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Q&A

Developer's commitment to the application and viability concerns

0:20:03

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Council Member Kevin Riley questions David Rosenberg about the developer's public statement regarding potentially withdrawing the application. Rosenberg clarifies that it wasn't a threat but a statement of project reality, explaining that the project approved by the city planning commission is not viable or financeable.

The developer's team has been working on the project for over 6 years, demonstrating commitment
They believe the project can work with the workforce housing option and R70 zoning
The development team is committed to pursuing the project if it can be made viable

Kevin Riley

0:20:03

You made a very public threat to withdraw the application and build as a right unless your revised proposal is going to be approved.

0:20:11

Now now that you are before us, are you committed to pursue this application, if not, why you present this project to us today?

David Rosenberg

0:20:19

So, Mister Sharon, I don't think it was a threat.

0:20:22

It was a statement of just the project reality, which is that, you know, my clients as developers and with investors have a responsibility to taken to ensure that the equity that they have in this and all the work that they've put in is protected.

0:20:37

And that the project that was approved by the city planning commission is not viable, it's not financeable, and then puts the property in a worse position than the as of right development would be.

0:20:49

And what we said at the time, very separate from how media may have reported it, is that absent a significant change to the project, that let us found a way that let us find a way to make the project work, we would be left with no choice but to withdraw.

0:21:05

But immediately after the city planning commission vote, we got together with our partners with the AFLCIO housing trust to see if there is a way that we could make this work.

0:21:14

And we believe that there is a way to do that.

0:21:17

That is through mapping the workforce housing option on this project, which is why we're here requesting that the council modify the project do the workforce housing project.

0:21:28

We've been at this now in different iterations as you mentioned in your opening remarks for over 6 years at this point.

0:21:34

I think the development team's commitment to this project is clear.

0:21:39

But it needs to be able to work.

0:21:41

And after looking at it every which way, we believe the workforce housing option with the R Seventy that was approved out of the city planning commission can work, and that is a project that we would pursue.

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Discussion on plans filed with DOB and 421-A tax abatement program