Another
big developer has bought a piece of the Burleigh Triangle pie (the area bounded by West Burleigh Street and Hwy 45).
HSA Commercial Real Estate’s acquisition of 23 acres is expected to yield more than $390 million in development value, with the earlier purchase by Icon expected to yield another $130 million, according to the August 17 Business Journal.
Mixed use is the mantra for the developers. That means offices, condos, retail, parking structures, and more. (Remember that 20 story building Icon is planning? I'm still shuddering.)
Just what $500 million in “development value” means for us neighbors and taxpayers is unclear. But I don’t need a crystal ball to predict traffic nightmares. And I don’t need one to predict that unless the community steps in, the condos will all be high end, out of the reach of the average Tosa retiree who everyone claims to want to keep in town.
One way to mitigate that problem is to require a set-aside of 10-20% of living units for workforce and senior housing (aka “affordable” housing) in a Tax Incremental Financing (TIF) district. That would mean that a small portion of the condo units would have lower prices that teachers, firefighters, and the average grandparent could afford.
Icon is already lobbying for a TIF district to help pay for roadway improvements along West Burleigh Street. Seems like the time is right for adding a TIF for affordable housing.
The city’s comprehensive planning process is just getting underway. I’d love to hear from anyone who was involved in the public vision workshops scheduled for late July, or the focus group/leadership interviews scheduled for August.
My name is on the list (hint, hint), in case anyone in the City Planning Department is reading this.
