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Re: Three Light

Posted: Sat Jan 23, 2021 2:57 pm
by FangKC
Making a requirement that all new subsidized projects include 20 percent affordable housing will likely cause more harm than good. This might work in larger real estate markets with ultra-expensive housing. It will shut down a lot of developers from coming into the market. We need new apartments for higher income people so they can move out of older, lower-end apartments that can then be taken over by lower income residents.

Newly-built high-rises are the most expensive way to create affordable housing, followed by newly-built low-rise.

The easiest way to create affordable housing for lower income residents is probably mobile home parks. It can be created very quickly, and can be placed on parcels needing reuse. Strategically place it on bus routes around the metro. Former shopping center parking lots could probably be transformed very quickly.

Another way is to place modular manufactured housing on permanent foundations on vacant lots around the city. It can be done fairly quickly. The City just needs to adjust zoning rules to allow more manufactured housing.

We also need to create more affordable senior-housing communities dispersed through the City. Many seniors want to down-size, but have trouble finding good housing options in their neighborhoods. Doing this will free up a lot of larger, older homes that are affordable for young families. Around 40 percent of all housing in KCMO is occupied by a single person, and many of these are single-family homes with seniors.

Re: Three Light

Posted: Sat Jan 23, 2021 3:01 pm
by KCPowercat
I see that point of changing requirements.

The city invests a lot annually in pnl so trying to find a way to get more affordable housing where they are already investing a lot of the general fund makes some sense.

I'm also a big fan of mixed income levels in buildings versus trying to isolate income restriction or even lower market rate into its own building.

Re: Three Light

Posted: Sat Jan 23, 2021 6:22 pm
by DColeKC
KCPowercat wrote:
Sat Jan 23, 2021 3:01 pm
I see that point of changing requirements.

The city invests a lot annually in pnl so trying to find a way to get more affordable housing where they are already investing a lot of the general fund makes some sense.

I'm also a big fan of mixed income levels in buildings versus trying to isolate income restriction or even lower market rate into its own building.
In my experience downtown, buildings are very mixed income. You have people who just got their first big kid job renting studios and you’ve got professional athletes making millions all the same building. In the income restricted properties you have students and low income folks but also have some people who make great money and are grandfathered in despite making too much.

From what I’ve read, in much larger cities where they’re forced to include affordable housing in luxury buildings, the affordable units are smaller and don’t have the nicer finishes. Not to mention, the residential game isn’t a get rich quick play. Mostly leased at market rate rent basically pays the bills, it doesn’t line the landlords pockets. So you take away 20% of your market rate units and turn them into affordable units, you’re now looking at losing money every month.

It’s a big problem that developers have been dealing with for years. Some developers are willing to build new affordable housing but they need some serious government assistance.

Re: Three Light

Posted: Wed Jan 27, 2021 11:24 pm
by normalthings
Image

This is a nice project in Omaha. Tower 1 construction starting in July and finishing in December 2022.
210 rental units and 24 condos. They will lease what units they aren't able to sell. I wish someone would do that here!

Re: Three Light

Posted: Thu Jan 28, 2021 12:43 am
by Chris Stritzel
normalthings wrote:
Wed Jan 27, 2021 11:24 pm
Image

This is a nice project in Omaha. Tower 1 construction starting in July and finishing in December 2022.
210 rental units and 24 condos. They will lease what units they aren't able to sell. I wish someone would do that here!
Looks like something perfect for the parking lot at 19th and Grand.

Re: Three Light

Posted: Mon Feb 08, 2021 5:24 pm
by normalthings
Resubmitted corrections last week

Re: Three Light

Posted: Thu Feb 11, 2021 2:05 am
by normalthings
Three Light will now open in 2023. Website was updated yesterday

Re: Three Light

Posted: Thu Feb 11, 2021 7:32 pm
by Chris Stritzel
normalthings wrote:
Thu Feb 11, 2021 2:05 am
Three Light will now open in 2023. Website was updated yesterday
Interesting, to me at least, that they updated the website but did not update the rendering to be the shorter version posted on here months ago. I understand that building design isn't 100% complete yet, but at least putting the shorter building rendering out there confirms to us that they're actually going shorter than originally intended.

Re: Three Light

Posted: Tue Feb 16, 2021 2:36 pm
by normalthings