Developer Develops Proposal for $ 100 Million State Street Facing Project | Local government

Core Spaces is also proposing that approximately 10%, or 100 of the 1,063 beds, be reserved for qualifying low-income students who will receive a 30-40% reduction in rent.

Beds will be available for any unit in the building, allowing the qualifying resident to select any type of unit. Additionally, because beds are rented individually, eligible residents can select roommates who may or may not qualify for the reduction without revealing that they are paying reduced rent, the submission says to the city.

“We heard about the need for affordability in new student housing projects while going through the public process on previous project proposals, so we worked closely with the city and the university on a plan to integrate part of the units in this building will be made available to students from low- and middle-income households, ”Goehausen said.

“We are still working on the specific details with the city and the university, but we are delighted to be able to offer this component without asking for tax credits or funds (tax progressive financing),” he said. “We are rather looking for an additional compatible height on part of the building, which will allow us to self-finance the program, by borrowing a strategy from the city’s past inclusion zoning.”

Other changes

Other important changes include the commitment to achieve building certification through the National Green Building Standard certification process; the addition of over 17,000 square feet of open space, including a large rooftop park on the roof of the sixth floor; and using high quality masonry and metal paneling throughout the building, he said.

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