The newly constructed 990 Broadway building is an incredible addition to the downtown Salem community. Developers Charles Weathers and Luke Glaze pulled together a powerhouse group of contractors to bring their vision to life, including, but not limited to, CB Two Architects, who designed an impressive three story building consisting a commercial retail space and 23 residential apartment units, Frank Graney, General Contractor and president of FXG Construction, who led his team in the construction, and listing broker, James Hauge, with the Legacy Real Estate Group, who worked diligently to market the property and ultimately find the perfect buyer. After a short 6 days on the market, Weathers and Glaze received a full price offer at $6,450,000 and closed the deal in under 40 days.
A key factor when planning to develop 990 Broadway was the Multiple Unit Housing Tax Incentive Program, created in 1979. This program allows up to 10-years of property tax abatement for housing units built in the core area and that provide one or more benefits to the public.
In April 2021 the Salem City Council approved their application for the tax abatement, which allotted 29% of the required 51% approval of the taxing authorities. Unfortunately, in December 2021 the Salem-Keizer School Board thought differently and voted 1-5-1, denying Weather’s hope for the tax abatement. Satya Chandragiri, the only board member who voted yes, believed supporting the project was good for the city's growth. Thank you for your support!
Salem Keizer School Board member, Ashley Carson Cottingham, voted no due to her belief that the program should be utilized for low-income housing. Contradictory to the past three properties that were approved for the tax abatement in February 2019, June 2019 and January 2020, all with many similarities to 990 Broadway. 50% of the units at 990 Broadway meet the state standards for "affordable" housing, with offered rates at 80% of the area's median family income.
Within a 2 mile radius of 990 Broadway there are 7 comparable apartment buildings currently advertising a total of 27 vacancies ranging from studio to 2-bed, 2-bath units, with an average rent range from $1,502-$2,287 per month. To compare, 990 Broadway’s rent ranges from $950-$1750, showing us that among those 7 apartment buildings in the area Broadway is well inline if not leading in affordability with neighboring communities.
If you are curious about what real estate opportunities may be available to you or if you’re looking for an opportunity to develop, we would be happy to offer our expertise. With over 20 years of experience in Willamette Valley alone, the Legacy Real Estate Group is your go to broker for all your real estate needs.
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