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Q&A
RFP for 100 Gold Street mixed-income housing development
1:38:17
·
134 sec
Council Member Farías inquires about the recently released RFP for the development of 100 Gold Street, a city-owned site. Andrew Kimball explains EDC's role in issuing the RFP and the rationale behind the project.
- Kimball describes the current state of the building at 100 Gold Street, emphasizing its poor condition and the need for renovation or replacement.
- He outlines the plan to relocate current occupants, primarily HPD, and develop the site for mixed-income housing.
- The discussion reveals that the project aims to create housing for potentially 1,000 new residents without requiring additional city budget allocation at this time.
Amanda Farías
1:38:17
And then I'd like to just chat about some of the RFPs.
1:38:21
EDC recently released an RFP for the development of 100 Gold Street, a city owned site.
1:38:27
The recent request seeks proposals to develop mixed income housing.
1:38:32
Why was EDC chosen to issue the RFP and how did you work with the administration to select the sites and is there any additional funding in EDC's budget for this project?
Andrew Kimball
1:38:43
So this is a good example where on a city owned asset and and Ganzburg Square is another one that we're working with council member Butcher on, where, the city, you know, is through mandate from city hall to like develop housing wherever you can on underutilized city owned assets.
1:39:05
Now the reason I would use the word underutilized in the case of 100 Gold is the building is literally falling apart.
1:39:11
If you work at HPD, mold is falling on your head.
1:39:14
I mean, it's I don't know if you remember the old 250 Broadway, but it was a lot worse than that.
1:39:19
And so HPD and their six other entities in there, but HPD is the biggest one by far, are gonna have to move soon or you're gonna have to renovate the building in place around them.
1:39:34
So that would cost an enormous amount, hundreds of millions of dollars for the city, to sort of renovate in place as you move your people around within the building.
1:39:45
So, the notion was let's decant the building, move all of those uses either into other city owned assets that are underutilized office space or into new into rental office space in the private sector.
1:40:00
That gives a private developer then the opportunity to come in, take down the existing building, build a new building that could, be host to a thousand, new residents.
1:40:14
Some of the money that comes off of that will pay for the relocation of the city agencies.
1:40:20
So at this time, there is no additional money put into the city's budget.
1:40:27
Could that be an issue in the future?
1:40:28
It is possible, but it's not needed today.