The project is maybe not the worst idea, the $1400 rent a month though…
Oh and this was not the first plan:
“We were thinking of turning it into a WeWork space, a concert hall, a beer garden. We had no shortage of ideas on what to do with the space,”
Just some humble guys who pooled their money to buy it for $100,000 and then renovate it for $3.3mil.
I’d have loved to see them make them low income affordable.
The whole story is oddly frustrating. The average rent in the area is $1189 FYI.
Depending on where you live, $1400/month is REALLY cheap.
That’s only a hundred bucks more than my studio that’s in a bad neighborhood with drugged up neighbors that have not once, not twice, but three times hit the hood of my car with what looks like a metal bat or crowbar. I’ll take an old school any day.
The good thing is I don’t care about cosmetic damage and I have insurance, but it’s the principle of the matter.
I’m paying that in Austin. It’s great.
it’s pretty rare you get a developer who wants to enter the housing market at ‘affordable.’ more housing is good, people who can afford it will move to them if they’re fairly priced, putting their older units on the market. if they’re unfairly priced then the price will come down.
“I should have stayed in school”
Meanwhile, I’d just start a gay autistic commune in it.
My uncle does this with elder care living.
