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| A view of "Immaculata Living" (website) |
A project announced and approved during Ald. Cappleman's final term has resurfaced.
You might recall the plan: convert the historic Immaculata School building into 245 apartments and include a 22 story high-rise for senior adults with supportive amenities to be constructed on the interior parking lot.
This historic building has been used for over 2 years now as a temporary migrant shelter. The new announcement on the project suggests the contract with the city is likely winding down and re-development plans are revving up. We expect the shelter will close, but no official word on that.
The project will now be known as "Immaculata Living" and will be "crypto-backed"
According to the website, investors will be able to purchase stakes in the development with cryptocurrency and tenants will even be able to pay their rent with crypto.
Ew crypto - if that doesn't reek of gentrification...
ReplyDeleteI’m no fan of crypto, but the quickest way to gentrify a neighborhood is by refusing to build any type of housing there.
DeleteUCLA’s Lewis Center for Regional Policy Studies published an excellent report, "Research Roundup: The Effect of Market-rate Development on Neighborhood Rents", which synthesizes findings from six studies on how market-rate housing construction impacts surrounding neighborhoods.
The Alder's has said the lease with city for the immigrant & unhoused shelter will not be renewed when it expires the end of Dec. But crypto-backed financing for the new development? Jeesh.
ReplyDeleteThis sucks. Crypto is dumb. Landlords are leeches.
ReplyDeleteJust what we need, elderly folks getting sucked into crypto schemes
ReplyDelete