21 September 2007
Grant Humphreys, developer of the Block 42 project on the city's east side (I dropped by during construction this spring), has proposed a land trust for an undeveloped parcel near NW 4th and Shartel currently owned by the Oklahoma City Urban Renewal Authority.
The trust, which would be organized under IRS section 501(c)(4), would be empowered to redirect revenues into the project itself to keep the prices down:
It would allow us to provide quality housing for young college grads who want to move into downtown but might exceed the income requirements of low-income housing.
And who probably can't afford the pricey Block 42. But, says Humphreys, for a community to be sustainable, you need to have all demographic levels represented.
OCURA head JoeVan Bullard says Humphreys is one of three developers who has expressed interest in the 4th and Shartel site. I don't know what Bullard thinks about this idea, but I like it fine.Posted at 11:18 AM to City Scene