Larry and Ted Hamilton wound up including more affordable-housing units in their Atmos Complex project downtown. The Downtown Dallas Development Authority is meeting to discuss the Hamiltons’ project — specifically, a dramatic increase in the number of affordable units (from 23 initially to 170 when both phases of the makeover are completed by December 31, 2016) and an extension on groundbreaking and move-in-by deadlines.
The tax credits for the project, says Zavitkovsky, “allowed us to get more affordable units downtown and create a different configuration. They’ll convert the newer complex on the west side and put many of the low-income units in there, and do a combination of affordable and market housing in the historic buildings, with parking in the middle, and the they’ll have common amenities.” He says there will also be some changes made to the structure of the Hamiltons’ TIF deal.
Zavitkovsky says the new financials in place are significant because they’ll create “more affordable units downtown, which we want to achieve.” And the new tax credits quite simply make it an easier deal to finance as well — because, as Forest City found out even before the market took a dive, that’s a hard property to extreme-makeover for myriad reasons, the Statler being just one.
Read remainder of the story at the Dallas Observer