZ is a state-legislated tax abatement which aims to "improve the housing stock in distressed or declining urban areas where little or no new construction is occurring and where housing is in need of repair. The legislation is intended to spur residential investment where it might not otherwise occur."
To receive an NEZ, developers must receive support of the neighborhood and demonstrate the need for their project. If the development provides affordable housing, housing type diversity, better transit mobility, or employs micro-local businesses, then the project may receive additional years of tax abatement.
What do you think?