Asheville may pay to keep RAD apt. project ‘affordable’
(Asheville Citizen-Times) City government is considering paying the developer of apartments and retail space planned for the River Arts District more than $760,000 in return for limits on residential rents in the project. City Council has set an Aug. 26 public hearing on the proposed incentive grant for RAD Lofts, to be located on the former Dave Steel property at the “five points” intersection where Roberts Street, Depot Street, Lyman Street and Clingman Avenue meet. The development will contain 209 apartments, 48,500 square feet of commercial space, including a community grocery store and a two-story underground parking deck at a development cost estimated at about $52 million. Developer Harry Pilos said he hopes to begin construction by November. RAD Lofts promises to significantly increase activity in the neighborhood, bringing what Pilos said would be about 350 residents to what is now an empty lot. It has also prompted worries that it will contribute to gentrification.
Read the full story HERE>