Two developers are planning to turn two city-owned parking lots into mixed-income and artist housing on the west side of downtown.
French Development and the Episcopal Housing Corporation would buy the lots at 410 and 422 W. Mulberry Street and build two structures with 76 mixed-income apartments and artist housing.
The sale of the lots appears before the city’s spending board on Wednesday. Though the lots were assessed at a value of $895,000, the city is selling them for $300,000 because the project would increase the amount of available affordable housing, eliminate blight, add to the tax base and cultivate artist businesses in the nearby Bromo Arts District, a Board of Estimates agenda says.
As part of the deal, the agenda says, the project will include eight “market-rate units for formerly homeless residents.”
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