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Affordable housing project pulled
BY TIMOTHY O'HARA
keysnews.com
KEY WEST -- Concerns
over the amount of rent and a lack of a performance bond for
construction have led to a Key West Bight affordable housing and
restaurant project being postponed indefinitely.
Local entrepreneur Ed
Swift planned to build a $1.25 million, eight-unit affordable housing
and restaurant project at 908 Caroline St., the former Plantains
restaurant. The city commission was slated to hear the item at its
Wednesday night meeting, but Swift asked that the discussion be pulled
from the agenda. Swift did not return telephone messages Thursday.
The lease called for
Swift's company, Old Town Key West Development Ltd., to fund the $1.25
million construction bill and pay property taxes, maintenance fees and
$1,000 a month rent. The city would lease the property to the company
for 20 years, the contract stated.
Commissioner Harry
Bethel said he believes the $1,000 a month Swift would pay is not
enough. He said the city could get at least $21,000 a month for the
property.
"It's absolutely not
enough," Bethel said. "I know we will get the property in 20 years, but
it could be dry-rotted by then."
Bethel noted that
other city-owned properties in the bight are leasing monthly in the
$20,000 range. Conch Republic Seafood Co. pays the city about $23,000 a
month and the Half Shell Raw Bar pays $19,000 a month, Bethel said.
"It's not enough
affordable housing to make it worthwhile," said Bethel, adding that he
respects what Swift has done to build affordable housing in the city.
"It's not a big enough selling point. Eight units would not be enough to
supply [housing for] the restaurant [workers]."
Under Swift's
proposal, the current building would be torn down and new building
erected. The building would have two stories, with the restaurant
downstairs and apartments upstairs.
The city bought the
property in the early 1990s when it formed the Caroline Street Corridor
and Bahama Village Redevelopment Agency. The building had been used as
restaurant, but is vacant and has fallen into disrepair over the past
several years.
tohara@keysnews.com |
