Sidney Torres IV’s new Mid-City apartment complex has finalized a plan to tackle part of the city’s affordable housing issue.
In its newest developments, Edwards Community and Torres secured a density bonus from City Council on Thursday, Nov. 3, 2016. The development added 110 apartments to its apartment plan, totaling to a total of 382 apartments in the complex, in exchange for adding 14 affordable housing units, Nola.com reports.
The affordable units will be priced to accommodate individuals who make up to 30 percent of the neighborhood’s median income, which would about $12,600.
The added 14 units is a part of the city’s pilot smart housing mix plan which offers incentives to developers to build affordable housing options.
The apartment complex, which is being developed by Edward Communities, will be located by the Lafitte Greenway on Conti Street. The complex cost is estimated at $65 million.
According to Nola.com, Torres is negotiating additional incentives to complete the project.
In August, the Torres development considered giving home loans to compensate for affordable housing. Instead, Torres and Edward Communities chose to revert back to its 14 affordable units plan.
In October, City Council commissioned a year-long survey to track how incentives effect the development of affordable housing in New Orleans.
The New Orleans planning commission will discuss the smart housing mix at its next meeting on next Tuesday, November 8.
- Mid-City apartment complex negotiations could mold New Orleans housing policy [Nola.com]
- City Council commissions study on affordable housing [Curbed.com]
- Sidney Torres Lafitte Greenway development would give home loans, not have affordable apartments [Curbed NOLA]
- Greater New Orleans Housing Alliance comments on Sidney Torres’ affordable housing plan [Curbed NOLA]