New Plan, Same Bidder For Starrett City
The folks over at Clipper Equity are not easily deterred. Despite HUDs relatively recent decision to block their $1.3 billion bid on the affordable housing development, Clipper seems quite confident that it can offer an acceptable plan that would [maintain low rents] for the complex's 6,000 apartments. Apparently the epiphany involves installing more [efficient heating systems](http://www.crainsny.com/apps/pbcs.dll/article?AID=/20070309/FREE/70309007) and lowering management fees in order to cut costs. Of course, this still doesn't really explain why Clipper would pay so much to receive so little in rent but that's beside the point. Should this attempt to calm impassioned politicians like [Sen. Charles Schumer](http://www.nypress.com/20/8/informationagent/agent6.cfm)who encourages the [protection of middle class housing](http://www.nypress.com/blogx/display_blog.cfm?bid=99623728&day=2&startmonth=3&startyear=2007) across the countrybe accepted, Clipper has a few other so-called improvements in mind.
From NewYorkBusiness.com: "It [Clipper Equity] also wants to take advantage of some of the 6 million square feet of development rights that come with the site by building new housing for the senior residents, a retirement facility for members of the citys labor unions and small-scale retail, with a designated area for local entrepreneurs."
The company is expected to submit its new proposal later this week. Well be waiting...