REMARKS
Developer's commitment to the project and explanation of previous statements
0:22:32
·
99 sec
William Wallace IV from Continuum Company clarifies the developer's position and commitment to the project. He explains that their previous statements were not threats but warnings about project viability.
- The developer emphasizes that they want the project to move forward and be reasonable
- They have made significant reductions from the original proposal, including an 82% reduction
- The current project is not viable without workforce housing, and further reductions would make it impossible to proceed
William Wallace IV
0:22:32
Yes.
Kevin Riley
0:22:32
We are.
William Wallace IV
0:22:32
And I just wanna be clear, because many times, statements can be missing interpreted.
0:22:37
William Wall's the floor from the continuum company.
0:22:40
No threat here at all.
0:22:42
You know, if I warn you about a category for hurricane, it's not to threaten you.
0:22:49
It's to protect you from the consequences.
0:22:51
We had 2 sites originally proposed for development that would have had a 5050 no gentrification mixed income development.
0:22:59
The other site is now being built as predicted as a nonunion luxury condo.
0:23:06
With the restrictions placed at the last CPC certification, it is impossible without the modification from the original m h one to option 4 workforce to move forward.
0:23:18
And all we want wanted to everyone know, we can't do this.
0:23:22
You know, the good news is that we finally have union pension funds investing in affordable housing in New York.
0:23:30
The bad news is that we finally have Union Pension Funds.
0:23:33
This is not play money.
0:23:35
This is real money.
0:23:36
This is your retirement income.
0:23:37
So if it doesn't pencil out, we have to withdraw it.
0:23:40
We don't want to.
0:23:41
But not this forever.
0:23:42
I had a full head of hand when I started this project.
0:23:45
We want this to move forward, and we wanna be reasonable.
0:23:48
We made an 82% reduction from the original piece.
0:23:51
We further reduced it.
0:23:53
We tried to get all of the shadows out of the way.
0:23:55
We now left but something that doesn't work without workforce housing, and now I'm being asked by BBG to even have further reduction.
0:24:05
So all we're saying is with that, it's gonna be an impossible project to pencil out.
