I mentioned that MSP was proposing high-end condos-this was published at the Journal-Sentinel on Jan 9-and then yesterday, two days later, there's a new article implying the affordable housing tax credits may still be in play for the new proposal. It's still unknown whether they will be using the tax credits. Quite frankly, I did not think it was possible since the development details are quite different!
If they do, it will be an elegant end-run around the city since those condos (previously proposed by a different developer) were already approved.
In an e-mailed statement, MSP President Milo Pinkerton would say only, "MSP plans to build out the condominium development as approved in 2004. Condos are a form of ownership, and tax credits are compatible with condo ownership."
This may imply that they are planning a rent-to-own development similiar to Gorman's successful Metcalfe Park Initiative in Milwaukee. It'd certainly explain why they're building condos when there are condos nearby being rented out as apartments.
Or they could be doing straight-up luxury condos & just enjoying a bit of sweet revenge as people scramble to try to figure out what they're doing!
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