Project spokesperson Tom Elmer responded to local rumors tonight and confirmed there are not any low income or subsidized housing units planned or required as part of the financing package for the building. He said the units will rent for market rate.
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The new owners of the twice-failed condo project in Ruston issued a press release this afternoon promising to move ahead quickly to finish the nearly vacant building. Onward Investors, LLC said construction on the luxury apartments should start by early 2012 with new tenants moving in by spring.
The press release acknowledges the cooperation by town officials with changes to the original development plan (more details here). Expected rental rates will range between $1.50 to $1.60 per unit. SACO Construction has been selected as the general contractor and BCRA will return as architect on the project. Click on the image below to enlarge.
2 comments:
Ruston will have it's occupy Shirley Street movement. Except they will have jobs, pay taxes, and keep the place clean. Another mile stone for the peaceful hamlett.
peaceful hamlet ?!?!??
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