Eugene city councilors accepted a proposal to construct a mixed-income building downtown called the Montgomery on Wednesday.
Councilors agreed, 6-1, to enter negotiations with developers deChase Miksis and Edlen and Company.
The real estate developers propose demolishing the old Lane Community College Downtown Center on 1059 Willamette Street and building 129 units of mixed-use, mixed income housing.
Drawing of the proposed Montgomery building that developers deChase Miksis and Edlen and Company submitted to Eugene City Councilors. Credit deChase Miksis & Edlen and Company Edit | Remove Eugene city councilors accepted a proposal to construct a mixed-income building downtown called the Montgomery on Wednesday. Developers plan on tearing down the old LCC building to make way for the Montgomery mixed-housing building.Credit Rachael McDonald / KLCC Edit | Remove
Of the total number of units, 66 would be restricted for renters who meet up to 80% of the Area Median Income. The rest would be rented out based on the market rate.
Developers plan to set aside 10 units for victims of domestic abuse through a partnership with Womenspace. They're also using the ground floor for businesses and a public gallery.
The project’s expected to cost about $30 million. The city is offering the property at no cost and throwing in $1.1 million in public funds.
Some councilors expressed interest in going further than only having 66 units go for 80% AMI housing. But to do this, and have more units meet federal Housing and Urban Development fair market rents, developers will need to fill a $2 million gap. Councilors directed staff to find options to do this.
The project must be completed before 2025 though developers say they can have it done in 2024.
This story has been updated to clarify the $2 million gap.
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