Condos near the Plaza

I received an email today from the Southmoreland Neighborhood Association regarding the proposed demolition of eleven apartment buildings between Main St. and Oak St. on Cleaver Blvd. These eleven building would be replaced by a $90 million hotel complex with fifty condominiums. Before I add anymore to this story, I must confess I am a bit distressed by this news. The area in question is an interesting, reasonably priced, young adult community. Many students live there. It is an interesting part of a diverse neighborhood with an ever-diminishing number of affordable apartments left; conversely, condos abound. The Wilson Development Group, a local group with some history, plans to change dramatically the residential aspect of this part of the neighborhood, replacing a hundred or more affordable apartments with a fifty high end condos and, I am guessing, a very upscale hotel. This just does not seem a good thing.

However, there is more. This $90 million project in what has to be considered a fairly well developed area of the city is asking for $15 million in tax increment financing (TIF). We are not talking about a depressed area or urban blight. This is the Plaza. I am confused. I am intrigued by this and may very well go to the November 7, 7 p.m. meeting at Community Christian just to better understand what is happening.

stan