Proposed 5th Street Market expansion to include 325 housing units
Obie Companies, which owns 5th Street Public Market, plans to expand with two more buildings. In addition to street level storefronts, the two new buildings will include a total of 325 market-rate housing units.
Obie Companies are asking for a Multi-Unit Property Tax Exemption, or MUPTE.
“A MUPTE is really required to be financially feasible. And so we’re really appreciative of the city having that tool,” said Director of Government and Community Relations Sarah Means.
This program allows developers to avoid property taxes on the value of the new construction for up to 10 years while still paying taxes on the land value and commercial portions of the property.
A concern raised during last week’s City Council meeting was whether this development helps with the need for affordable housing.
“We are market rate developers. That’s sort of the lane we live in,” said Means. “And so we feel like we are doing our part and are excited to do our part in contributing that fee in lieu of.”
This fee goes directly into a pool of money to fund moderate-income housing.
If the plan is approved, the expansion will extend northwest from 5th Street Market Alley toward the train station.
Copyright @2022, KLCC.