Property
New tower promises an affordable view of affordable housing.
The Exchange development reserves twelve units below market and 417 descriptions of natural light.
Developers broke ground Monday on a 54-story residential tower in the Exchange, promising panoramic river views, private dining and twelve apartments priced for households earning below the neighborhood median.
The subsidized units will occupy floors three through five and use an entrance on a service street. The developer said the separate lobby preserves building operations and should not be understood as separation because both doors share a foundation.
City tax incentives could total $126 million over twenty years. Officials said the public benefit extends beyond the twelve apartments to construction jobs, retail frontage and a plaza open to everyone during posted hours.
Renderings show mature trees, empty sidewalks and sunlight arriving from two directions. The current block contains a parking garage, a copy shop and 63 rent-regulated apartments awaiting relocation agreements.
Leasing begins next spring. The affordable lottery is scheduled after the building receives its final temporary certificate of permanent occupancy.