Thank you! I noticed this on some 4 and 6 story steel beam office buildings built in my neighborhood, and One Glenwood, and was wondering about it for this project too. Makes sense now!
Thought you all would find this interesting.
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One issue with that article is that it is extrapolating a number of units at a fixed cost from a million dollars. But that’s not completely accurate. Kane didn’t pledge a lump sum, they pledged $100,000 over 10 years. A unit in the first year is going to be much cheaper than a unit in the final year. Ultimately I think the council went with Kane providing the units rather than a pledge of money because it’s a model that is more transferable to other projects. There are concrete percentages tied to the rezoning bid whereas the million dollars pledge is just some arbitrary number in relation to the size and scope of the project.
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God I hate our city council…
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OMG, this INDY article confirms a lot of of what we’ve been speculating about affordable housing for several weeks.
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This may be the first time I’ve actually appreciated the Indy.
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Seriously… Same here.
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They seem to be shaded most of the time in my experience. Takes a lot away from the experience especially for the crowds of kids drinking in them all summer.
Kids?? Drinking Kool-Aid, right? 
Once factoring cost of land, location, and development services, affordable units in a building being developed by someone else has many benefits. A $1M fee does not give the City as much buying power to develop and build those units in a similar location.
Generally, developers are prevented from creating physical income-restricted units by the nature of the fixtures, appliances, amenities, separate entrances, etc. This would be another way to concentrate poverty which is what this type of affordable housing policy hopes to counter.
That said, 5-years is much too short. We will never get a sizable number of affordable units in this manner.
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I stole this picture from someone else, but the parking deck for SmoHo3 is precast and will rise quickly. @OakCityDylan where are you?
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Hard to believe I beat you to anything !
Yeah, how dare @OakCityDylan have a life outside of this community! 
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My point exactly. Hell, I’m in Omaha and I beat him to it. I’m worried.
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Going to Nashville tomorrow so I’ll be back out of town. Btw, we have 23 hours left to be off topic in here. 
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That parking deck will probably be done before you get home.
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Awesome pics and great progress. Thanks guys!
This is not off topic here. We were off topic in the other place.
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Flyin on this project. It’s neat seeing the full base for the 280 unit, 6 story residential building taking form as it wraps around two sides of the office tower.
And it looks like the office tower (steel building) has the full footprint built out - it’s just going up from here.
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