FAQs: Frequently Asked Questions
Shouldn't there be a new appraisal of the project: its value when finished; what kinds of rents it can support; and the market for these units? It has been several years since this was done.
The City does have estimates on the County appraisal for the anticipated tax-valuation of the project, which is different and not to be confused with a market appraisal.
It is not the City's responsibility to market the apartments or retail space – that is solely the responsibility of the developer. The developer is rightfully motivated to make a profit at this project, and should have every incentive to get the highest rents from the retail and residential space which the market will support. All of these contribute dollars toward the developer's investment returns.
With the steep increase in property valuations experienced in this area since 2011, there is not a precise way to accurately predict what the apartments will be valued at years down the road.