Redmond Rental Project A Go / Market Rentals Slowed

On a day when the long-discussed Housing Trust project on Redmond Street was given a green light for construction of 28 rental units, a market project to build 60 rental units hit a snag.

The Housing Trust project has been in the planning stages since 2013 when the Town of Jackson purchased the property located on Redmond Street and Hall Avenue for 1.6 million dollars and entered into a 99-year ground lease with the Trust.

The Trust purchased additional adjacent property in 2013 and 2015. Last year,

the Trust requested the Town and County to give an additional $6M in public funds to complete the project, but hose funds were not provided.

In January the Trust requested $1.95M from the Jackson/Teton County Housing Authority and $2.1M from the Town of Jackson which the elected official have now approved.

Late last month, the Trust pushed through a 4.05 million dollar SPET proposal. If the SPET item passes, the electeds may use the funds to reimburse the TCHA and the Town for their respective contributions to the Project, or may determine that the SPET item should be used to cover the financing.

In any case, the proposal is moving forward.

Things weren’t so smooth for 60 units of housing on Broadway.

Applicants for the project were asking the council for two exemptions from the land development regulations, one that relieved the developer of the affordable housing requirements, and the other to exempt interior hallways from floor-area calculations.

Goal LLC, a partnership started by restauranteur Joe Rice, contended that apartments in an apartment building are inherently occupied by the workforce and therefore should be exempt from affordable deed restriction requirements. The planning staff and Town Planning Commission agreed noting that the proposal met the goals of the Housing Action Plan that was adopted last year.

The council, though, demurred. Councilman Jim Stanford did not support the proposal at all, while Hailey Morton-Levinson gave her support and other councilors tentatively leaned towards approval.. Councilors were concerned that there was no official deed restriction in place. Town planners said the design criteria would serve in place of a formal restriction as the project would limit the size of the units.

In the end, the decision was pushed off until the next council meeting.

The second request was approved.

 

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