Rent in downtown Tampa for $349?
By Emily Nipps, Times Staff Writer
Published Wednesday, March 26, 2008 11:42 AM

As the downtown residential market slowly takes shape, two types of people appear to dwell in the emerging crop of condos: Those who can afford to own the $200,000-and-up units and those who can afford the expensive rent that the owners charge.

A Hyde Park development firm wants another type of resident to enjoy the convenience of metropolitan living: low-income renters.

Calling itself a "socially responsible developer," the 908 Development Group wants to get state and city funding to help build the Modesto Apartments.

The 100-unit building would look like neighboring luxury condos like SkyPoint and Element, except that tenants who qualify, based on their incomes, would pay $349 to $881 per month.

"To foster a sense of community, you need housing opportunities for all residents," 908 Development Group vice president Justin Wilson said.

Modesto is the first development proposed for downtown that would be both affordable and constructed using "green practices." The builders would use methods and materials that reduce pollution and would install energy-efficient lighting and other environmentally friendly features.

Wilson said parking would be limited and tenants at the project, at 1119 N Florida Ave., would be encouraged to use the bus, trolley or bicycles.

But the concept could raise questions when developers apply for $1-million in city funding.

"I'd be concerned about an affordable-housing project that failed to have an adequate facility for parking," said Michael Chen, the city's urban development director for downtown. "The American public today still has affiliation and affection for their own cars. You can't design it away. It's just there."

The city is open to the idea of affordable housing and has had conversations with developers about integrating it into the downtown landscape, Chen said. He had not spoken to the 908 Development Group about Modesto early this week, but he has been working with Bank of America, which is developing the Central Park Village project, 40 percent of which will be affordable housing.

Modesto is applying for the necessary $23.5-million in funding and financing, but Wilson is confident that it's a much-needed project that will attract support through grants, loans and tax credits.

The development group has designated an architect for Modesto and also has submitted plans for four affordable-housing properties in downtown St. Petersburg.

Christine Burdick, president of the Tampa Downtown Partnership, has been following Modesto's progress and said she considers affordable housing important for downtown's growth.

"The cost of land in downtown increased so quickly, it really made affordable housing relatively impractical to develop," she said.

"But downtown needs to be representative of our whole population. It's only going to thrive if it's diverse. We don't want it to be just for a narrow slice of the community."

Emily Nipps can be reached at nipps@sptimes.com or (813) 226-3431.

[Last modified Thursday, March 27, 2008 6:00 AM]

http://www.tampabay.com/news/business/realestate/article432136.ece

I like the idea, it would be nice to have some more affordable housing in the DT area, but they would really have to be careful to make sure that this does not turn into a vertical projects" type development, that would only scare away the people that were looking into the other condo projects.

Also, I would really like to see some renderings, a 100 unit building that would look like neighboring luxury condos like SkyPoint and Element would be interesting to see; one would have to think it would be much shorter than those buildings.

Steve

Fortunately at $881 a month for the top-end units I don't think there's much to worry about in terms of a vertical PJ (aka Sewer-in-the-Sky). The lower-end units are certainly more affordable, but a) we're not talking about fully subsidized housing and b) I would imagine the preponderance of units will be closer to the $881 figure than the $349 figure, which will tend to keep out the real problems.
This is the block north of Methodist Place and south of Fortune St where the old Goody-Goody hamburger place was.

If they fix the parking issue--which I think is really important, it would be NICE if the tenants there would take advantage of the proximity to downtown and the bus terminal, but enforcing that seems like a good way to cause nightmarish parking problems in the immediate vicinity and stick themselves with a couple dozen unrented units--I would definitely welcome this. After all, this is probably the only thing that COULD get started here in the next 18 months plus.
Definitely want to see a render, though.

Social responsibility! :)

This sounds like a great project. It does need parking for all units, though.
I personally encourage alt transportation (bus, bike, etc), but I do still own a car, and it needs a place to stay too.

Prices are clearly lower because the developer is sidestepping a few million dollars in parking construction expenses, and is getting yet more 'free' money from taxpayers... And considering this market, if this doesn't go exactly according to plan, the whole project probably will fall through.

