By Cecilia Chan | East Valley Tribune
Council last week gave the go-ahead to execute a lease agreement with Commonwealth Development Corp. to build Helix Apartments on city-owned land located at University Drive and Center Street adjacent to the Senior Center. The project was estimated at $18 million to build.
“This is a great opportunity,” said Candace Cannistraro, deputy city manager at the March 23 study session. “Seniors are one of our fastest growing populations to enter into homelessness due to a lack of affordable units for them.”
The agreement, however, is contingent on Commonwealth being awarded low-income housing tax credits (LIHTC) by the state Department of Housing, which the city was confident it would get.
With an approved agreement, the project will have a competitive advantage during the application process, staff pointed out.
