The VMF and the artists who rent the studio spaces, which are in former motel rooms, are guaranteed use of the site for about three years, or however long it takes to get redeveloped
. Assuming the proposal is approved, they plan to build a two-tower purpose-built rental project consisting of 330 units, with retail and amenities.
“Obviously, it gets more expensive as you get bigger, and they are not cheap. But at any given time, a building is going to need a coat of paint anyway. This adds value to a building in so many different ways that you can’t compare them.” As well, a leased site offsets the carrying costs – and an empty building quickly falls into disrepair and can become a danger zone.
She lives in a small rental building nearby that is older and will likely get redeveloped since it falls within the Broadway Plan, the city’s recently approved development plan that. Like a lot of people, she’s concerned about being squeezed out of her community, but she’d rather find a workable solution than mount protests about rising prices.
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