And frankly, I hope it does fall through. We NEED projects like this (less parking, which drops prices. I've ranted about this off and on for a long while), but we NEED the transit to serve them to be in place first. I'm also skeptical of building a tenement in the core. I think it may harm values over time in the surrounding blocks, not improve them.

Well hey! Atleast something is being done.
I bet these units are tiny though.
Which is why I'm renting a house in Tampa Heights for $975 a month.
Yay for the 1932 Bungalow Shotgun House :)

I was just wondering the other day what happened to the Goody Goody lot. I think limited parking is a good idea, it will let people without cars get a good deal.

It's too bad this project isn't a bit closer to the core. If it was even just a couple of blocks closer, than the city could partner with them in building an adjacent city owned parking garage. On the other hand, this is right by the Floridan, right? Aren't they needing to build a parking garage too?

Either way, if the residents do have a car, they can rent a space for like $50 a month, and the other spaces can be used for public parking (the courthouse and other places need more off-street parking).

It could act as a stimulus for other retail, commercial, and other affordable housing options if the parking part of the equation was solved.

Oh sweet coincidence.

I looked this up on Google Maps just to see and guess what? They updated their Downtown Tampa photos again. Skypoint is finished and Element is underway in the photo. YAY

I am glad this isn't too close to the core. Low income housing is not something you want next door to you. Also, I don't think the city should fund any part of this.

Overall, it sounds like a good project. Remember, this would be just a block away from the Marion Bus Transit Center.

Here is the developer's website:
http://www.908development.com/

There's really little, if any good info there. Under "Portfolio" it has "coming soon" for all 3 categories of projects, but whatever.

Hmm, not too promising for them once you do some research. They filed for their LLC in 2005, the address on their website is a PO box, their street address in the filing docs is 908 S. Rome, Ave. 33603. I am not sure if that is an office address or not. Everyone starts somewhere, but you would think that after 3 years you would have something in the portfolio.

LLC filing docs:
http://www.sunbiz.org/scripts/cordet.exe?action=DETFIL&inq_doc_number=L05000053489&inq_came_from=NAMFWD&cor_web_names_seq_number=0000&names_name_ind=N&names_cor_number=&names_name_seq=&names_name_ind=&names_comp_name=908DEVELOPMENT&names_filing_type=

Mapquest of Rome Address:
http://www.mapquest.com/maps/908+S+Rome+Ave+Tampa+FL+33606-3085/#a/maps/l::908+S+Rome+Ave:Tampa:FL:33606-3085:US:27.933022:-82.476869:address:Hillsborough+County/m:hyb:12:27.933021:-82.476869:0::/io:0:::::f:EN:M:/e


Steve

^The article did say they recently filed plans for 4 more projects in downtown St. Pete. They've just been asleep for a few years. I guess they're beginning to wake up now that land prices are cheaper and they can move ahead in urban affordable, which would be their niche I suppose. :dunno:

I am glad this isn't too close to the core. Low income housing is not something you want next door to you.

Don't want those coloreds talking to your daughter huh?

^WTF? That is completely uncalled for!

Don't want those coloreds talking to your daughter huh?

Uh, I don't have a daughter...and if you looked back through my posts I think it is very clear that I am not racist.

And btw, I agree that if a development has to be subsidized to exist, then there is a serious problem that needs addressed. Sounds like supply is being seriously impinged and is raising prices through excessive land costs and so on, wrought by outdated zoning codes which are incapable of meeting the needs of the community. This is why the option of form zoning is coming to the city as an option, but I can't help but think it's going to be gerrymandered to be even more useless than the zoning patterns we have we have now.

And on an aside, it will be interesting to see what starts happening politically, once there are a few thousand potential urban activists living downtown, who will actually know what they are talking about when they tell the TCC their concerns for the urban core. This differs greatly from now, where we get all of these nimby types living in single family homes (and often always have), trying and impose their will upon other parts of the city, where they have no business doing so.

Developer Proposes Affordable Housing On Goody Goody Site

By ELLEN GEDALIUS

The Tampa Tribune

Published: March 29, 2008

TAMPA - A proposed housing project has the potential to bring low-cost living to downtown Tampa.

Justin Wilson, a vice president for 908 Development Group, plans to build a 100-unit tower, with six floors of housing and two floors of parking. The project will be called Modesto Apartments.

