A rough sketch of what the building could look like.
A local developer is planning to build an affordable housing complex designed for seniors atop a vacant city lot in the Hill — with the hope that she could someday move in.
The Livable City Initiative (LCI) board Wednesday evening unanimously approved the city’s proposal to sell that empty lot for $43,025 to a limited liability corporation controlled by Denise Keyes. The lot was appraised at $50,700.
Next the sale will go before the Board of Alders for a final review.
Keyes is seeking to purchase 756 and 762 Congress Ave., an undeveloped area right next to the four-story, mixed-use building on the corner of Congress and Redfield that she bought 16 years ago.
Presenting the proposal to the board, Livable City Initiative (LCI) Acquisition and Disposition Coordinator Evan Trachten stressed that the precise details of the project — such as how many units would be built and who would be eligible to live there — have yet to be finalized.
In a letter submitted to the city detailing her proposal, Keyes wrote that she plans to build about 20 apartments geared toward elderly tenants and affordable to households making 80 percent of the Area Median Income ($80,640 for a family of two).
The city selected Keyes out of several applicants who responded to a Request for Proposals to develop the address.
“I am a hands-on owner and will be living in one of my new units once it gets built,” Keyes wrote in the letter. (Click here to read a previous story about her work with local high-schoolers.)
“It is my intent to influence a positive change in the community by providing reasonable and affordable housing within our neighborhood,” Keyes wrote. “Our goal is to create a domino effect by developing housing for the residents, creating jobs, beautifying the community, eliminating drug traffic, increasing the City’s tax base, and ultimately providing the residents with a sense of pride living in The Hill.”
Keyes wrote that she also plans to renovate the building she already owns at 744 Congress Ave. to comprise six apartments and two ground-floor commercial units.
Board member Nadine Horton observed that Keyes estimated a rough cost of the project at just over $4 million, and that her letter states that she currently owns “almost $5 million in real estate holdings.”
“How is she planning to finance this?” Horton asked.
“I don’t think her final funding has come together yet,” Trachten replied. “I think as she gets the approval, it will start to play out … Certainly, we will not allow the project to close without proof of funding.”
In the application, Keyes listed state and federal agencies as well as private banks as possible funding sources.
Board Chair Seth Poole asked about plans for parking.
Trachten responded that the parking requirements would depend on whether Keyes opts to qualify for the city’s Inclusionary Zoning waivers, in which case there would be no minimum number of required parking spots.
“The city struggles with dedicating land for housing versus parking,” Trachten said. But even if there is no new parking allotted, he argued, the trade-off would be worthwhile and “in keeping with the city’s modern vision of how we’re gonna have to do infill housing.”
“We believe that the on-street parking is sufficient to accommodate the future building there,” he said, noting that the City Plan Commission would also be able to weigh in on that question.