Quick Hits: Willard Street Affordable Apartments

Quick hits are posts about development news as I hear about them! If you have feedback on the format, please share in the comments below!

Willard Street Apartments

Neighborhood:
Downtown/Morehead Hill/West End

Size:
80 units of affordable housing

Estimated Cost:
$17 million ($9 million in tax credits already secured, $3.6 million from the city, $2.5 million form Duke/Capital Broadcasting)

Expected Completion Date:
Late 2020

Details:
61 units for individuals/families earning 60% or less of the median income. The remaining units for individuals/families earning 30% or less of the median income.

Developer:
City of Durham

While I typically like mixed-income developments, this project is a win for affordable housing. The fact that it will be mixed-use, with new retail and office space nearby will hopefully mean that the residents will have access and are connected to the vibrancy of Durham.

With the new tax credit funding and funding from Durham, Duke, and Capital Broadcasting, the project only needs to make up $1.9 million from retail and/or office space rental. With the prime "Downtown West" location, I hope that offices and retail will be excited to move in.

The downside of this project is if/when Durham sees a downturn: retail and offices move out and the city doesn't have enough money to keep this development in great condition, I think this project lacks a little resiliency. The way to make up for that? Make sure the light rail project goes through as well as the nearby townhome and Police HQ redevelopments to bolster the immediate area.