The building will go on the old Goody Goody site, 1119 N. Florida Ave. The iconic hamburger joint closed in 2005.

The project could be the first building downtown designed to emphasize affordable housing for renters.

"We feel we can make affordable housing happen in a very design friendly building," Wilson said.

One-bedroom units will rent from $349-$636 a month. Two-bedroom units will go for $419-$764. Three-bedroom units will be priced at $881.

That's a big difference from traditional condo projects downtown, which tend to start in at least the upper-$200,000 range.

Residents will have to meet income restrictions to qualify. For example, a family of four would need to earn below $33,900 a year.

Wilson said he is seeking financing from the Florida Housing Finance Corp., as well as $500,000 from the city and the county. The project is expected to cost about $24 million.

Modesto also would embrace some green building features, such as installing Energy Star Appliances and using floors made from recycled materials. He plans to apply for certification from Leadership in Energy and Environmental Design.

Wilson wants to discourage residents from using cars by working with Hillsborough Area Regional Transit to offer monthly bus passes and by implementing a car-share program.

Mark Huey, the city's economic development administrator, said the city supports the project.

"Vibrant downtowns are able to support housing for a variety of income bands," Huey said.

Groundbreaking on the 1-acre site is tentatively scheduled for early 2009. Construction could last about a year.

Wilson said he doesn't expect to bring the proposal to Tampa City Council because he isn't requesting any development waivers.

The development group also is working on four affordable housing projects totaling 275 units in downtown St. Petersburg.

"We want them to be a jewel in the neighborhood and stimulate other revitalization," Wilson said.

Reporter Ellen Gedalius can be reached at (813) 259-7679 or egedalius@tampatrib.com.

http://www2.tbo.com/content/2008/mar/29/me-developer-proposes-affordable-housing-on-goody-/?news-metro

Residents will have to meet income restrictions to qualify. For example, a family of four would need to earn below $33,900 a year.

"We want them to be a jewel in the neighborhood and stimulate other revitalization,"

Hmm, that is pretty low income. I am now not 100% behind this. Seriously, I have no problem with building more affordable housing in Tampa's DT core, but with this range that is basically a vertical projet that will bring down the desire of ANY developer to want to build nearby for fear of scaring away potential buyers or renters. Plus it does not look like they want a mixed incom development as the article says renters have to earn less than $33,900 for a family of four. A mixed income development would be far better and help it to not bring down values or perception of the area.

This is an OK project, but I think that if they were to build a truly affordable, non government subsidized tower in DT for people that have single incomes of $25-$33,000, but not a mandated income level like this project, just a target demographic they would attract a LOT of people as well, the demand is there but the buildings are not.

I also fail to see how a 8 floor tower would look like Skypoint or Elelment....but I will wait for the renderings.

Steve

They have to mandate to get the grants. The rents they would charge are roughly in line with those incomes... One thing though, what happens when these people get a raise or a better job. Do they get out, or do they pay more? (clearly they can't make over that limit and then stay there for cheap, in perpetuity)

I know they are evaluated annually to insure they are in compliance with the provisions of the grants/tax credit program they used to finance construction. I think if you are no longer income eligible at the end of your lease, you cannot renew. However, I'm not sure.

How much (or how little) do you have to make a year to be on government assistance? It seems like $33,000 would be awfully close for a family of four. This just seems like the wrong type of project for the area.

Here is the developer's website:
http://www.908development.com/

There's really little, if any good info there. Under "Portfolio" it has "coming soon" for all 3 categories of projects, but whatever.

They have updated their website. However under projects they only have 1: it's called "The Portalnd" and it is a 68 unit Downtown St. Pete project. It says grounbreaking 2009 with completion 2010. No rendering.

How much (or how little) do you have to make a year to be on government assistance? It seems like $33,000 would be awfully close for a family of four. This just seems like the wrong type of project for the area.

I'm sorry but 33,000 for a family of 4 is poor....DT development doesn't need an upscale ghetto.

Funny, I was looking at this aswell thinking everyone forgot about it. FF, you stalking me? :D

I don't like it. It's in a area that when the economy comes around, something big can happen here. Yeah, the project seems cool, but it seems cool if it was in a area where it wouldn't look out of place and swamped by surrounding structures. Westshore or SoHo would be a better location for this I believe.

Wow!

post deleted