Smoky Hollow Phases 1, 2, and 3

New Construction
1986

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4 Likes
1987

What’s going on in the meeting?

1988

Oh. I already missed it. Phase 3 rezoning was approved.

32 Likes
1989

Wait what? 500 feet incoming?

1990

WHOA! This is amazing news!

1 Like
1991

Wow, I was actually watching the Brexit debate in Parliament and the hurricane coverage. Completely forgot about the City Council meeting today! This is great news!

3 Likes
1992

Now, will Kane wait until the City Council removes the feet requirements as it is being discussed right now. Or keep it under 500 feet?

Also hoping we get some sort of concept art soon.

1993

My guess is he wasn’t even planning on going the full 500 feet to begin with, probably somewhere in between the 350-450ft range, but needed the full rezoning to allow even that.

4 Likes
1994

N&O already posted an article on it as well. Says the affordable housing breakdown hasn’t been decided yet, but will fit into one of three categories:
15% of the units as affordable for households earning 80% area median income for at least 15 years.
10% of the units are affordable for households earning 60% area median income for at least 10 years.
5% of the units are affordable for households earning 50% area median income for at least five years.

My guess would be option 1, it could be as simple as apartments facing Capital blvd with no balcony.
https://www.newsobserver.com/news/business/article234660152.html

5 Likes
1995

I would think they’d want to do the smallest number of units possible for the shortest term so I’d guess number 3.

1 Like
1996

It could also be as simple as creating micro-units that rent for less money per month simply because of their sizes. Frankly, I think that’s the right option, because you don’t even have to think about being exclusionary to amenities, or other tricky issues like that.

3 Likes
1997

This is great news - Hopefully somewhat a precedent case for upcoming rezoning cases and encouragement for other developers!

1998

So, 80% of the median income (~$60,000) comes out to $48,0000. 30% of that is $14,400 or $1,200 a month. Is that correct?

1 Like
1999

So Phase 3 rezoning is approved, Phase 2 is well underway, and Phase 1 is nearly complete. Any guesses to when we will see the designs for P3 and then possible construction start? Demolition is already done, so that won’t delay anything.

3 Likes
2000

So affordable! If your math is correct (the $1,200/mo estimate), City Council got PLAYED big time and we all knew it.

3 Likes
2001

I think I read somewhere that they are using the downtown area’s median income as the gauge. So $93k is the median?

1 Like
2002

it depends, public perception matters. Elections are coming up and some of the members will use “we made the developer include affordable housing” as advertisement for their own case

2003

$93k is AMI from the last figures I saw.

And that’s household income. As a single service industry worker, not even close to affordable.

1 Like
2004

Create a bunch of micro units, go with the 5% at 50% for five years and at the end of 5 years renovate the micros into macros and suddenly you have newly refurbed units in what will probably be a highly desirable building. Not a huge impediment to a developer (and not really a long term solution to affordability but I digress.)

2 Likes
2005

Maybe at the end of the 5 years keep like half micro and the rest macro newly furnished suites

1 Like